(225 ILCS 454/25-37)
(Section scheduled to be repealed on January 1, 2020)
Real Estate Audit Fund; audit of special accounts; audit of
(a) A special fund to be known as the Real Estate Audit Fund is created in
the State Treasury. If, at any time, the balance in the Real Estate Audit Fund
is less than $25,000, the State Treasurer shall cause a transfer of $200,000
from the Real Estate License Administration Fund to the Real Estate Audit Fund.
The moneys held in the Real Estate Audit Fund shall be used exclusively by the Department
to conduct audits of special accounts of moneys belonging to others held
by a broker.
(b) Upon receipt of a complaint or evidence by the Department sufficient to cause the Department
to reasonably believe that funds required to be maintained in a special account
by a broker have been misappropriated, the broker shall, within 30 days of
written notice, submit to an audit of all special accounts. Such audit shall
be performed by a licensed certified public accountant, shall result in a
written report by the accountant, and shall specifically refer to the escrow
and record-keeping requirements of this Act and the rules adopted under this
Act. If it is found, pursuant to an order issued by the Secretary, that
moneys required to be maintained in a special account by a broker were
misappropriated, as further defined by rule, the broker shall reimburse the Department,
in addition to any other discipline or civil penalty imposed, for the cost of
the audit performed pursuant to this Section. The Department may file in circuit court
for a judgment to enforce the collection of the reimbursement of the cost of
such audit. Any reimbursement collected by the Department shall be deposited into the
Real Estate Audit Fund.
(c) Moneys in the Real Estate Audit 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 Audit Fund
and may be used for the same purpose as other moneys deposited in the Real
Estate Audit Fund. Moneys in the Real Estate Audit 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.
Upon completion of any audit of the Department, prescribed by the
Illinois State Auditing Act, which includes an audit of the Real Estate Audit
Fund, the Department shall make the audit open to inspection by any interested person.
(Source: P.A. 96-856, eff. 12-31-09.)