Interest-buy-back program

(a) The Authority may establish an interest-buy-back program to subsidize the interest cost on certain loans to Illinois farmers. (b) To be eligible an applicant must (i) be a resident of Illinois; (ii) be a principal operator of a farm or land; (iii) derive at least 50% of annual gross income from farming; and (iv) have a net worth of at least $10,000. The Authority shall establish minimum and maximum financial requirements, maximum payment amounts, starting and ending dates for the program, and other criteria. (c) Lenders may apply on behalf of eligible applicants on forms provided by the Authority. Lenders may submit requests for payment on forms provided by the Authority. Lenders and applicants shall be responsible for any fees or charges the Authority may require. (d) The Authority shall make payments to lenders from available appropriations from the General Revenue Fund. (Source: P.A. 98-90, eff. 7-15-13.)