(65 ILCS 95/3) (from Ch. 24, par. 1603)
Sec. 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 a qualified residence.
(b) "Certificate of participation" means the duly notarized document of
membership in a program, signed by the qualified applicant and by an
authorized representative of the governing commission, which specifies the
location and description of the guaranteed residence, its guaranteed value,
the registration date, and which has attached a program appraisal for
the guaranteed residence.
(c) "Community organization" means a not‑for‑profit organization which
has been registered with this State for at least 5 years as a
not‑for‑profit organization, which qualifies for tax exempt status
under Section 501 (c) (3) or 501
(c) (4) of the United States Internal Revenue Code of 1986, as now or
hereafter amended, which continuously maintains an office or business
location within the territory of a program together with a current listed
telephone number, and whose members reside within the territory of a program.
(d) "Eligible applicant" means a natural person who is the owner of a
qualified residence within the territory of a program who continuously
occupies or has a family member who occupies such qualified residence as
the principal place of residence.
(e) "Family member" means a spouse, child, stepchild, parent,
grandparent, brother, sister, or any such relations of the
spouse of the member.
(f) "Governing commission" means the 9 member (or 18 member in the
case of a merged program) governing body which is authorized by voter
approval of the creation of a home equity program (or merger of programs) as
provided in this Act and which is appointed by the mayor of the
municipality in which the program has been approved with the approval of
the city council, 7 (or 14 in the case of a merged program) of whom shall be
appointed from a list or lists of nominees submitted by a community
organization or community organizations as defined in this Act.
(g) "Gross selling value" means the total consideration to be paid for
the purchase of a guaranteed residence, and shall include
any amount that the buyer or prospective buyer agrees to assume on behalf
of a member, including broker commissions, points, legal fees,
personal financing, or other items of value involved in the sale.
(h) "Guarantee fund" means the funds collected under the provisions of
this Act for the purpose of guaranteeing the property values of members
within the territory of a program.
(i) "Guaranteed residence" means a qualified residence for which a
certificate of participation has been issued, which is occupied
continuously as the place of legal residence by the member or a family
member, which is described in the certificate of participation, and which
is entitled to coverage under this Act.
(j) "Guaranteed value" means the appraised valuation based upon a
standard of current fair market value as of the registration date on the
qualified residence as determined by a program appraiser pursuant to
accepted professional appraisal standards and which is authorized by the
commission for the registration date. The guaranteed value shall be used
solely by the commission for the purpose of administering the program and
shall remain confidential.
(k) "Member" means the owner of a guaranteed residence.
(l) "Owner" means a natural person who is the legal
titleholder or who is the
beneficiary of a trust which is the legal titleholder.
(m) "Physical perils" means physical occurrences such as, but not limited
to, fire, windstorm, hail, nuclear explosion or seepage, war,
insurrection, wear and tear, cracking, settling, vermin,
rodents, insects, vandalism, pollution or contamination, and all such
related occurrences or acts of God.
(n) "Program" means the guaranteed home equity program governed by a
specific home equity commission.
(o) "Program appraisal" means a real estate appraisal conducted by a
program appraiser for the purpose of establishing the guaranteed value of a
qualified residence under a program and providing a general description of
the qualified residence. The program appraisal shall be used solely by the
governing commission for the purpose of administering the program and shall
remain confidential.
(p) "Program appraiser" means a real estate appraiser who meets the
professional standards established by the American Institute of Real
Estate Appraisers (AIREA), the National Association of Independent Fee
Appraisers (NAIFA), the National Society of Real Estate Appraisers (NSREA)
or the American Society of Appraisers (ASA) and
whose name is submitted to the governing
commission by the appraiser to conduct program appraisals
under the provisions of a program.
(q) "Program guidelines" means those policies, rules, regulations, and
bylaws established from time to time by the governing commission to
explain, clarify, or modify the program in order to fulfill its goals
and objectives.
(r) "Qualified residence" means a building: (1) located in the
territory of a program having at least one, but not more than 6, dwelling
units; (2) classified by county ordinance as residential and assessed for
property tax purposes; and (3) with at least one dwelling unit continuously
occupied as the principal legal residence of a member or family member.
