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1 | AN ACT concerning professional regulation.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Real Estate Appraiser Licensing Act of 2002 | ||||||||||||||||||||||||||||||||||||
5 | is amended by changing Sections 1-10, 5-5, 10-10, 15-5, 15-15, | ||||||||||||||||||||||||||||||||||||
6 | and 25-10 and by adding Section 5-20.3 as follows:
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7 | (225 ILCS 458/1-10)
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8 | (Section scheduled to be repealed on January 1, 2012)
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9 | Sec. 1-10. Definitions. As used in this Act, unless the | ||||||||||||||||||||||||||||||||||||
10 | context
otherwise requires:
| ||||||||||||||||||||||||||||||||||||
11 | "Accredited college or university, junior college, or | ||||||||||||||||||||||||||||||||||||
12 | community college" means a college or university, junior | ||||||||||||||||||||||||||||||||||||
13 | college, or community college that is approved or accredited by | ||||||||||||||||||||||||||||||||||||
14 | the Board of Higher Education, a regional or national | ||||||||||||||||||||||||||||||||||||
15 | accreditation association, or by an accrediting agency that is | ||||||||||||||||||||||||||||||||||||
16 | recognized by the U.S. Secretary of Education.
| ||||||||||||||||||||||||||||||||||||
17 | "Applicant" means person who applies to the Department
for | ||||||||||||||||||||||||||||||||||||
18 | a license under this Act.
| ||||||||||||||||||||||||||||||||||||
19 | "Appraisal" means
(noun) the act or process of developing | ||||||||||||||||||||||||||||||||||||
20 | an opinion
of value; an
opinion of value (adjective) of or | ||||||||||||||||||||||||||||||||||||
21 | pertaining to appraising
and related functions, such as | ||||||||||||||||||||||||||||||||||||
22 | appraisal practice or appraisal services. | ||||||||||||||||||||||||||||||||||||
23 | "Appraisal assignment" means a valuation service provided |
| |||||||
| |||||||
1 | as a consequence of an agreement between an appraiser and a | ||||||
2 | client. | ||||||
3 | "Appraisal company" means any individual, corporation, | ||||||
4 | partnership, sole proprietorship, subsidiary, unit, or other | ||||||
5 | business entity that (i) administers networks of independent | ||||||
6 | contractor appraisers to perform real estate appraisal | ||||||
7 | services for clients; (ii) receives requests for real estate | ||||||
8 | appraisal services from clients and enters into an agreement | ||||||
9 | with one or more independent contractor appraisers to perform | ||||||
10 | the real estate appraisal services contained in the request; or | ||||||
11 | (iii) otherwise serves as a third-party broker of appraisal | ||||||
12 | services between clients and appraisers. | ||||||
13 | For the purposes of this definition, "appraisal company" | ||||||
14 | includes an appraisal management company. | ||||||
15 | "Appraisal consulting" means the act or process of | ||||||
16 | developing an analysis, recommendation, or opinion to solve a | ||||||
17 | problem, where an opinion of value is a component of the | ||||||
18 | analysis leading to the assignment results. | ||||||
19 | "Appraisal management company" means a business entity | ||||||
20 | that (i) administers a network of certified and licensed | ||||||
21 | appraisers to fulfill real estate appraisal assignments on | ||||||
22 | behalf of mortgage lending institutions, as well as other | ||||||
23 | entities; (ii) recruits, qualifies, verifies the licensing of, | ||||||
24 | and negotiates fees and service level expectations with a | ||||||
25 | network of third-party appraisers; (iii) provides | ||||||
26 | administrative duties including order entry and assignment, |
| |||||||
| |||||||
1 | tracking and status updates, pre-delivery quality control, and | ||||||
2 | preliminary and hard copy report delivery; and (iv) involves | ||||||
3 | ongoing quality control, accounts payable and receivable, | ||||||
4 | market value dispute resolution, warranty administration, and | ||||||
5 | record retention. | ||||||
6 | "Appraisal practice" means valuation services performed by | ||||||
7 | an individual acting as an appraiser, including, but not | ||||||
8 | limited to, appraisal, appraisal review, or appraisal | ||||||
9 | consulting.
| ||||||
10 | "Appraisal report" means any communication, written or | ||||||
11 | oral, of an appraisal, appraisal review, or appraisal | ||||||
12 | consulting service that is transmitted to a client upon | ||||||
13 | completion of an assignment.
| ||||||
14 | "Appraisal review" means the act or process of developing | ||||||
15 | and communicating an opinion about the quality of another | ||||||
16 | appraiser's work that was performed as part of an appraisal, | ||||||
17 | appraisal review, or appraisal assignment.
| ||||||
18 | "Appraisal Subcommittee" means the Appraisal Subcommittee | ||||||
19 | of the Federal
Financial Institutions
Examination Council as | ||||||
20 | established by Title XI.
| ||||||
21 | "Appraiser" means an individual, partnership, corporation, | ||||||
22 | or registered limited liability company that a person who | ||||||
23 | performs
real estate or real property
appraisals.
| ||||||
24 | "AQB" means the Appraisal Qualifications Board of the | ||||||
25 | Appraisal Foundation.
| ||||||
26 | "Associate real estate trainee appraiser" means an |
| |||||||
| |||||||
1 | entry-level appraiser who holds
a license of this | ||||||
2 | classification under this Act with restrictions as to the scope | ||||||
3 | of practice
in
accordance with this Act.
| ||||||
4 | "Board" means the Real Estate Appraisal Administration and | ||||||
5 | Disciplinary Board.
| ||||||
6 | "Classroom hour" means 50 minutes of instruction out of | ||||||
7 | each 60 minute
segment of coursework.
| ||||||
8 | "Client" means (i) the party or parties who engage an | ||||||
9 | appraiser or appraisal management company by employment or | ||||||
10 | contract in a specific assignment or (ii) the person who | ||||||
11 | utilizes the services of an appraiser or engages an appraiser | ||||||
12 | for an appraisal by employment or contract in a specific | ||||||
13 | assignment .
| ||||||
14 | "Coordinator" means the Coordinator of Real Estate | ||||||
15 | Appraisal of the Division of Professional Regulation of the | ||||||
16 | Department of Financial and Professional Regulation.
| ||||||
17 | "Department" means the Department of Financial and | ||||||
18 | Professional Regulation.
| ||||||
19 | "Due date" means the agreed upon date, based on Central | ||||||
20 | Standard Time, by which an assignment result is to be received | ||||||
21 | by the client. | ||||||
22 | "Federal financial institutions regulatory agencies" means | ||||||
23 | the Board of
Governors of the Federal Reserve
System, the | ||||||
24 | Federal Deposit Insurance Corporation, the Office of the
| ||||||
25 | Comptroller of the Currency, the
Office of Thrift Supervision, | ||||||
26 | and the National Credit Union Administration.
|
| |||||||
| |||||||
1 | "Federally related transaction" means any real | ||||||
2 | estate-related financial
transaction in which a federal
| ||||||
3 | financial institutions regulatory agency, the Department of | ||||||
4 | Housing
and Urban Development, Fannie Mae, Freddie Mae, or the | ||||||
5 | National
Credit Union Administration
engages in, contracts | ||||||
6 | for, or
regulates and requires the services
of an appraiser.
| ||||||
7 | "Financial institution" means any bank, savings bank, | ||||||
8 | savings and loan
association, credit union,
mortgage broker, | ||||||
9 | mortgage banker, licensee under the Consumer Installment Loan
| ||||||
10 | Act or the Sales
Finance Agency Act, or a corporate fiduciary, | ||||||
11 | subsidiary, affiliate, parent
company, or holding company
of | ||||||
12 | any such licensee, or any institution involved in real estate | ||||||
13 | financing that
is regulated by state or
federal law.
| ||||||
14 | "Managing appraiser" means a certified appraiser who has | ||||||
15 | supervisory responsibilities for licensees in one or, in the | ||||||
16 | case of a multi-office company, more than one office and who | ||||||
17 | has been appointed as such by the owning appraiser. | ||||||
18 | "Modular Course" means the Appraisal Qualifying Course | ||||||
19 | Design conforming to the Sub Topics Course Outline contained in | ||||||
20 | the AQB Criteria 2008.
| ||||||
21 | "Real estate" means an identified parcel or tract of land, | ||||||
22 | including any
improvements.
| ||||||
23 | "Real estate related financial transaction" means any | ||||||
24 | transaction involving:
| ||||||
25 | (1) the sale, lease, purchase, investment in, or | ||||||
26 | exchange of real
property,
including interests
in property |
| |||||||
| |||||||
1 | or the financing thereof;
| ||||||
2 | (2) the refinancing of real property or interests in | ||||||
3 | real property; and
| ||||||
4 | (3) the use of real property or interest in property as | ||||||
5 | security for a
loan or
investment,
including mortgage | ||||||
6 | backed securities.
| ||||||
7 | "Real property" means the interests, benefits, and rights | ||||||
8 | inherent in the
ownership of real estate.
| ||||||
9 | "Secretary" means the Secretary of Financial and | ||||||
10 | Professional Regulation.
| ||||||
11 | "State certified general real estate
appraiser" means an | ||||||
12 | appraiser who holds a
license of this classification under this | ||||||
13 | Act
and such classification applies to
the appraisal of all | ||||||
14 | types of real property without restrictions as to
the scope of | ||||||
15 | practice.
| ||||||
16 | "State certified residential real estate
appraiser" means | ||||||
17 | an appraiser who
holds a
license of this classification
under | ||||||
18 | this Act
and such classification applies to
the appraisal of
| ||||||
19 | one to 4 units of
residential real property without regard to | ||||||
20 | transaction value or complexity,
but with restrictions as to | ||||||
21 | the
scope of practice
in a federally related transaction in | ||||||
22 | accordance with Title
XI, the provisions of USPAP,
criteria | ||||||
23 | established by the AQB, and further defined by rule.
| ||||||
24 | "Supervising appraiser" means either (i) an appraiser who | ||||||
25 | holds a valid license under this Act as either a State | ||||||
26 | certified general real estate appraiser or a State certified |
| |||||||
| |||||||
1 | residential real estate appraiser, who co-signs an appraisal | ||||||
2 | report for an associate real estate trainee appraiser or (ii) a | ||||||
3 | State certified general real estate appraiser who holds a valid | ||||||
4 | license under this Act who co-signs an appraisal report for a | ||||||
5 | State certified residential real estate appraiser on | ||||||
6 | properties other than one to 4 units of residential real | ||||||
7 | property without regard to transaction value or complexity.
| ||||||
8 | "Title XI" means Title XI of the federal Financial | ||||||
9 | Institutions Reform,
Recovery and
Enforcement Act of 1989.
| ||||||
10 | "Turnaround time" or "turn time" means the period from when | ||||||
11 | an appraisal assignment is accepted by an appraiser or | ||||||
12 | appraisal company until it is received by the vendor management | ||||||
13 | company. | ||||||
14 | "USPAP" means the Uniform Standards of Professional | ||||||
15 | Appraisal Practice as
promulgated by the
Appraisal Standards | ||||||
16 | Board pursuant to Title XI and by rule.
| ||||||
17 | "Valuation services" means services pertaining to aspects | ||||||
18 | of property value. | ||||||
19 | (Source: P.A. 96-844, eff. 12-23-09.)
| ||||||
20 | (225 ILCS 458/5-5)
| ||||||
21 | (Section scheduled to be repealed on January 1, 2012)
| ||||||
22 | Sec. 5-5. Necessity of license; use of title; exemptions.
| ||||||
23 | (a) It
is unlawful for a person to (i) act, offer services, | ||||||
24 | or advertise services
as a State certified general real estate
| ||||||
25 | appraiser, State certified residential real estate appraiser, |
| |||||||
| |||||||
1 | or associate real estate trainee appraiser, (ii)
develop a real | ||||||
2 | estate appraisal,
(iii)
practice as a real estate
appraiser, | ||||||
3 | (iv)
advertise or hold himself or herself out to be a real | ||||||
4 | estate
appraiser, or (v) solicit clients or enter into an | ||||||
5 | appraisal engagement with clients
without a license issued | ||||||
6 | under this Act. A person who
violates this subsection is
guilty | ||||||
7 | of a Class A misdemeanor for a first offense and a Class 4 | ||||||
8 | felony for any subsequent offense.
| ||||||
9 | (b) It
is unlawful for a person, other than a
person who | ||||||
10 | holds a valid license issued pursuant to this
Act as a State | ||||||
11 | certified general real estate appraiser, a
State
certified
| ||||||
12 | residential real estate appraiser,
or an associate real estate | ||||||
13 | trainee appraiser to use these titles or any other title, | ||||||
14 | designation, or
abbreviation likely to create the
impression | ||||||
15 | that the person is licensed as a real estate appraiser pursuant | ||||||
16 | to
this Act. A person who
violates this subsection is guilty of | ||||||
17 | a Class A misdemeanor for a first offense and a Class 4 felony | ||||||
18 | for any subsequent offense.
| ||||||
19 | (b-1) It is unlawful for any person, corporation, limited | ||||||
20 | liability company, registered limited liability partnership, | ||||||
21 | or partnership (i) to act as an appraiser or appraisal company | ||||||
22 | or to advertise or assume to act as such appraiser or appraisal | ||||||
23 | company without a properly issued license issued under this Act | ||||||
24 | by the Department, either directly or through its authorized | ||||||
25 | designee; (ii) to develop a real estate appraisal; (iii) to | ||||||
26 | practice as a real estate appraiser; (iv) to advertise or hold |
| |||||||
| |||||||
1 | himself, herself, or itself out to be a real estate appraiser | ||||||
2 | or appraisal company; or (v) to solicit clients or enter into | ||||||
3 | an appraisal engagement with clients without a real estate | ||||||
4 | appraiser license issued under this Act. A person who violates | ||||||
5 | this subsection (b-1) is guilty of a Class A misdemeanor for a | ||||||
6 | first offense and a Class 4 felony for any subsequent offense. | ||||||
7 | (b-2) No corporation shall be granted a license or engage | ||||||
8 | in the business or capacity, either directly or indirectly, of | ||||||
9 | a real estate appraiser or appraisal company, unless every | ||||||
10 | officer of the corporation who actively participates in the | ||||||
11 | activities of the corporation holds a license as a certified | ||||||
12 | general real estate appraiser or a certified residential real | ||||||
13 | estate appraiser and unless every employee who acts as an | ||||||
14 | appraiser for the corporation holds a license as a certified | ||||||
15 | general real estate appraiser, a certified residential real | ||||||
16 | estate appraiser, or an associate real estate appraisal | ||||||
17 | trainee. | ||||||
18 | (b-3) No partnership shall be granted a license or engage | ||||||
19 | in the business or serve in the capacity, either directly or | ||||||
20 | indirectly, of a real estate appraiser or appraisal company | ||||||
21 | unless every general partner in the partnership holds a license | ||||||
22 | as a certified general real estate appraiser or as a certified | ||||||
23 | residential real estate appraiser and unless every employee who | ||||||
24 | acts as an appraiser holds a license as a certified general | ||||||
25 | real estate appraiser, a certified residential appraiser, or as | ||||||
26 | an associate real estate appraisal trainee. |
| |||||||
| |||||||
1 | In the case of a registered limited liability partnership | ||||||
2 | (LLP), every partner in the LLP must hold a license as a | ||||||
3 | certified certified general real estate appraiser or as a | ||||||
4 | certified residential real estate appraiser and every employee | ||||||
5 | who acts as an appraiser must hold a license as a certified | ||||||
6 | general real estate appraiser, a certified residential real | ||||||
7 | estate appraiser, or an associate real estate appraisal | ||||||
8 | trainee. | ||||||
9 | (b-4) No limited liability company shall be granted a | ||||||
10 | license or engage in the business or serve in the capacity, | ||||||
11 | either directly or indirectly, of a real estate appraiser or | ||||||
12 | appraisal company. | ||||||
13 | (b-5) No partnership or corporation shall be licensed to | ||||||
14 | conduct an appraisal business if an individual or group of | ||||||
15 | individuals who are not licensed as certified appraisers in | ||||||
16 | this State directly own or indirectly control more than 49% of | ||||||
17 | the shares of stock or other ownership in the partnership or | ||||||
18 | corporation. | ||||||
19 | (b-6) Except as provided in this Section, each appraiser | ||||||
20 | shall maintain a definite office or place of business within | ||||||
21 | this State for the transaction of appraisal business, and shall | ||||||
22 | conspicuously display his or her license in his or her office | ||||||
23 | or place of business. An appraiser who is licensed in this | ||||||
24 | State pursuant to Sections 5-10, 5-15, and 5-30 of this Act | ||||||
25 | shall not be required to maintain a definite office or place of | ||||||
26 | business in this State provided all of the following conditions |
| |||||||
| |||||||
1 | are met: | ||||||
2 | (1) the appraiser maintains an active certified | ||||||
3 | general real estate appraiser license or a certified | ||||||
4 | residential real estate appraiser license in the | ||||||
5 | appraiser's state of domicile | ||||||
6 | (2) the appraiser maintains an office in the | ||||||
7 | appraiser's state of domicile; and | ||||||
8 | (3) the appraiser has filed with the Department written | ||||||
9 | statements appointing the Secretary to act as the | ||||||
10 | appraiser's agent upon whom all judicial and other process | ||||||
11 | or legal notices directed to the licensee may be served and | ||||||
12 | agreeing to abide by all of the provisions of this Act with | ||||||
13 | respect to his or her appraisal activities within the State | ||||||
