LRB-2426/1
CTS:jld:pg
2005 - 2006 LEGISLATURE
July 7, 2005 - Introduced by Representatives Wieckert, Nischke, Vos, Turner,
Hines, Sheridan, Albers, M. Williams, Van Roy, Fields, Townsend and
Ballweg, cosponsored by Senator Roessler. Referred to Committee on
Housing.
AB551,1,3
1An Act to amend 234.66 (3) (b) of the statutes;
relating to: limitations under
2the Wisconsin Housing and Economic Development Authority's Small Business
3Development Loan Guarantee Program.
Analysis by the Legislative Reference Bureau
The Wisconsin Housing and Economic Development Authority (WHEDA)
administers a number of housing and economic development programs. Under the
Small Business Development Loan Guarantee Program, WHEDA guarantees loans
to eligible businesses and tribal governing bodies for business expansions and
start-ups. Currently, WHEDA may not guarantee a loan for refinancing an existing
debt. This bill permits WHEDA to guarantee a refinancing loan if the borrower also
expands an existing business.
Because this bill directly or substantially affects the development,
construction, cost or availability of housing in this state, the Department of
Commerce, as required by law, will prepare a report to be printed as an appendix to
this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB551, s. 1
4Section
1. 234.66 (3) (b) of the statutes is amended to read:
AB551,2,2
1234.66
(3) (b) The limits in ss. 234.18
(1), 234.40, 234.50, 234.60, 234.61
, and
2234.65 do not apply to bonds or notes issued under this section.
AB551,2,54
(1) This act first applies to loan guarantees for which application is made on
5the effective date of this subsection.
