65 ILCS 95/14
Insolvency of the Guarantee Fund
Illinois · Illinois Compiled Statutes 65 ILCS 95 — Home Equity Assurance Act. · Status: effective
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- 65 ILCS 95/14, Insolvency of the Guarantee Fund, Illinois, version 1 as recorded 2026-08-14, yourstate.us, https://yourstate.us/provision/1277367
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Full text
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 until such time as the guarantee fund is sufficiently restored. Under no circumstances shall the indebtedness or obligations of a program or a governing commission become an indebtedness or obligation of either the municipality in which the program is located or the State of Illinois. (Source: P.A. 85-1044.)