65 ILCS 95/1
Short title
Short title. This Act shall be known and may be cited as the Home Equity Assurance Act. (Source: P.A. 85-1044.)
Illinois Compiled Statutes 65 ILCS 95 — Home Equity Assurance Act.
Illinois · statute · 65 ILCS 95 · 23 active provisions
Provisions
65 ILCS 95/2
Purpose
Purpose. The purpose of a Home Equity Program and commission created under the provisions of this Act by the voters of a territory within a municipality with a population of more than 1,000,000 shall be to guarantee that the value of the property of each member of the program shall not fall below its fair market value…
65 ILCS 95/3
Definitions
Definitions. For the purposes of this Act: (a) "Bona fide offer" means an offer made in good faith and for a valuable consideration to purchase a qualified residence at a price that in the opinion of the governing commission is reasonable given current market conditions. (b) "Certificate of participation" means the dul…
65 ILCS 95/4
Creation of Commission
Creation of Commission. (a) Whenever in a municipality with more than 1,000,000 inhabitants, the question of creating a home equity program within a contiguous territory included entirely within the municipality is initiated by resolution or ordinance of the corporate authorities of the municipality or by a petition si…
65 ILCS 95/4.1
Additional precinct
Additional precinct. (a) If the creation of an existing home equity program was initiated by petition and if a precinct was excluded from the territory because the requisite number of signatures was not obtained as provided in subsection (a) of Section 4, the excluded precinct may be added to the territory of the progr…
65 ILCS 95/4.2
Merger of Programs
Merger of Programs. (a) Whenever in a municipality with more than 1,000,000 inhabitants, the question of merging 2 existing and contiguous home equity programs within the municipality is initiated by resolution or ordinance of the governing commissions of both programs proposed to be merged or by a petition signed by n…
65 ILCS 95/5
Duties and functions of Commission
Duties and functions of Commission. The duties and functions of the governing commission of a Home Equity Program shall include the following: (a) To conduct or supervise the day-to-day operation of the program, including but not limited to the administration of homeowner applications for participation in the program a…
65 ILCS 95/6
Application Procedures
Application Procedures. (a) Eligibility for membership in the program shall be limited to the owner of a qualified residence within the territory of a home equity program who continuously occupies or has a family member who occupies a qualified residence as a principal place of residence. (b) An eligible applicant shal…
65 ILCS 95/7
Guarantee
Guarantee. A member or the estate of a member participating in a program created under the provisions of this Act shall be paid 100% of the difference between the guaranteed value as determined by the program and the gross selling value as determined in Section 8 of this Act if the guaranteed value is greater than the…
65 ILCS 95/8
Procedures for obtaining benefits
Procedures for obtaining benefits. (a) In order to be eligible for payment under a program created pursuant to this Act, a member must follow the program guidelines adopted by the governing commission as well as the procedures set forth in this Section. (b) A member must file a "Notice of Intent to Sell" with the gover…
65 ILCS 95/9
Establishing a new guaranteed value and registration date
Establishing a new guaranteed value and registration date. (a) A member has the option of applying for a new program appraisal by a program appraiser in order to establish a new certificate of participation with a new registration date. The governing commission may exercise the right to require a second program apprais…
65 ILCS 95/10
Arbitration
Arbitration. (a) If a member or applicant disagrees with the guaranteed value, the dollar depreciation due to failure to maintain the premises, or the dollar depreciation due to physical perils as determined by the program appraiser and approved by the governing commission, the member may appeal in writing to the gover…
65 ILCS 95/11
Guarantee Fund
Guarantee Fund. (a) Each governing commission and program created by referendum under the provisions of this Act shall maintain a guarantee fund for the purposes of paying the costs of administering the program and extending protection to members pursuant to the limitations and procedures set forth in this Act. (b) The…
65 ILCS 95/12
Termination of a program
Termination of a program. A Home Equity Program may be terminated only by the submission of and approval of the issue in the form of a public question before the voters of the territory of the program at a regularly scheduled election in the same manner as the question of the creation of the program, as set forth in Se…
65 ILCS 95/13
Economic crisis or housing market recession
Economic crisis or housing market recession. A program created under this Act provides a guarantee only against specifically local adverse housing market conditions within the territory of the program as they may differ from municipal, regional, or national housing conditions. A program shall not provide relief from ad…
65 ILCS 95/14
Insolvency of the Guarantee Fund
Insolvency of the Guarantee Fund. If the guarantee fund becomes depleted and payments of guarantees under the program cannot be made in a timely fashion as required by the program guidelines, the governing commission may temporarily suspend the registration of new members and borrow funds against future tax revenues un…
65 ILCS 95/15
Immunity and Indemnification
Immunity and Indemnification. No commissioner, officer, or employee, whether on salary, wage, or voluntary basis, shall be personally liable and no cause of action may be brought for damages resulting from the exercise of judgment or discretion in connection with the performance of program duties or responsibilities, u…
65 ILCS 95/16
Legal Actions
Legal Actions. No lawsuit or any other type of legal action brought under the terms of this Act shall be sustainable in a court of law or equity unless all conditions, stipulations, and provisions of the program have been complied with, and unless the suit is brought within 12 months after the event which is the subjec…
65 ILCS 95/17
Insurance
Insurance. If insurance or other form of payment is available to and carried by a member to provide protection similar to that provided by a program, the governing commission shall not be liable for a greater proportion of the loss than the amount provided by the program bears to the total amount available from all sou…
65 ILCS 95/18
Homeowner's Rights
Homeowner's Rights. No provision of this Act and no procedure, regulation, or bylaw of a governing commission and program created under the provisions of this Act shall abridge a member's right to forfeit the registration fee and guarantee and withdraw from the program at any time and sell the guaranteed residence in a…
65 ILCS 95/19
Penalty
Penalty. Any person violating the provisions of this Act or any procedure, regulation, or bylaw of a governing commission and program created under the provisions of this Act shall, in addition to all other remedies provided by law, be fined up to $1,000 for each offense. (Source: P.A. 85-1044.)
65 ILCS 95/20
Home Rule
Home Rule. In compliance with Section 7 of "An Act to revise the law in relation to the construction of the statutes", approved March 5, 1874, as amended, it is declared to be the law of this State, pursuant to paragraph (h) of Section 6 of Article VII of the Illinois Constitution, that the authority or duty to establi…
65 ILCS 95/21
Tax Reimbursement Program
Tax Reimbursement Program. A governing commission, with no less than $4,000,000 unencumbered funds in its guarantee fund, may, if authorized by resolution of the governing commission upon approval by two-thirds of the commissioners, establish a Tax Reimbursement Program to make reimbursements to each applicable taxpaye…