Illinois General Assembly - Bill Status for SB3037
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 Bill Status of SB3037  100th General Assembly


Short Description:  REAL ESTATE RECOVERY FUND

Senate Sponsors
Sen. Chuck Weaver

Last Action
DateChamber Action
  1/9/2019SenateSession Sine Die

Statutes Amended In Order of Appearance
225 ILCS 454/20-85
225 ILCS 454/20-90
225 ILCS 454/20-100
225 ILCS 454/20-95 rep.


Synopsis As Introduced
Amends the Real Estate License Act of 2000. Removes specified caps for recovery from the Real Estate Recovery Fund and provides that the caps shall be decided by rule. Provides that the Department of Financial and Professional Regulation may expend moneys from the Fund to procure and pay the premium for a bond, insurance, or other indemnity product in amounts to be determined by the Department in order to compensate an aggrieved person for all or part of his or her loss of money due to a violation of the Act or to fund a program of self-insurance in order to compensate an aggrieved person for all or part of his or her loss of money due to a violation of the Act. Removes provisions permitting an aggrieved party to seek a post-judgment order from the Fund and makes related changes. Replaces references to an aggrieved party seeking a judgment to recover from the Fund with references to an aggrieved party filing a claim to recover from the Fund, and makes similar changes. Makes other changes to provisions concerning collection from the Fund. Repeals a provision concerning the Department's power to defend against actions for collection from the Fund. Effective January 1, 2019.

Actions 
DateChamber Action
  2/15/2018SenateFiled with Secretary by Sen. Chuck Weaver
  2/15/2018SenateFirst Reading
  2/15/2018SenateReferred to Assignments
  2/21/2018SenateAssigned to Licensed Activities and Pensions
  3/1/2018SenatePostponed - Licensed Activities and Pensions
  4/13/2018SenateRule 3-9(a) / Re-referred to Assignments
  1/9/2019SenateSession Sine Die

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