Illinois Code § 9

§ 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 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. (2) A new guaranteed value established due to home improvements shall be granted only when the value of the home improvements exceed $5,000. (3) A member may not initiate a claim against the 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. (4) If the governing commission, by majority vote, 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. (5) If the governing commission, by a majority vote, 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. (6) A new guaranteed value shall be subject to all of the conditions, stipulations, and provisions of this Act. (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.)