(s) "Registration date" means the date of receipt by the governing
commission of the registration fee and a completed
application of a qualified applicant for participation in a program.
(t) "Registration fee" means the fee which is established
by the governing commission to defray the cost of a program appraisal on a
qualified residence.
(Source: P.A. 86‑684.)
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(65 ILCS 95/4) (from Ch. 24, par. 1604)
Sec. 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 included entirely within
the municipality is initiated by resolution or ordinance
of the corporate authorities of the municipality or by a petition
signed by not less than 10% of the total number of registered voters of
each precinct in the territory, the registered voters of
which are eligible to sign the petition, it shall be
the duty of the election authority having jurisdiction over such
municipality to submit the question of creating a home equity program to
the electors of each precinct within
the territory at the regular election specified in the resolution,
ordinance or petition initiating the question. If the question is
initiated by petition and if the requisite number of signatures is not
obtained in any precinct included within the territory described in the
petition, then the petition shall be valid as to the territory encompassed by those
precincts for which the requisite number of signatures is obtained and any
such precinct for which the requisite number of signatures is not obtained
shall be excluded from the territory. A petition initiating a
question described in this Section shall be filed with the election
authority having jurisdiction over the municipality. The petition
shall be filed and objections thereto shall be made in the manner provided
in the general election law. A resolution, ordinance, or petition
initiating a question described in this Section shall specify the election
at which the question is to be submitted. The referendum on such question
shall be held in accordance with general election law. Such
question, and the resolution, ordinance, or petition initiating the
question, shall include a description of the territory, the name of the
proposed home equity program, and the maximum rate at which the home
equity program shall be able to levy a property tax. All
of that area within the geographic boundaries of the territory described in
such question shall be included in the program, and no area outside the
geographic boundaries of the territory described in such question shall be
included in the program. If the election authority determines that the
description cannot be included within the space limitations of the ballot,
the election authority shall prepare large printed copies of a notice of
the question, which shall be prominently displayed in the polling place of
each precinct in which the question is to be submitted.
(b) Whenever a majority of the voters on such public question approve the
creation of a home equity program as certified by the proper election
authorities, the mayor of the municipality shall appoint, with the consent
of the corporate authorities, 9 individuals, to be known as commissioners,
to serve as the governing body of the home equity program. The mayor
shall choose 7 of the 9 individuals to be appointed to the governing
commission from nominees submitted by a community organization or community
organizations as defined in this Act. A community organization may
recommend up to 20 individuals to serve on a governing commission.
No fewer than 5 commissioners serving at any one time shall reside
within the territory of the program.
Upon creation of a governing commission, the terms of the initial
commissioners shall be as follows: 3 shall serve
for one year, 3 shall serve for 2 years, and 3 shall serve for 3
years and until a successor is appointed and qualified. All
succeeding terms shall be for 3 years, or until a successor is appointed
or qualified.
Commissioners shall serve without compensation except for reimbursement for
reasonable expenses incurred in the performance of duties as a
commissioner. A vacancy in the office of a member of a commission shall be
filled in like manner as an original appointment.
All proceedings and meetings of the governing commission shall be
conducted in accordance with the provisions of the Open Meetings Act,
as now or hereafter amended.
(Source: P.A. 93‑709, eff. 7‑9‑04.)
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(65 ILCS 95/4.2) (from Ch. 24, par. 1604.2)
Sec. 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 within the municipality is initiated by
resolution or ordinance of the governing commissions of both programs
proposed to be merged or by a petition signed by not less than 10% of the
total number of registered voters of each program proposed to be merged,
the registered voters of which are eligible to sign the petition, it shall
be the duty of the election authority having jurisdiction over such
municipality to submit the question of merging the programs to the electors
of each program at the regular election specified in the resolution,
ordinance or petition initiating the question. A petition initiating a
question described in this Section shall be filed with the election
authority having jurisdiction over the municipality. The petition
shall be filed and objections thereto shall be made in the manner provided
in the general election law. A resolution, ordinance, or petition
initiating a question described in this Section shall specify the election
at which the question is to be submitted. The referendum on such question
shall be held in accordance with general election law. Such question, and
the resolution, ordinance, or petition initiating the question, shall
include a description of the territory of the 2 programs, the name of the
proposed merged home equity program, and the maximum rate at which the
merged home equity program shall be able to levy a property tax. All of
that area within the geographic boundaries of the territory of the 2
programs described in such question shall be included in the merged
program, and no area outside the geographic boundaries of the territory of
the 2 programs described in such question shall be included in the merged
program. If the election authority determines that the description cannot
be included within the space limitations of the ballot, the election
authority shall prepare large printed copies of a notice of the question,
which shall be prominently displayed in the polling place of each precinct
in which the question is to be submitted.
