Illinois Senate Bill 3037 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 9 2019 - 100% progression
Action: 2019-01-09 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Real Estate License Act of 2000. Removes specified caps for recovery from the Real Estate Recovery Fund and provides that the caps shall be decided by rule. Provides that the Department of Financial and Professional Regulation may expend moneys from the Fund to procure and pay the premium for a bond, insurance, or other indemnity product in amounts to be determined by the Department in order to compensate an aggrieved person for all or part of his or her loss of money due to a violation of the Act or to fund a program of self-insurance in order to compensate an aggrieved person for all or part of his or her loss of money due to a violation of the Act. Removes provisions permitting an aggrieved party to seek a post-judgment order from the Fund and makes related changes. Replaces references to an aggrieved party seeking a judgment to recover from the Fund with references to an aggrieved party filing a claim to recover from the Fund, and makes similar changes. Makes other changes to provisions concerning collection from the Fund. Repeals a provision concerning the Department's power to defend against actions for collection from the Fund. Effective January 1, 2019.

REAL ESTATE RECOVERY FUND

Sen. Chuck Weaver [R]

Date	Chamber	Action
2019-01-09	Senate	Session Sine Die
2018-04-13	Senate	Rule 3-9(a) / Re-referred to Assignments
2018-03-01	Senate	Postponed - Licensed Activities and Pensions
2018-02-21	Senate	Assigned to Licensed Activities and Pensions
2018-02-15	Senate	Referred to Assignments
2018-02-15	Senate	First Reading
2018-02-15	Senate	Filed with Secretary by Sen. Chuck Weaver

Chapter	Article	Section	Citation Type	Statute Text
225	454	20-100	Amended Code	Citation Text
225	454	20-85	Amended Code	Citation Text
225	454	20-90	Amended Code	Citation Text
225	454	20-95	Repealed Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3037&GAID=14&DocTypeID=SB&SessionID=91&GA=100
Text	https://www.ilga.gov/legislation/100/SB/10000SB3037.htm