Illinois Compiled Statutes 15 ILCS 516/30-5 – Policy
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Terms Used In Illinois Compiled Statutes 15 ILCS 516/30-5
- Redlining: The alleged practice of certain lending institutions of not making mortgage, home improvement, and small business loans in certain neighborhoods-usually areas that are deteriorating or considered by the lender to be poor investments. Source: OCC
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
The General Assembly finds that it is vital for the State to invest in community economic development, particularly in communities which have been historically excluded from investment opportunities due to redlining, discriminatory banking practices, and racism. The purpose of this Act is to establish a Program for guaranteeing small business loans and consumer loans to borrowers who would otherwise not qualify in communities of color and low-income communities.