(b) Whenever a majority of the voters on such public question in each
existing program approve the merger of home equity programs as certified by
the proper election authorities, the 9 commissioners of each of the merged
programs shall serve as the 18 member governing body of the merged home equity program.
No fewer than 10 commissioners serving at any one time shall reside
within the territory of the merged program.
Upon creation of a merged program, a commissioner shall serve for the
term for which he or she was appointed and until a successor is appointed
and qualified. All succeeding terms shall be for 3 years, or until a
successor is appointed and qualified, and no commissioner may serve more
than 2 consecutive terms. Commissioners shall serve without compensation
except for reimbursement for reasonable expenses incurred in the
performance of duties as a commissioner. A vacancy in the office of a
member of the commission shall be filled in like manner as an original appointment.
All proceedings and meetings of the governing commission shall be
conducted in accordance with the provisions of the Open Meetings Act,
as now or hereafter amended.
Upon creation of a merged program, the members of each of the 2 programs
merged into the merged program shall be members of the merged program, the
guarantee funds of each shall be merged, and they shall be operated as a
single program.
(Source: P.A. 86‑684.)
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(65 ILCS 95/8) (from Ch. 24, par. 1608)
Sec. 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 program guidelines adopted by the governing commission as well
as the procedures set forth in this Section.
(b) A member must file a "Notice of Intent to Sell" with the governing
commission in accordance with program guidelines if and when the member
intends to place the guaranteed residence on the market for sale. Upon
receipt of a "Notice of Intent to Sell", the governing commission shall
provide the member with a copy of this Section and a written description of
the rights and responsibilities of both the member and the governing
commission and the procedures for obtaining benefits; provided, however,
that such information provided by the governing commission shall not
restrict or advise the member with respect to the selection of a real
estate broker or agent. The information shall be delivered to the member
either in person or by registered mail. A member is not eligible to file
"Notice of Intent to Sell" until 5 years after the member's registration date.
(c) A member is required to offer the guaranteed residence
for sale according to the program guidelines, including the
utilization of complete and proper methods for listing residential
property, listing the guaranteed residence at a price which reasonably can
be expected to attract buyers, and providing reasonable
access for potential buyers to see the guaranteed residence.
(d) A member may list the guaranteed residence in accordance with
program guidelines with a real estate broker of the member's choice, for up
to 90 days following the date on which the member listed the residence.
(e) Within 60 days of receipt of a "Notice of Intent to Sell", the
governing commission has the right to have the guaranteed residence
inspected by a program appraiser, at the governing commission's expense,
in order to determine if the guaranteed residence is in substantially the
same condition as described by the program appraisal attached to the
certificate of participation. If the guaranteed residence fails to meet
this standard, the following procedures shall be followed:
(1) The program appraiser shall determine the percentage depreciation of
the guaranteed residence due to failure to maintain the premises or due to
physical perils or other causes not covered by the program.
(2) This percentage figure shall be multiplied by the guaranteed value to
determine the dollar depreciation.
(3) This dollar depreciation shall be subtracted from the guaranteed
value to derive a lower guaranteed value to be used for the purpose of
determining the amount of payment under the program.
(f) A member shall make the guaranteed residence available to a program
appraiser within a reasonable time within this 60 day period after receipt
of notice from the commission that an inspection under paragraph (e) of
this Section is required, or the member's coverage under the program shall
be null, void and of no further effect, and the member's registration fee
shall be forfeited.
