Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 886 - BROWNFIELDS REDEVELOPMENT LOAN PROGRAM
Subpart C - NONCOMPLIANCE WITH LOAN CONDITIONS AND PROCEDURES
Section 886.300 - Agency Action for Noncompliance with Loan Agreements and Procedures
Current through Register Vol. 48, No. 38, September 20, 2024
a) If the loan recipient fails to make timely payments or otherwise fails to meet its obligations as provided in this Part, the Agency is authorized to pursue the collection of the amounts past due, the outstanding loan balance, and the costs thereby incurred, either pursuant to the Illinois State Collection Act of 1986 or by taking any other means provided by law, including the taking of title, by foreclosure or otherwise, to any project or other property pledged, mortgaged, encumbered, or otherwise available as security or collateral. (Section 58.15(b)(6) of the Act)
b) In addition to such other remedies as may be provided by law, if the loan recipient fails to comply with any term or condition of the loan agreement or this Part, the Agency may:
c) No action shall be taken under this Section without prior oral or written consultation with the loan recipient.
d) In determining whether to take action and which action to take under this Section, the Agency shall consider factors, including, but not limited to: