Sec. 650.20 - Fees

ยง 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.

(Added at 44 Ill. Reg. 10094, effective May 27, 2020.)

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