14 | of Illinois and submitting to the jurisdiction of the | ||||||
15 | Department. | ||||||
16 | (b-7) Upon the loss of a managing appraiser who is not | ||||||
17 | replaced or in the event of the death or adjudicated disability | ||||||
18 | of the sole proprietor of an office, a written request for | ||||||
19 | authorization allowing the continued operation of the office | ||||||
20 | may be submitted to the Department within 15 days after the | ||||||
21 | loss. The Department may issue a written authorization allowing | ||||||
22 | the continued operation, provided that a certified appraiser, | ||||||
23 | or in the case of the death or adjudicated disability of a sole | ||||||
24 | proprietor, the representative of the estate assumes | ||||||
25 | responsibility, in writing, for the operation of the office and | ||||||
26 | agrees to personally supervise the operation of the office. No |
| |||||||
| |||||||
1 | such written authorization shall be valid for more than 60 days | ||||||
2 | unless extended by the Department for good cause shown and upon | ||||||
3 | written request by the appraiser or representative. | ||||||
4 | (c)
The licensing requirements of this Act
do not
require a | ||||||
5 | person who holds a
valid license pursuant to the Real Estate | ||||||
6 | License Act of 2000, to be licensed
as a real estate appraiser
| ||||||
7 | under this Act,
unless that person is
providing
or attempting | ||||||
8 | to provide an appraisal report, as defined in Section
1-10 of | ||||||
9 | this Act, in connection with a federally-related transaction. | ||||||
10 | Nothing in this Act shall prohibit a person who holds a valid | ||||||
11 | license under the Real Estate License Act of 2000 from | ||||||
12 | performing a comparative market analysis or broker price | ||||||
13 | opinion for compensation, provided that the person does not | ||||||
14 | hold himself out as being a licensed real estate appraiser. | ||||||
15 | (d) Nothing in this Act shall preclude a State certified | ||||||
16 | general real estate appraiser, a State certified residential | ||||||
17 | real estate appraiser, or an associate real estate trainee | ||||||
18 | appraiser from rendering appraisals for or on behalf of a | ||||||
19 | partnership, association, corporation, firm, or group. | ||||||
20 | However, no State appraisal license or certification shall be | ||||||
21 | issued under this Act to a partnership, association, | ||||||
22 | corporation, firm, or group.
| ||||||
23 | (e) This Act does not apply to a county assessor, township | ||||||
24 | assessor, multi-township assessor, county supervisor of | ||||||
25 | assessments, or any deputy or employee of any county assessor, | ||||||
26 | township assessor, multi-township assessor, or county |
| |||||||
| |||||||
1 | supervisor of assessments who is performing his or her | ||||||
2 | respective duties in accordance with the provisions of the | ||||||
3 | Property Tax Code.
| ||||||
4 | (f) A State real estate appraisal certification or license | ||||||
5 | is not required under this Act for any of the following: | ||||||
6 | (1) A person, partnership, association, or corporation | ||||||
7 | that performs appraisals of property owned by that person, | ||||||
8 | partnership, association, or corporation for the sole use | ||||||
9 | of that person, partnership, association, or corporation. | ||||||
10 | (2) A court-appointed commissioner who conducts an | ||||||
11 | appraisal pursuant to a judicially ordered evaluation of | ||||||
12 | property. | ||||||
13 | However, any person who is certified or licensed under this Act | ||||||
14 | and who performs any of the activities set forth in this | ||||||
15 | subsection (f) must comply with the provisions of this Act. A | ||||||
16 | person who violates this subsection (f) is guilty of a Class A | ||||||
17 | misdemeanor for a first offense and a Class 4 felony for any | ||||||
18 | subsequent offense. | ||||||
19 | (g) This Act does not apply to an employee, officer, | ||||||
20 | director, or member of a credit or loan committee of a | ||||||
21 | financial institution or any other person engaged by a | ||||||
22 | financial institution when performing an evaluation of real | ||||||
23 | property for the sole use of the financial institution in a | ||||||
24 | transaction for which the financial institution would not be | ||||||
25 | required to use the services of a State licensed or State | ||||||
26 | certified appraiser pursuant to federal regulations adopted |
| |||||||
| |||||||
1 | under Title XI of the federal Financial Institutions Reform, | ||||||
2 | Recovery, and Enforcement Act of 1989, nor does this Act apply | ||||||
3 | to the procurement of an automated valuation model. | ||||||
4 | "Automated valuation model" means an automated system that | ||||||
5 | is used to derive a property value through the use of publicly | ||||||
6 | available property records and various analytic methodologies | ||||||
7 | such as comparable sales prices, home characteristics, and | ||||||
8 | historical home price appreciations.
