HB2963 101ST GENERAL ASSEMBLY

LRB101 09629 JRG 54727 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB2963

Introduced , by Rep. Tony McCombie

SYNOPSIS AS INTRODUCED:

735 ILCS 5/13-214.5 new

Amends the Code of Civil Procedure. Provides that an action based upon tort, contract, or otherwise against specified persons and entities for an act or omission committed while engaged in appraisal practice shall be commenced within 2 years from the time the person bringing an action knew or should reasonably have known of the act or omission. Provides that in no event shall an action against specified persons and entities be brought more than 5 years after the date the act or omission committed while engaged in appraisal practice and giving rise to the cause of action occurred. Provides that the new provisions apply to actions commenced on or after the effective date.

A BILL FOR

AN ACT concerning civil law.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Code of Civil Procedure is amended by adding Section 13-214.5 as follows:

(735 ILCS 5/13-214.5 new)

Sec. 13-214.5. Appraisers.

(a) An action based upon tort, contract, or otherwise against any person who is currently, or who was previously, licensed under the Real Estate Appraiser Licensing Act of 2002, or any entity, sole proprietorship, corporation, limited liability company, partnership, or joint venture, foreign or domestic, of which a person who is currently licensed, or who was previously licensed, under the Real Estate Appraiser Licensing Act of 2002, is currently, or was previously, an owner, employee, member, shareholder, or partner, for an act or omission committed while engaged in appraisal practice, as that term is defined in Section 1-10 of the Real Estate Appraiser Licensing Act of 2002, shall be commenced within 2 years from the time the person or entity bringing an action knew or should reasonably have known of the act or omission.

(b) In no event shall an action against a person who is currently, or who was previously, licensed under the Real Estate Appraiser Licensing Act of 2002, or against any entity, sole proprietorship, corporation, limited liability company, partnership, or joint venture, foreign or domestic, of which a person who is currently, or who was previously, licensed under the Real Estate Appraiser Licensing Act of 2002, is currently, or was previously, an owner, employee, member, shareholder or partner, for an act or omission committed while engaged in appraisal practice, as that term is defined in Section 1-10 of the Real Estate Appraiser Licensing Act of 2002, be brought more than 5 years after the date the act or omission committed while engaged in appraisal practice and giving rise to the cause of action occurred.

(c) This Section applies to actions commenced on or after its effective date.