§ 20-85. 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, constitutes embezzlement of money or property, or results in money or property
being unlawfully obtained 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.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Response sent, thank you
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.