Illinois Statutes Chapter 805. Business Organizations § 155/20-35. Executive director and fund management

(a) The executive director hired by the Board shall have the same qualifications as a director pursuant to subsections (d), (g), and (h) of Section 20-20 of this Act. The executive director may not be a candidate for the Board of Directors while serving as executive director. The executive director must have 5 or more years of experience in equitable and inclusive financing serving racially and socioeconomically diverse communities.

(b) To hire the executive director, the Board shall adhere to any applicable State or federal law prohibiting discrimination in employment.

(c) The Board shall require all applicants for the position of executive director of the Fund to file a financial statement consistent with requirements established by the Board. The Board shall require the executive director to file a current statement annually.

(d) The Fund shall be administered by the executive director and the staff and overseen by the Board of Directors. Fund officers and staff shall receive training in how to best provide services and support to low-income, environmental justice, and BIPOC communities and on supporting borrowers with loan applications, loan underwriting, and loan services.