(g) Ninety days after listing the guaranteed residence, a member shall be
eligible to file a "Notice of Intent to Claim" with the governing commission,
in accordance with guidelines established by the governing commission,
attesting to the fact that the member has followed program guidelines in
offering the guaranteed residence for sale, that the member is unable to
obtain an offer for purchase of the guaranteed residence for at least its
guaranteed value, and that the member intends to file a claim against the
program. Such notice shall include verifiable evidence of placement of the
guaranteed residence on the market, the dates such placement took place,
and shall list all reasonable offers to buy the property. Verifiable
evidence may include a copy of advertisements for sale, a contract with a
licensed real estate broker, or other evidence satisfactory to a majority
of the governing commission.
(h) Upon receipt of the "Notice of Intent to Claim", the governing
commission has 60 days during which it shall require the member to list the
guaranteed residence at a price that the governing commission deems
reasonable with a real estate broker of the member's choosing. The real
estate broker chosen by the member shall advertise the guaranteed residence
throughout the municipality which encompasses the territory of the program.
(i) During the 60 day period described in paragraph (h) of this Section,
the member shall forward to the governing commission all offers of purchase
by either personal delivery or registered mail.
If the member receives an offer of purchase which can reasonably be
expected to be consummated if accepted and whose gross selling value is
greater than the guaranteed value of the guaranteed residence, then no
benefits may be claimed under the program. If the member receives an
offer to purchase at a gross selling value that is less than the guaranteed
value, the governing commission shall, within 3 working days of the receipt
of such offer, either:
(1) approve the offer, in which case the governing commission shall
authorize the payment of the amount afforded under this Act upon receipt of
verifiable evidence of the sale of the guaranteed residence subject to the
following conditions: (i) sales involving eminent domain shall be covered
as set forth in paragraph (l) of this Section; (ii) sales subsequent to an
insured property and casualty loss shall be guaranteed for the guaranteed
value as determined according to paragraph (e) of this Section; (iii)
contract sales shall be guaranteed as determined by the guaranteed value
in paragraph (e) of this Section, however proceeds payable from the program
shall be disbursed in equal annual installments over the life of the
contract; or
(2) reject the offer, in which case the member shall continue showing the
guaranteed residence until the termination of the 60 day period.
Any offer that the governing commission deems not to be a bona fide
offer shall be rejected by the governing commission.
Unless the member and the governing commission otherwise agree, the
governing commission's failure to act upon an offer within 3 working days
shall be deemed to be a rejection of the offer.
(j) No guarantee is afforded by the program until 60 days after a member
files a "Notice of Intent to Claim". Furthermore, the governing commission
shall be required to make payments to a member only upon receipt of
verifiable evidence of the actual sale of the guaranteed residence in
accordance with the terms agreed upon between the member and the governing
commission at the time the governing commission authorized payment. If a
member rejects an offer for purchase which has been submitted to and
approved by the governing commission, the governing commission or program
shall not be liable for any future guarantee payment larger than that
authorized for this proposed sale.
(k) Except as otherwise provided in this Act, payments under the program
as provided in Section 7 of this Act shall not be made until the sale of
the guaranteed residence has closed and title has passed or the beneficial
interest has been transferred.
(l) When a guaranteed residence is to be acquired through the use of
eminent domain by a condemning body, the following procedures shall apply:
(1) If the member rejects an offer from the condemning body equal to or
greater than the guaranteed value, then no benefits may be claimed under
the program.
(2) If the condemning body offers less than the guaranteed value, the
governing commission may either: (i) pay 100% of the difference between the
guaranteed value and the offered price if the member agrees to sell at the
offered price; or (ii) advise the member that the offer is inadequate and
should be refused. If the member refuses the offer and the final court
determination of the value of the property is less than the guaranteed
value, then the program shall pay 100% of the difference between the
judgment and the guaranteed value.
(Source: P.A. 86‑684.)
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(65 ILCS 95/9) (from Ch. 24, par. 1609)
Sec. 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 in order to establish a new certificate of participation
with a new registration date. The governing commission may exercise the
right to require a second program appraisal in accordance with the
procedures described in Section 6 of this Act. This new guaranteed value
shall be subject to the following conditions:
(1) A new guaranteed value established solely for the |
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purpose of determining a property's increased value due to inflation may not be requested by the member until 5 years have elapsed from the member's initial registration date or 3 years have elapsed from the most recent new registration date under this item (1), whichever is later.
