Illinois General Assembly - Illinois Compiled Statutes

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225 ILCS 458/10-10

(225 ILCS 458/10-10)

(Section scheduled to be repealed on January 1, 2027)

Sec. 10-10. Standards of practice.

All persons licensed under this Act
must comply with standards
of professional appraisal practice adopted by the Department. The Department
 must adopt, as part
of
its rules, the Uniform
Standards of Professional Appraisal Practice (USPAP) as published from time to time by
the Appraisal Standards
Board of the Appraisal Foundation. The Department
 shall consider federal laws and
regulations, including, but not limited to, appraisal qualification board policies and guidelines, regarding the
licensure of real estate appraisers prior to adopting its rules for the
administration of this Act. When an appraisal obtained through an appraisal management company is used for  loan purposes, the borrower or loan applicant shall be provided with a written disclosure of the total compensation to the appraiser or appraisal firm within the body of the appraisal report and it shall not be redacted or otherwise obscured.

(Source: P.A. 102-20, eff. 1-1-22; 103-236, eff. 1-1-24.)