| ||||||
9 | (h) This Act does not apply to a corporate relocation | ||||||
10 | company whereby the appraisal is not used for mortgage purposes | ||||||
11 | and the end user client is an employer company. | ||||||
12 | (i) This Section shall not be applicable to appraisers or | ||||||
13 | appraisal companies that contract with independent appraisers | ||||||
14 | for the performance of fewer than 10 appraisals in this State | ||||||
15 | in a calendar year. | ||||||
16 | (j) This Section does not apply to any corporation, | ||||||
17 | partnership, sole proprietorship, subsidiary, unit, or other | ||||||
18 | business entity that exclusively employs persons on an employer | ||||||
19 | and employee basis for the performance of residential real | ||||||
20 | estate appraisal services in the normal course of its business | ||||||
21 | and is responsible for ensuring that the residential real | ||||||
22 | estate appraisal services being performed by its employees are | ||||||
23 | being performed in accordance with Uniform Standards of | ||||||
24 | Professional Appraisal Practice. | ||||||
25 | (Source: P.A. 96-844, eff. 12-23-09.)
|
| |||||||
| |||||||
1 | (225 ILCS 458/5-20.3 new) | ||||||
2 | Sec. 5-20.3. Licensure of appraisal company. The | ||||||
3 | Department of Financial and Professional Regulation shall | ||||||
4 | adopt by rule standards for the licensure of appraisal | ||||||
5 | companies designed to protect the public interest and to ensure | ||||||
6 | compliance with this Act. The Department shall specify any | ||||||
7 | qualifications, including education or training, necessary for | ||||||
8 | licensure. The fee for licensure as an appraisal company | ||||||
9 | license shall not exceed $50.
| ||||||
10 | (225 ILCS 458/10-10)
| ||||||
11 | (Section scheduled to be repealed on January 1, 2012)
| ||||||
12 | Sec. 10-10. Standards of practice. All persons licensed | ||||||
13 | under this Act
must comply with standards
of professional | ||||||
14 | appraisal practice adopted by the Department. The Department
| ||||||
15 | must adopt, as part
of
its rules, the Uniform
Standards of | ||||||
16 | Professional Appraisal Practice (USPAP) as published from time | ||||||
17 | to time by
the Appraisal Standards
Board of the Appraisal | ||||||
18 | Foundation. The Department
shall consider federal laws and
| ||||||
19 | regulations regarding the
licensure of real estate appraisers | ||||||
20 | prior to adopting its rules for the
administration of this Act. | ||||||
21 | When an appraisal is used for loan purposes, the borrower or | ||||||
22 | loan applicant shall be provided a written disclosure of the | ||||||
23 | total compensation to the appraisal company within the body of | ||||||
24 | the appraisal report and it shall not be redacted or otherwise | ||||||
25 | obscured.
|
| |||||||
| |||||||
1 | (Source: P.A. 96-844, eff. 12-23-09.)
| ||||||
2 | (225 ILCS 458/15-5)
| ||||||
3 | (Section scheduled to be repealed on January 1, 2012)
| ||||||
4 | Sec. 15-5. Unlicensed practice; civil penalty; injunctive | ||||||
5 | relief; unlawful influence.
| ||||||
6 | (a) A person who violates Section 5-5 of this Act
shall, in | ||||||
7 | addition to any other penalty provided by law, pay a civil | ||||||
8 | penalty
to the Department
in an amount not
to exceed $25,000
| ||||||
9 | for each violation as determined by the Secretary. The
civil | ||||||
10 | penalty shall
be assessed by the Secretary
after a hearing in | ||||||
11 | accordance with the provisions of this Act regarding the | ||||||
12 | provision of a hearing for the discipline of a license.
| ||||||
13 | (b) The Department
has the authority to investigate any | ||||||
14 | activity that may violate
this Act.
| ||||||
15 | (c) A civil penalty imposed pursuant to subsection (a) | ||||||
16 | shall be paid within
60 days after the effective date
of the | ||||||
17 | order imposing the
civil penalty. The order shall constitute a | ||||||
18 | judgment and may be filed and executed in the same manner as | ||||||
19 | any judgment from any court of record.
