(65 ILCS 95/6)
(from Ch. 24, par. 1606)
(a) Eligibility for membership in
the program shall be limited to the owner of a qualified residence within the
territory of a home equity program who continuously occupies or has a
family member who occupies a qualified residence as a principal place of residence.
(b) An eligible applicant shall apply to the program by submitting
an application and a registration fee as determined by the governing
commission. Prior to accepting a registration fee, the governing
commission shall inform the applicant of the rights, duties, and
obligations of both the member and the governing commission under the
program. Upon receipt of the registration fee, the governing commission
shall have the residence of the applicant appraised by a program appraiser
at the expense of the program to determine the guaranteed value
of the residence.
(c) At its option, the governing commission may require a second program
appraisal of the qualified residence, also at the expense of the
program, if it determines that the first program appraisal is
incomplete, inadequate, or inaccurate.
(d) A certificate of participation shall then be issued to the eligible
applicant certifying membership in the program and stating the guaranteed
value, the registration date, the address of the guaranteed residence and
description of the conditions and exclusions of the program. An authorized
program appraisal shall be attached to the certificate of participation.
(Source: P.A. 85-1044.)