The duties and functions of the governing commission of a Home Equity Program shall include the following:
         (a) To conduct or supervise the day-to-day operation
    
of the program, including but not limited to the administration of homeowner applications for participation in the program and homeowner claims against the guarantee fund.
        (b) To establish policies, rules, regulations,
    
bylaws, and procedures for both the governing commission and the program. No policies, rules, regulations, or bylaws shall be adopted by the governing commission without prior notice to the residents of the territory of a program and an opportunity for such residents to be heard.
        (c) To provide annual status reports on the program
    
to the mayor and corporate authorities of the municipality.
        (d) To establish guaranteed value standards which are
    
directly linked to the program appraisal, to approve guarantee values, to establish requirements for program appraisers consistent with subsection (p) of Section 3. In no event shall the program guidelines adopted by the governing commission provide for selecting appraisers based on criteria other than the quality and timeliness of the appraisals provided to the governing commission.
        (e) To manage, administer, and invest the guarantee
    
fund.
        (f) To liquidate acquired assets to maintain the
    
guarantee fund.
        (g) To participate in arbitration required under the
    
program and to subpoena all necessary persons, parties, or documents required to proceed with such arbitration.
        (h) To employ necessary personnel, acquire necessary
    
office space, enter into contractual relationships and disburse funds in accordance with the provisions of this Act. A governing commission may employ full-time or part-time employees.
        (i) To perform such other functions in connection
    
with the program and the guarantee fund as required under this Act.
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Terms Used In Illinois Compiled Statutes 65 ILCS 95/5

  • Appraisal: A determination of property value.
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Subpoena: A command to a witness to appear and give testimony.
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