Ill. Admin. Code tit. 14, § 650.20 - Fees
a) The Department
may charge a borrower a closing fee of up to $5,000, which may be paid at
closing or, in the case of a term loan, added to the principal balance of the
loan.
b) If, during the term of an
Agreement , a borrower transfers, sells, or grants its license within 5 years
after it was issued to a person or entity that does not qualify as a Social
Equity Applicant, the transfer agreement shall require the new license holder
to pay the Department a Program closeout fee of up to $10,000 in addition to
the balance of the loan or line of credit.
c) If, during the term of an Agreement , a
borrower ceases to meet the criteria of a Social Equity Applicant, the
Department may accelerate repayment of the balance of the loan or line of
credit and require the borrower to pay a Program closeout fee of up to
$10,000.
Notes
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