IL SB3037

Removes specific dollar caps ($25,000 per person and $100,000 per licensee) for Real Estate Recovery Fund recoveries and allows the Department to set caps by rule instead.

Authorizes the Department to use Fund money to purchase bonds, insurance, or indemnity products, or establish self-insurance programs to compensate aggrieved persons for losses from real estate licensee violations.

Eliminates the requirement for aggrieved persons to obtain a post-judgment court order before recovering from the Fund and replaces the judgment-based process with a direct claims filing process.

Removes the Fund's obligation to pay attorney's fees or court costs and eliminates several evidentiary hearing requirements and proof obligations previously required for Fund recovery.

Repeals Section 20-95 and changes subrogation language to reference "claimants" instead of "judgment creditors," effective January 1, 2019.