Illinois Compiled Statutes 65 Municipalities: Article -

• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 1
  Short title. This Act shall be known and may be cited as the Home Equity Assurance Act. (Source: P.A. 85-1044.)
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 2
  Purpose. The purpose of a Home Equity Program and commission created under the provisions of this Act by the voters of a territory within...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 3
  Definitions. For the purposes of this Act: (a) "Bona fide offer" means an offer made in good faith and for a valuable consideration to purchase...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 4
  Creation of Commission. (a) Whenever in a municipality with more than 1,000,000 inhabitants, the question of creating a home equity program within a contiguous territory...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 4.1
  Additional precinct. (a) If the creation of an existing home equity program was initiated by petition and if a precinct was excluded from the...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 4.2
  Merger of Programs. (a) Whenever in a municipality with more than 1,000,000 inhabitants, the question of merging 2 existing and contiguous home equity programs...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 5
  Duties and Functions of Commission. The duties and functions of the governing commission of a Home Equity Program shall include the following: (a) To...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 6
  Application Procedures. (a) Eligibility for membership in the program shall be limited to the owner of a qualified residence within the territory of a...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 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...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 8
  Procedures for obtaining benefits. (a) In order to be eligible for payment under a program created pursuant to this Act, a member must follow the...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 9
  Establishing a new guaranteed value and registration date. (a) A member has the option of applying for a new program appraisal by a program appraiser...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 10
  Arbitration. (a) If a member or applicant disagrees with the guaranteed value, the dollar depreciation due to failure to maintain the premises, or the...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 11
  Guarantee Fund. (a) Each governing commission and program created by referendum under the provisions of this Act shall maintain a guarantee fund for the purposes...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 12
  Termination of a program. A Home Equity Program may be terminated only by the submission of and approval of the issue in the form...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 13
  Economic crisis or housing market recession. A program created under this Act provides a guarantee only against specifically local adverse housing market conditions within...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 14
  Insolvency of the Guarantee Fund. If the guarantee fund becomes depleted and payments of guarantees under the program cannot be made in a timely...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 15
  Immunity and Indemnification. No commissioner, officer, or employee, whether on salary, wage, or voluntary basis, shall be personally liable and no cause of action...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 16
  Legal Actions. No lawsuit or any other type of legal action brought under the terms of this Act shall be sustainable in a court...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 17
  Insurance. If insurance or other form of payment is available to and carried by a member to provide protection similar to that provided by...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 18
  Homeowner's Rights. No provision of this Act and no procedure, regulation, or bylaw of a governing commission and program created under the provisions of...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 19
  Penalty. Any person violating the provisions of this Act or any procedure, regulation, or bylaw of a governing commission and program created under the...
• Illinois Home Equity Assurance Act. - 65 ILCS 95, Section 20
  Home Rule. In compliance with Section 7 of "An Act to revise the law in relation to the construction of the statutes", approved March...

Last modified: February 18, 2015