(225 ILCS 454/20-85)
(Section scheduled to be repealed on January 1, 2030)
Recovery from Real Estate Recovery Fund.
The Department shall maintain a Real Estate Recovery Fund from which any person aggrieved
by an act,
representation, transaction, or conduct of a licensee or unlicensed employee of
a licensee that is
in violation of this Act or the rules promulgated pursuant thereto,
embezzlement of money or property, or results in money or property being
from any person by false pretenses, artifice, trickery, or forgery or by reason
of any fraud,
misrepresentation, discrimination, or deceit by or on the part of any such
licensee or the unlicensed
employee of a licensee and that results in a loss of actual cash money, as
opposed to losses in
market value, may recover. The aggrieved person may recover, by a post-judgment order of the
circuit court of the
county where the violation occurred in a proceeding described in Section 20-90 of this Act, an amount of not more than the amount adopted by rule from
the Fund for
damages sustained by the act, representation, transaction, or conduct, together
with costs of suit and
attorney's fees incurred in connection therewith.
The post-judgment order shall not include interest on the judgment.
The maximum liability against the Fund arising out of any one act shall be as adopted by rule, and the post-judgment order shall spread the award equitably among all
co-owners or otherwise
aggrieved persons, if any. The maximum liability against the Fund arising out
of the activities of
any one licensee or one unlicensed employee of a licensee in any one transaction or set of facts that formed the basis of a post-judgment order shall be as adopted by rule.
Nothing in this Section shall be construed to authorize recovery from the Fund
unless the loss of the aggrieved person results from an act or omission of a licensee under this Act
who was at the time of the act or omission
acting in such
capacity or was apparently acting in such capacity or their unlicensed employee and unless the aggrieved
person has obtained a
valid judgment and post-judgment order of the court as provided for in Section 20-90 of this Act.
(Source: P.A. 100-534, eff. 9-22-17; 101-357, eff. 8-9-19.)