(65 ILCS 95/10)
(from Ch. 24, par. 1610)
(a) If a member or applicant disagrees with
the guaranteed value, the dollar depreciation due to failure to maintain the
premises, or the dollar depreciation due to physical perils as determined
by the program appraiser and approved by the governing commission, the
member may appeal in writing to the governing commission within 30 days of
the approval of the guaranteed value or the dollar depreciation by the
governing commission. The governing commission must respond in writing to
this appeal within 30 days of its receipt.
(b) If the member still disagrees with the governing commission, the
member may submit a written request for arbitration to the governing
commission within 30 days of receiving the written response to the appeal.
(c) All such requests for arbitration shall be settled in accordance with
the Real Estate Valuation Arbitration Rules of the American Arbitration
Association. Judgment upon the award rendered by the arbitrator may be
entered in any court having appropriate jurisdiction.
(d) The determination made pursuant to such arbitration procedure shall
be final and binding on the member, the governing commission and all other parties.
(Source: P.A. 85-1044.)