Any civil penalty | ||||||
20 | collected under this Act shall be made payable to the | ||||||
21 | Department of Financial and Professional Regulation
and
| ||||||
22 | deposited into the Appraisal Administration Fund. In addition | ||||||
23 | to or in lieu of
the imposition of a civil
penalty, the | ||||||
24 | Department
may report a violation of this Act or the failure or | ||||||
25 | refusal to
comply with an order of the Department
to the |
| |||||||
| |||||||
1 | Attorney General or to the appropriate State's Attorney.
| ||||||
2 | (d) Practicing as an appraiser without holding a valid | ||||||
3 | license as required
under this Act
is declared
to be adverse to | ||||||
4 | the public welfare, to constitute a public nuisance, and to
| ||||||
5 | cause irreparable harm to the
public welfare. The Secretary, | ||||||
6 | the Attorney General, or the State's
Attorney
of any county in | ||||||
7 | the State
may maintain an action for injunctive relief in any | ||||||
8 | circuit court to enjoin any
person from
engaging in such | ||||||
9 | practice.
| ||||||
10 | Upon the filing of a verified petition in a circuit court, | ||||||
11 | the court, if
satisfied by affidavit or otherwise that
a person | ||||||
12 | has been engaged in the practice of real estate appraisal | ||||||
13 | without a
valid license,
may enter a temporary restraining | ||||||
14 | order without notice or bond
enjoining the defendant
from | ||||||
15 | further practice. The showing of non-licensure, by affidavit or
| ||||||
16 | otherwise, is sufficient
for the issuance of a temporary | ||||||
17 | injunction.
If it is established that the defendant has been or | ||||||
18 | is engaged
in unlawful practice, the court
may enter an order | ||||||
19 | or judgment perpetually enjoining the defendant from further
| ||||||
20 | unlawful practice. In all
proceedings under this Section, the | ||||||
21 | court, in its discretion, may apportion the
costs among the | ||||||
22 | parties interested
in the action, including the cost of filing | ||||||
23 | the complaint, service of process,
witness fees and expenses, | ||||||
24 | court
reporter charges, and reasonable attorneys' fees.
These | ||||||
25 | injunction proceedings shall be in addition to, and not in lieu | ||||||
26 | of, all
penalties and other remedies
provided in this Act.
|
| |||||||
| |||||||
1 | (e) No person shall influence or attempt to influence | ||||||
2 | through coercion, extortion, or bribery the independent | ||||||
3 | judgment of an appraiser licensed or certified under this Act | ||||||
4 | in the development, reporting, result, or review of a real | ||||||
5 | estate appraisal. A person who violates this subsection (e) is | ||||||
6 | guilty of a Class A misdemeanor for the first offense and a | ||||||
7 | Class 4 felony for any subsequent offense.
