(Section scheduled to be repealed on January 1, 2030)

273 words·~1 min read·/il/chapter-225/act-454/1-67

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 25-30. Real Estate License Administration Fund; audit. A special fund to be known as the Real Estate License Administration Fund is created in the State Treasury. All fines, penalties, and fees received by the Department under this Act shall be deposited in the Real Estate License Administration Fund. The moneys deposited in the Real Estate License Administration Fund shall be appropriated to the Department for expenses of the Department and the Board in the administration of this Act, including, but not limited to, the maintenance and operation of the Real Estate Recovery Fund, and for the administration of any Act administered by the Department providing revenue to this Fund.

Moneys in the Real Estate License Administration Fund may be invested and reinvested in the same manner as funds in the Real Estate Recovery Fund. All earnings received from such investment shall be deposited in the Real Estate License Administration Fund and may be used for the same purposes as fines, penalties, and fees deposited in the Real Estate License Administration Fund. Moneys in the Real Estate License 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 and to the Real Estate Recovery Fund as authorized by Section 25-35 of this Act.

Upon the completion of any audit of the Department, as prescribed by the Illinois State Auditing Act, which includes an audit of the Real Estate License Administration Fund, the Department shall make the audit open to inspection by any interested person.