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 commences, in the civil courts, an action for a judgment that may result in collection from the Real Estate Recovery Fund, that person shall notify the Division in writing at the time of commencement of the action.
b) Time of Notice
"Time of the commencement of the action" shall be construed to mean within 7 days after:
1) the plaintiff in a civil action files a Complaint or an Amended Complaint in the Circuit Court or the Federal District Court; or
2) the aggrieved party files a proof of claim or an adversary action regarding nondischargeability of the debt in a bankruptcy matter.
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 Division in Chicago, Illinois, Attention: Docket Clerk.
d) Contents of Notice
Every notice required by Section 20-90 of the Act or by this Section shall include:
1) a copy of the Court document:
A) the complaint showing the "Filed" stamp of the Clerk of the Court in which the complaint was filed; or
B) the proof of claim or an adversary complaint regarding nondischargeability in a bankruptcy matter.
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 a licensed broker, salesperson, leasing agent or unlicensed employee of a broker. When no itemized statement is possible, the claimant must state under oath that his or her losses are estimated and that his or her calculation of estimated losses is as accurate as circumstances permit him or her to make.
e) Necessity of Natural Person as a Defendant
No notice of claim will be recognized or accepted when the underlying complaint does not name at least one natural person (a licensed broker, salesperson, leasing agent or unlicensed employee of a broker) as a defendant.