IL SB3925

Amends the Home Equity Assurance Act to authorize governing commissions to establish a one-time flood damage rebate program for member homeowners

Rebates provide up to 50% reimbursement of flood damage costs, with a maximum payment of $1,000 per household

Members must submit qualified receipts documenting costs incurred from flood damage to receive the rebate

Governing commissions may set a limit on the total amount of rebates issued under the program

The rebate program automatically expires after 3 years unless reapproved by the governing commission