Illinois § 30-30
Full text of Illinois Illinois Compiled Statutes § 30-30, with citation guidance and answers to common questions.
§ 30-30.
Use of the Loan Guarantee Account. (a) Moneys in a Loan Guarantee Account may be paid to a participating financial institution to cover losses on guaranteed loans up to the full amount in the Account or the amount of loss, whichever is lesser. The State of Illinois and the State Treasurer shall not be responsible for any losses in excess of the full amount in the Loan Guarantee Account designated for a participating financial institution. (b) The State Treasurer may set a cap on the total funds held in any Loan Guarantee Account. Funds in excess of the cap may be withdrawn by the Treasurer. (c) The State Treasurer shall withdraw the full amount in any Loan Guarantee Account in the event the Loan Guarantee Program is discontinued, or the financial institution leaves the Program. (d) The State Treasurer may withdraw funds from any Loan Guarantee Account for a financial institution's failure to comply with Program requirements. (Source: P.A. 101-657, eff. 3-23-21; 102-1027, eff. 5-27-22.)
Frequently Asked Questions About Illinois § 30-30
What does Illinois Compiled Statutes § 30-30 cover?
Section 30-30 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 30-30?
A common citation format is "Illinois Compiled Statutes § 30-30" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 30-30 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.