(Section scheduled to be repealed on January 1, 2030)
207 words·~1 min read·
/il/chapter-225/act-454/1-68A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(Section scheduled to be repealed on January 1, 2030)
Sec. 25-35. Real Estate Recovery Fund. A special fund to be known as the Real Estate Recovery Fund is created in the State Treasury. The money in the Real Estate Recovery Fund shall be used by the Department exclusively for carrying out the purposes established by this Act. If, at any time, the balance remaining in the Real Estate Recovery Fund is less than $900,000, the State Treasurer shall cause a transfer of moneys to the Real Estate Recovery Fund from the Real Estate License Administration Fund in an amount necessary to establish a balance of $1,000,000 in the Real Estate Recovery Fund.
If the balance in the Real Estate Recovery Fund exceeds $1,000,000, any excess funds over $1,000,000 shall be transferred to the Real Estate License Administration Fund. These funds may be invested and reinvested in the same manner as authorized for pension funds in Article 1 of the Illinois Pension Code. All earnings, interest, and dividends received from investment of funds in the Real Estate Recovery Fund shall be deposited into the Real Estate License Administration Fund and shall be used for the same purposes as other moneys deposited in the Real Estate License Administration Fund.