Amends the Home Equity Assurance Act. Provides that a governing commission may establish a program to provide a one-time per household direct relief payment in the form of a rebate to a member who owns a residence that is subject to flood damage. Provides that the governing commission may establish a limit on the amount of rebates that may be issued under this subsection. Provides that members shall be required to submit qualified receipts to the governing commission showing costs incurred as a result of flood damage to receive a rebate under the rebate program established under the provisions. Provides that the rebate shall provide up to 50% reimbursement, but shall not exceed $1,000. Provides that the rebate program shall last for 3 years unless reapproved by the governing commission.

Statutes affected:
Introduced: 65 ILCS 95/11
Engrossed: 65 ILCS 95/11
Enrolled: 65 ILCS 95/11