(65 ILCS 95/7) (from Ch. 24, par. 1607)
Sec. 7. Guarantee. A member or the estate of a member participating
in a program created under the provisions of this Act shall be paid 100% of
the difference between the guaranteed value as determined by the program
and the gross selling value as determined in Section 8 of this Act if the
guaranteed value is greater than the gross selling value. The guarantee
provided by the program shall only apply to sales made 5 years or more
after the date of issuance of the certificate of participation and shall be
provided subject to all of the terms, conditions, and stipulations of the
program. The guarantee provided by the program shall extend only to those who
qualified as members at the time of their application, or to the estates of
members; provided that the estate applies within 2 years of the member's
death or immediately upon completion of the fifth year after the date of
issuance of the certificate of participation, whichever is later. A member shall receive the guarantee provided by the program only if the member has accepted a bona fide offer and the sale of the guaranteed residence has closed. A member
of a program agrees to
abide by all conditions, stipulations, and provisions of a program and
shall not be eligible for protection and shall not receive the guarantee
unless all such conditions, stipulations and provisions have been met. Any
member failing to abide by the conditions, stipulations and provisions of a
program or who engages in fraud, misrepresentation, or concealment in any
process involving a program forfeits both the registration fee and any
claim to the guarantee.
(Source: P.A. 95-1047, eff. 4-6-09.)
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