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(225 ILCS 458/25-5)
(Section scheduled to be repealed on January 1, 2027)
Sec. 25-5. Appraisal Administration Fund; surcharge. The Appraisal
Administration Fund is created as a special fund in the State Treasury. All
fees, fines, and penalties received by the Department
under this Act shall be deposited into the Appraisal Administration Fund.
Also, moneys received from any federal financial assistance or any gift, grant, or donation may be deposited into the Appraisal Administration Fund. All earnings attributable to investment of funds in the Appraisal
Administration Fund shall be credited to the Appraisal Administration
Fund. Subject to appropriation, the
moneys in the Appraisal Administration Fund shall be paid
to the Department
for the expenses incurred by the Department
and the Board in the administration of this Act. Moneys in the Appraisal Administration Fund may be transferred to the Professions Indirect Cost Fund as authorized under Section 2105-300 of the Department of Professional Regulation Law of the Civil Administrative Code of Illinois.
However, moneys in the Appraisal Administration Fund received from any federal financial assistance or any gift, grant, or donation shall be used only in accordance with the requirements of the federal financial assistance, gift, grant, or donation and may not be transferred to the Professions Indirect Cost Fund.
Upon the completion of any audit of the Department, as prescribed by the Illinois State
Auditing Act, which shall include an audit of the Appraisal Administration
Fund, the Department
shall make the audit report open to inspection by any interested person.
(Source: P.A. 102-16, eff. 6-17-21.)
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