Words defined in the Illinois Finance Authority Act and in Section 1100.50 have the same meaning when used in this Subpart unless a more specific definition is prescribed in this Section. This Section establishes additional definitions for use in this Subpart only.
"Applicant" means a farmer whose application for a State Guarantee has been submitted to the Authority by a lender.
"Asset" includes, but is not limited to, the following: crops or feed on hand; livestock held for sale; breeding stock; cash; marketable bonds and securities; securities not readily marketable; accounts receivable; notes receivable; cash invested in growing crops; net cash value of life insurance; machinery and equipment; cars and trucks; farm and other real estate including life estates, personal residence, and value of beneficial interests in trusts; government payments or grants; capitalized leases; retirement accounts; and all other property and assets.
"Current Outstanding" means on the date of the application for any State Guarantee.
"Current Status" means the absence of any arrearages in any previously incurred debt for which a State Guarantee is sought.
"Debt to Asset Ratio" means the current outstanding liabilities of the farmer divided by the current outstanding assets of the farmer. [20 ILCS 3501/830-30 ]
"Farmer" means a resident of Illinois, who is a principal operator of a farm or land, at least 50% of whose gross annual income is derived from farming and whose debt to asset ratio shall not be less than 40%, except in those cases where the applicant has previously used the Guarantee Program there shall be no debt to asset ratioor incomerestriction. [20 ILCS 3501/830-30 ]
"Fund" means the Illinois Agricultural Loan Guarantee Fund, which is the State's fund to cover losses resulting from defaults on State Guarantee loans. [20 ILCS 3501/830-30]
"Gross Annual Income" means income as defined in Section 61 of the Internal Revenue Code ( 26 USC 61 ).
"Liability" includes, but is not limited to, the following: accounts payable; notes or other indebtedness owed to any source; taxes; rent; amounts owed on real estate contracts or real estate mortgages; judgments;accruedinterest payable; indebtedness under capitalized leases; and all other liabilities. [20 ILCS 3501/801-10 ]
"State Guarantee" means a note for which the State of Illinois shall be liable for 85% of the total principal and interest of the note as determined by the Authority.
Ill. Admin. Code tit. 74, § 1100.725
Amended at 26 Ill. Reg. 7084, effective May 10, 2002; recodified from 8 Ill. Adm. Code 1400.147 at 31 Ill. Reg. 12104