TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VIII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1450 REAL ESTATE LICENSE ACT OF 2000
SECTION 1450.945 REAL ESTATE RECOVERY FUND
Section 1450.945 Real Estate Recovery Fund
a) Necessity of Notice
When any person obtains a judgment in a circuit court or a United States District Court that may result in collection from the Real Estate Recovery Fund, that person shall notify the Division of the judgment in writing within 30 days after the entry of the judgment.
b) Aggrieved Person
"Aggrieved person", as used in Sections 20-85, 20-90 and 20-105 of the Act, means a person seeking or receiving licensed activities, including licensees who are a principal to the transaction but are not providing licensed activities in the transaction, as set forth in the Act.
c) Place and Manner of Notice
Notice required by Section 20-90 of the Act or by this Section shall be sent by certified mail, return receipt requested, or shall be delivered by hand, to the office of the Division in Chicago, Illinois, Attention: General Counsel.
d) Contents of Notice
Every notice required by Section 20-90 of the Act or by this Section shall include:
1) copies of the following Court documents:
A) the complaint and any amended complaints showing the "Filed" stamp of the Clerk of the Court in which the complaint was filed;
B) the judgment order and any post-judgment orders entered by the Court; and
C) any citation to discover assets or supplementary petitions or orders filed or entered in an attempt to collect the judgment.
2) copies of relevant documents available to the claimant, including:
A) real estate sales contract, lease, closing statement, disbursement directions or other evidence of title to real property on which the claim is based, or if the claimant does not possess title, evidence of the interest in real property on which the claim is based (evidence includes documents such as title policy, deed or lease);
B) proof of any check or money order regarding earnest money or security deposit, other negotiable instruments or dishonored checks issued by the licensee;
3) an itemized statement of losses of actual cash money that the claimant alleges occurred as a result of conduct identified in Section 20-85 of the Act by any licensees, their employees or independent contractors. When no itemized statement is possible, the claimant must state under oath that the claimant's losses are estimated and the calculation of estimated losses is as accurate as circumstances permit.
e) Necessity of Natural Person as a Defendant
No notice of claim will be recognized or accepted when the underlying complaint and post-judgment order does not name at least one natural person (a licensee, its employees or independent contractors) as a defendant and judgment debtor.
(Source: Amended at 40 Ill. Reg. 12588, effective September 2, 2016)