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(2) A new guaranteed value established due to home
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improvements shall be granted only when the value of the home improvements exceed $5,000.
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(3) A member may not initiate a claim against the
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program based upon the new guaranteed value until 8 years after the member's initial registration date or 3 years after the new registration date, whichever is later. Until that time, coverage shall be based on the most recent certificate of participation that meets the time limitations and the guaranteed value set forth in that certificate of participation.
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(4) If the governing commission, by majority vote,
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determines that the application for a new appraisal is due to substantial property improvements on the guaranteed residence, then the application fee for the appraisal shall be one‑half of the registration fee then being charged by the program.
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(5) If the governing commission, by a majority vote,
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concludes that the application for a new appraisal is not due to substantial property improvements, the application fee for the new appraisal shall be the amount of the registration fee then being charged by the program.
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(6) A new guaranteed value shall be subject to all of
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the conditions, stipulations, and provisions of this Act.
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(b) After following the above procedures, the member shall be issued a
new certificate of participation which shall state the new guaranteed value
and registration date.
(c) A member may request a new guaranteed value and registration date
only once per year.
(Source: P.A. 93‑709, eff. 7‑9‑04.)
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(65 ILCS 95/11) (from Ch. 24, par. 1611)
Sec. 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 of paying the costs of administering the
program and extending protection to members pursuant to the limitations and
procedures set forth in this Act.
(b) The guarantee fund shall be raised by means of an annual tax levied
on all residential property within the territory of the program having at
least one, but not more than 6 dwelling units and classified by county
ordinance as residential. The rate of this tax may be changed from year to
year by majority vote of the governing commission but in no case shall it
exceed a rate of .12% of the equalized assessed valuation of all property
in the territory of the program having at least one, but not
more than 6 dwelling units and classified by county ordinance as
residential, or the maximum tax rate approved by the voters of the
territory at the referendum which created the program
or, in the case of a merged program, the maximum tax rate approved by
the voters at the referendum authorizing the merger, whichever rate is
lower. The commissioners shall cause the amount to be
raised by taxation in each year to be certified to the county clerk in the
manner provided by law, and any tax so levied and certified shall be
collected and enforced in the same manner and by the same officers as those
taxes for the purposes of the county and city within which the territory of
the commission is located. Any such tax, when collected, shall be paid
over to the proper officer of the commission who is authorized to receive
and receipt for such tax. The governing commission may issue tax
anticipation warrants against the taxes to be assessed for the calendar
year in which the program is created and for the first full calendar year
after the creation of the program.
(c) The moneys deposited in the guarantee fund shall, as nearly as
practicable, be fully and continuously invested or reinvested by the
governing commission in investment obligations which shall be in such
amounts, and shall mature at such times, that the maturity or date of
redemption at the option of the holder of such investment obligations shall
coincide, as nearly as practicable, with the times at which monies will be
required for the purposes of the program. For the purposes of this
Section investment obligation shall mean direct general municipal, state,
or federal obligations which at the time are legal investments under the
laws of this State and the payment of principal of and interest on which
are unconditionally guaranteed by the governing body issuing them.
(d) Except as permitted by this subsection,
the guarantee fund shall be used solely and exclusively for the
purpose of providing guarantees to members of the particular Guaranteed
Home Equity Program and for reasonable salaries, expenses, bills,
and fees incurred in administering the program, and shall be used for no other
purpose.
A governing commission, with no less than $4,000,000 in its guarantee
fund,
may, if authorized by referendum duly adopted by a majority of the voters,
establish a Low
Interest
Home Improvement Loan Program in accordance with and subject to procedures
established by a financial institution, as defined in the Illinois Banking Act.
Whenever
the question of creating a Low Interest Home Improvement Loan Program is
initiated by
resolution or ordinance of the corporate authorities of the municipality or by
a petition
signed by not less than 10% of the total number of registered voters of each
precinct in
the territory, the registered voters of which are eligible to sign the
petition, it shall be the
duty of the election authority having jurisdiction over the municipality to
submit the
question of creating the program to the electors of each precinct within the
territory at
the regular election specified in the resolution, ordinance, or petition
initiating the
question. A petition initiating a question described in this subsection shall
be filed with
the election authority having jurisdiction over the municipality. The petition
shall be filed
and objections to the petition shall be made in the manner provided in the
Election Code.
