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Illinois Statutes Chapter 30. Finance § 751/35. Penalties

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 35. Penalties.

(a) If the applicant fails to comply with the performance conditions set forth in an agreement entered into under this Act, then the applicant may be required to repay some or all of the grant, loan, or other economic incentive awarded to the applicant, along with any applicable interest to the State at the agreed upon rate and on the agreed terms set forth in the agreement.

(b) The Department may also assess specified penalties for noncompliance against the applicant. Those penalties shall be contained in the Agreement.

(c) If the applicant fails to comply with the terms of an agreement, then the State may:

(1) obtain a lien or other interest in the capital improvements in proportion to the percentage of the incentive amount used to pay for those capital improvements; and

(2) require the recipient of the incentive, if the capital improvements are sold, to:

(A) repay to the State the funds used to pay for the capital improvement, with interest at the rate and according to the other terms provided by the agreement; and

(B) share with the State a proportionate amount of any profit realized from the sale.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 30. Finance § 751/35. Penalties - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-30-finance/il-st-sect-30-751-35/

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