Illinois § 5
Full text of Illinois Illinois Compiled Statutes § 5, with citation guidance and answers to common questions.
§ 5.
A payment adjustment may be granted if the following criteria are satisfied: (a) the applicant is a resident of the State of Illinois and is the principal operator of the farm or land for which the loan is intended, provided that only one such loan shall be made for any one farm operation; (b) the applicant can demonstrate on the date of application a debt to asset ratio of not less than 55%; (c) the applicant is credit worthy according to standards prescribed by the lender; (d) the applicant agrees to secure the payment adjustment in a manner determined by the Authority; (e) the applicant is not a lender or employed by a lender or an employee or member of the board of the Authority; and (f) the applicant certifies that the proceeds of the operating loan shall be used during 1985 or 1986 in connection with cultivating the soil and planting, raising and harvesting any agricultural or horticultural commodity on a farm of which the applicant is the principal operator, and shall not be used to prepay a prior loan or to replace the proceeds therefrom. (Source: P.A. 84-1; 84-1106.)
Frequently Asked Questions About Illinois § 5
What does Illinois Compiled Statutes § 5 cover?
Section 5 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 § 5?
A common citation format is "Illinois Compiled Statutes § 5" (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 § 5 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.