A resolution, ordinance, or petition initiating a question described in this
subsection shall
specify the election at which the question is to be submitted. The referendum
on the
question shall be held in accordance with the Election Code. The question
shall be in substantially the
following form:
"Shall the (name of the home equity program) |
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implement a Low Interest Home Improvement Loan Program with money from the guarantee fund of the established guaranteed home equity program?"
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The votes must be recorded as "Yes" or "No".
Whenever a majority of the voters on the public question approve the
creation of
the program as certified by the proper election authorities, the commission
shall
establish the program and administer the program with funds collected under the
Guaranteed Home Equity
Program, subject to the following conditions:
(1) At any given time, the cumulative total of all
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loans and loan guarantees (if applicable) issued under this program may not reduce the balance of the guarantee fund to less than $3,000,000.
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(2) Only eligible applicants may apply for a
loan.
(3) The loan must be used for the repair,
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maintenance, remodeling, alteration, or improvement of a guaranteed residence. This condition is not intended to exclude the repair, maintenance, remodeling, alteration, or improvement of a guaranteed residence's landscape. This condition is intended to exclude the demolition of a current residence. This condition is also intended to exclude the construction of a new residence.
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(4) An eligible applicant may not borrow more than
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the amount of equity value in his or her residence.
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(5) A commission must ensure that loans issued are
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secured with collateral that is at least equal to the amount of the loan or loan guarantee.
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(6) A commission shall charge an interest rate which
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it determines to be below the market rate of interest generally available to the applicant.
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(7) A commission may, by resolution, establish other
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administrative rules and procedures as are necessary to implement this program including, but not limited to, loan dollar amounts and terms. A commission may also impose on loan applicants a one‑time application fee for the purpose of defraying the costs of administering the program.
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(e) The guarantee fund shall be maintained, invested, and expended
exclusively by the governing commission of the program for whose purposes
it was created. Under no circumstance shall the guarantee fund be used by
any person or persons, governmental body, or public or private agency or
concern other than the governing commission of the program for whose
purposes it was created. Under no circumstances shall the guarantee fund be
commingled with other funds or investments.
(e‑1) No commissioner or family member of a commissioner, or employee or
family member of an employee, may receive any
financial benefit, either directly or indirectly, from the guarantee fund.
Nothing in this subsection (e‑1) shall be construed to prohibit payment of
expenses to a commissioner in accordance with Section 4 or payment of salaries
or expenses to an employee in accordance with this Section.
As used in this subsection (e‑1), "family member" means a spouse, child,
stepchild, parent, brother, or sister of a commissioner or a child, stepchild,
parent, brother, or sister of a commissioner's spouse.
(f) An independent audit of the guarantee fund and the management of the
program shall be conducted annually and made available to the public
through any office of the governing commission or a public facility such as
a local public library located within the territory of the program.
(Source: P.A. 91‑492, eff. 1‑1‑00.)
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(65 ILCS 95/15) (from Ch. 24, par. 1615)
Sec. 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 may be brought for damages resulting from the
exercise of judgment or discretion in connection with the performance of
program duties or responsibilities, unless the act or omission involved
willful or wanton conduct.
A program shall indemnify each commissioner, officer, and employee,
whether on salary, wage, or voluntary basis against any and all losses,
damages, judgments, interest, settlements, fines, court costs and other
reasonable costs and expenses of legal proceedings including attorney fees,
and any other liabilities incurred by, imposed upon, or suffered by such
individual in connection with or resulting from any claim, action, suit, or
proceeding, actual or threatened, arising out of or in connection with the
performance of program duties. Any settlement of any claim must be made
with prior approval of the governing commission in order for
indemnification, as provided in this Section, to be available.
The immunity and indemnification provided by a program under this Section
shall not cover any acts or omissions which involve willful or wanton
conduct, breach of good faith, intentional misconduct, knowing violation of
the law, or for any transaction from which such individual derives an
improper personal benefit.
(Source: P.A. 85‑1044.)
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