Illinois General Assembly - Illinois Compiled Statutes

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225 ILCS 454/25-35

(225 ILCS 454/25-35)

(Section scheduled to be repealed on January 1, 2030)

Sec. 25-35. Real Estate Recovery Fund.

A special fund to be known as the Real Estate Recovery Fund is created in
the
State Treasury. All fines and penalties received by the Department pursuant to Article 20 of this Act
shall be deposited into the State Treasury and held in the Real
Estate Recovery Fund.  The money in the Real Estate Recovery Fund shall be used
by
the Department exclusively for
carrying out the
purposes established by this Act.  If, at any time, the balance remaining in
the Real Estate Recovery Fund is less than
$750,000, the State Treasurer shall cause a transfer of moneys to the Real
Estate Recovery Fund
from the Real Estate License Administration Fund in an amount necessary to
establish a balance of
$800,000 in the Real Estate Recovery Fund.  These funds may be invested and
reinvested in
the same manner
as authorized for pension funds in Article 1 of the Illinois Pension Code.
All
earnings, interest, and
dividends received from investment of funds in the Real Estate Recovery Fund
shall be deposited
into the Real Estate License Administration Fund and shall be used for the same
purposes as other
moneys deposited in the Real Estate License Administration Fund.

(Source: P.A. 96-856, eff. 12-31-09.)