|
Public Act 098-0933
|
| HB5709 Enrolled | LRB098 18353 ZMM 55449 b |
|
|
AN ACT concerning regulation.
|
Be it enacted by the People of the State of Illinois,
|
represented in the General Assembly:
|
Section 5. The Real Estate Appraiser Licensing Act of 2002 |
is amended by changing Section 5-5 as follows:
|
(225 ILCS 458/5-5)
|
(Section scheduled to be repealed on January 1, 2022)
|
Sec. 5-5. Necessity of license; use of title; exemptions.
|
(a) It
is unlawful for a person to (i) act, offer services, |
or advertise services
as a State certified general real estate
|
appraiser, State certified residential real estate appraiser, |
or associate real estate trainee appraiser, (ii)
develop a real |
estate appraisal,
(iii)
practice as a real estate
appraiser, or |
(iv)
advertise or hold himself or herself out to be a real |
estate
appraiser
without a license issued under this Act. A |
person who
violates this subsection is
guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense.
|
(a-5) It is unlawful for a person, unless registered as an |
appraisal management company, to solicit clients or enter into |
an appraisal engagement with clients without either a certified |
residential real estate appraiser license or a certified |
general real estate appraiser license issued under this Act. A |
|
person who violates this subsection is guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense. |
(b) It
is unlawful for a person, other than a
person who |
holds a valid license issued pursuant to this
Act as a State |
certified general real estate appraiser, a
State
certified
|
residential real estate appraiser,
or an associate real estate |
trainee appraiser to use these titles or any other title, |
designation, or
abbreviation likely to create the
impression |
that the person is licensed as a real estate appraiser pursuant |
to
this Act. A person who
violates this subsection is guilty of |
a Class A misdemeanor for a first offense and a Class 4 felony |
for any subsequent offense.
|
(c)
The licensing requirements of this Act
do not
require a |
person who holds a
valid license pursuant to the Real Estate |
License Act of 2000, to be licensed
as a real estate appraiser
|
under this Act,
unless that person is
providing
or attempting |
to provide an appraisal report, as defined in Section
1-10 of |
this Act, in connection with a federally-related transaction. |
Nothing in this Act shall prohibit a person who holds a valid |
license under the Real Estate License Act of 2000 from |
performing a comparative market analysis or broker price |
opinion for compensation, provided that the person does not |
hold himself out as being a licensed real estate appraiser. |
(d) Nothing in this Act shall preclude a State certified |
general real estate appraiser, a State certified residential |
|
real estate appraiser, or an associate real estate trainee |
appraiser from rendering appraisals for or on behalf of a |
partnership, association, corporation, firm, or group. |
However, no State appraisal license or certification shall be |
issued under this Act to a partnership, association, |
corporation, firm, or group.
|
(e) This Act does not apply to a county assessor, township |
assessor, multi-township assessor, county supervisor of |
assessments, or any deputy or employee of any county assessor, |
township assessor, multi-township assessor, or county |
supervisor of assessments who is performing his or her |
respective duties in accordance with the provisions of the |
Property Tax Code.
|
(e-5) For the purposes of this Act, valuation waivers may |
be prepared by a licensed appraiser notwithstanding any other |
provision of this Act, and the following types of valuations |
are not appraisals and may not be represented to be appraisals, |
and a license is not required under this Act to
perform such |
valuations if the valuations are performed by (1) an employee |
of the Illinois Department of Transportation who has completed |
a minimum of 45 hours of course work in real estate appraisal, |
including the principals of real estate appraisals, appraisal |
of partial acquisitions, easement valuation, reviewing |
appraisals in eminent domain, appraisal for federal aid highway |
programs, and appraisal review for federal aid highway programs |
and has at least 2 years' experience in a field closely related |
|
to real estate; or (2) a county engineer who is a registered |
professional engineer under the Professional Engineering |
Practice Act of 1989; (3) an employee of a municipality who has |
(i) completed a minimum of 45 hours of coursework in real |
estate appraisal, including the principals of real estate |
appraisals, appraisal of partial acquisitions, easement |
valuation, reviewing appraisals in eminent domain, appraisal |
for federal aid highway programs, and appraisal review for |
federal aid highway programs and (ii) has either 2 years' |
experience in a field clearly related to real estate or has |
completed 20 hours of additional coursework that is sufficient |
for a person to complete waiver valuations as approved by the |
Federal Highway Administration; or (4) a municipal engineer who |
has completed coursework that is sufficient for his or her |
waiver valuations to be approved by the Federal Highway |
Administration and who is a registered professional engineer |
under the Professional Engineering Act of 1989, under the |
following circumstances: |
(A) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition |
Policies Act of 1970, or prepared pursuant to the federal |
Uniform Relocation Assistance and Real Property |
Acquisition for Federal and Federally-Assisted Programs |
regulations and which is performed by (1) an employee of |
the Illinois Department of Transportation and co-signed, |
|
with a license number affixed, by another employee of the |
Illinois Department of Transportation who is a registered |
professional engineer under the Professional Engineering |
Practice Act of 1989 or (2) an employee of a municipality |
and co-signed with a license number affixed by a county or |
municipal engineer who is a registered professional |
engineer under the Professional Engineering Practice Act |
of 1989; and |
(B) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition |
Policies Act of 1970, or prepared pursuant to the federal |
Uniform Relocation Assistance and Real Property |
Acquisition for Federal and Federally-Assisted Programs |
regulations and which is performed by a county or municipal |
engineer who is employed by a county or municipality and is |
a registered professional engineer under the Professional |
Engineering Practice Act of 1989. In addition to his or her |
signature, the county or municipal engineer shall affix his |
or her license number to the valuation. |
Nothing in this subsection (e-5) shall be construed to |
allow the State of Illinois, a political subdivision thereof, |
or any public body to acquire real estate by eminent domain in |
any manner
other than provided for in the Eminent Domain Act. |
(f) A State real estate appraisal certification or license |
is not required under this Act for any of the following: |
|
(1) A person, partnership, association, or corporation |
that performs appraisals of property owned by that person, |
partnership, association, or corporation for the sole use |
of that person, partnership, association, or corporation. |
(2) A court-appointed commissioner who conducts an |
appraisal pursuant to a judicially ordered evaluation of |
property. |
However, any person who is certified or licensed under this Act |
and who performs any of the activities set forth in this |
subsection (f) must comply with the provisions of this Act. A |
person who violates this subsection (f) is guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense. |
(g) This Act does not apply to an employee, officer, |
director, or member of a credit or loan committee of a |
financial institution or any other person engaged by a |
financial institution when performing an evaluation of real |
property for the sole use of the financial institution in a |
transaction for which the financial institution would not be |
required to use the services of a State licensed or State |
certified appraiser pursuant to federal regulations adopted |
under Title XI of the federal Financial Institutions Reform, |
Recovery, and Enforcement Act of 1989, nor does this Act apply |
to the procurement of an automated valuation model. |
"Automated valuation model" means an automated system that |
is used to derive a property value through the use of publicly |