State of Illinois
92nd General Assembly

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 1        AN ACT concerning the regulation of professions.

 2        Be  it  enacted  by  the People of the State of Illinois,
 3    represented in the General Assembly:

 4        Section 5.  The State Finance Act is  amended  by  adding
 5    Section 5.545 as follows:

 6        (30 ILCS 105/5.545 new)
 7        Sec. 5.545.  The Real Estate Audit Fund.

 8        Section  10.  The  Real  Estate  License  Act  of 2000 is
 9    amended by adding Section 25-37 as follows:

10        (225 ILCS 454/25-37 new)
11        Sec. 25-37.  Real Estate Audit  Fund;  audit  of  special
12    accounts; audit of fund.
13        (a)  A  special fund to be known as the Real Estate Audit
14    Fund is created in the State Treasury.  The  State  Treasurer
15    shall  cause  a  transfer  of  $200,000  from the Real Estate
16    License Administration Fund to the Real Estate Audit Fund  on
17    January  1,  2002.   If, at any time, the balance in the Real
18    Estate Audit Fund is less than $25,000, the  State  Treasurer
19    shall  cause  a  transfer  of  $200,000  from the Real Estate
20    License Administration Fund to the Real  Estate  Audit  Fund.
21    The  moneys  held in the Real Estate Audit Fund shall be used
22    exclusively by OBRE to conduct audits of special accounts  of
23    moneys belonging to others held by a broker.
24        (b)  Upon  receipt  of  a  complaint  or evidence by OBRE
25    sufficient to cause OBRE to  reasonably  believe  that  funds
26    required  to  be  maintained in a special account by a broker
27    have been misappropriated, the broker shall, within  30  days
28    of  written  notice,  submit  to  an  audit  of  all  special
29    accounts.   Such  audit  shall  be  performed  by  a licensed
                            -2-                LRB9205328LBcs
 1    certified public accountant, shall result in a written report
 2    by the accountant, and shall specifically refer to the escrow
 3    and record-keeping requirements of this  Act  and  the  rules
 4    adopted under this Act.  If it is found, pursuant to an order
 5    issued  by  the  Commissioner,  that  moneys  required  to be
 6    maintained  in  a  special   account   by   a   broker   were
 7    misappropriated, as further defined by rule, the broker shall
 8    reimburse  OBRE, in addition to any other discipline or civil
 9    penalty imposed, for the cost of the audit performed pursuant
10    to this Section.  OBRE  may  file  in  circuit  court  for  a
11    judgment  to  enforce  the collection of the reimbursement of
12    the cost of such audit.  Any reimbursement collected by  OBRE
13    shall be deposited into the Real Estate Audit Fund.
14        (c)  Moneys in the Real Estate Audit Fund may be invested
15    and reinvested in the same manner as funds in the Real Estate
16    Recovery  Fund.   All  earnings received from such investment
17    shall be deposited in the Real Estate Audit Fund and  may  be
18    used  for  the  same purpose as other moneys deposited in the
19    Real Estate Audit Fund.  Upon  completion  of  any  audit  of
20    OBRE,  prescribed  by  the Illinois State Auditing Act, which
21    includes and audit of the Real Estate Audit Fund, OBRE  shall
22    make the audit open to inspection by any interested person.

23        Section  99.  Effective date.  This Act takes effect upon
24    becoming law.

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