Treasurer Responsibilities

Section 715.300  Treasurer Responsibilities The Treasurer is responsible for establishing and administering the Program and will be responsible for the following: a)         allocating funds from investment earnings to the Loan Guarantee Administrative Trust Fund in accordance with Section 30-35 of the Act; b)         establishing one or more loan guarantee accounts at program depositories; c)         procuring any necessary custodial, investment, or banking services; d)         determining the administrative fees necessary to manage the Program in accordance with Section 30-25 of the Act and Section 715.430; e)         determining the eligibility of financial institutions to participate in the Program in accordance with Section 715.400; f)         establishing the terms and conditions for eligible financial institutions to participate in the Program; g)         accepting and processing applications for loan guarantees; h)         directing the payment of moneys in the loan guarantee account to be paid to participating financial institutions to cover losses on guaranteed loans; and i)          retaining documents in compliance with State statutes, including the State Records Act [5 ILCS 160] and the State Records Commission (44 Ill. Adm. Code 4400) administrative rules.