| ||||||
8 | (f) It shall be unlawful for any employee, director, | ||||||
9 | officer, or agent of an appraisal company licensed in this | ||||||
10 | State to influence or attempt to influence the development, | ||||||
11 | reporting, or review of an appraisal through coercion, | ||||||
12 | extortion, collusion, compensation, instruction, inducement, | ||||||
13 | intimidation, bribery, or in any other manner, including, but | ||||||
14 | not limited to, the following: | ||||||
15 | (1) withholding or threatening to withhold timely | ||||||
16 | payment for an appraisal; | ||||||
17 | (2) withholding or threatening to withhold future | ||||||
18 | business for an independent appraiser, or demoting or | ||||||
19 | terminating or threatening to demote or terminate an | ||||||
20 | independent appraiser; | ||||||
21 | (3) imposing turnaround time monetary penalties that | ||||||
22 | are not specified at the time of engagement; | ||||||
23 | (4) requiring an appraiser to submit a notice of | ||||||
24 | absence when not an employee of the entity; | ||||||
25 | (5) requiring an appraiser to sign a non-compete clause | ||||||
26 | when not an employee of the entity; |
| |||||||
| |||||||
1 | (6) requesting the payment of compensation to achieve | ||||||
2 | higher priority in the assignment of appraisal business; | ||||||
3 | (7) requiring uploading fees, late fees, or review | ||||||
4 | fees; | ||||||
5 | (8) requiring an appraiser or appraisal company to sign | ||||||
6 | any sort of indemnification agreement that would require | ||||||
7 | the appraiser to defend and hold harmless the company, any | ||||||
8 | software provider that an appraisal company requires an | ||||||
9 | appraiser to use, or any other company that the company | ||||||
10 | does business with, from any liability, damage, loss, or | ||||||
11 | claim; and | ||||||
12 | (9) requiring an appraiser or appraisal company to | ||||||
13 | collect the appraisal fee from the borrower, occupant or | ||||||
14 | any other person. | ||||||
15 | (g) It shall be unlawful for any licensed appraiser or | ||||||
16 | appraisal company to alter, modify, or otherwise change a | ||||||
17 | completed appraisal report submitted by an independent | ||||||
18 | appraiser, including, without limitation, by doing any of the | ||||||
19 | following: | ||||||
20 | (1) permanently removing the appraiser's signature or | ||||||
21 | seal; | ||||||
22 | (2) adding information to, or removing information | ||||||
23 | from, the appraisal report with an intent to change the | ||||||
24 | value conclusion; | ||||||
25 | (3) expressly or impliedly promising future business, | ||||||
26 | promotions, or increased compensation for an independent |
| |||||||
| |||||||
1 | appraiser; | ||||||
2 | (4) conditioning the request for an appraisal service | ||||||
3 | or the payment of an appraisal fee or salary or bonus on | ||||||
4 | the opinion, conclusion, or valuation to be reached, or on | ||||||
5 | a preliminary estimate or opinion requested from an | ||||||
6 | independent appraiser; | ||||||
7 | (5) requesting that an independent appraiser provide | ||||||
8 | an estimated, predetermined, or desired valuation in an | ||||||
9 | appraisal report, or provide estimated values or | ||||||
10 | comparable sales at any time prior to the independent | ||||||
11 | appraiser's completion of an appraisal service; | ||||||
12 | (6) providing to an independent appraiser an | ||||||
13 | anticipated, estimated, encouraged, or desired value for a | ||||||
14 | subject property or a proposed or target amount to be | ||||||
15 | loaned to the borrower, except that a copy of the sales | ||||||
16 | contract for purchase transactions may be provided; | ||||||
17 | (7) providing to an independent appraiser, or any | ||||||
18 | entity or person related to the appraiser, stock or other | ||||||
19 | financial or non-financial benefits; | ||||||
20 | (8) allowing the removal of an independent appraiser | ||||||
21 | from an appraiser panel, without prior written notice to | ||||||
22 | such appraiser; | ||||||
23 | (9) obtaining, using, or paying for a second or | ||||||
24 | subsequent appraisal or ordering an automated valuation | ||||||
25 | model in connection with a mortgage financing transaction | ||||||
26 | unless there is a reasonable basis to believe that the |
| |||||||
| |||||||
1 | initial appraisal was flawed or tainted and such basis is | ||||||
2 | clearly and appropriately noted in the loan file, or unless | ||||||
3 | such appraisal or automated valuation model is done | ||||||
4 | pursuant to a bona fide pre- or post-funding appraisal | ||||||
5 | review or quality control process; or | ||||||
6 | (10) any other act or practice that impairs or attempts | ||||||
7 | to impair an appraiser's independence, objectivity, or | ||||||
8 | impartiality. | ||||||
9 | (Source: P.A. 96-844, eff. 12-23-09.)
| ||||||
10 | (225 ILCS 458/15-15)
| ||||||
11 | (Section scheduled to be repealed on January 1, 2012)
| ||||||
12 | Sec. 15-15. Investigation; notice; hearing.
| ||||||
13 | (a) Upon the motion of the Department
or the Board or
upon | ||||||
14 | a complaint in
writing of a person setting forth facts that, if | ||||||
15 | proven, would constitute
grounds for suspension, revocation,
| ||||||
16 | or other disciplinary action against a licensee or applicant | ||||||
17 | for licensure, the Department or the Board
shall investigate | ||||||
18 | the actions of the licensee or applicant. If, upon | ||||||
19 | investigation, the Department believes that there may be cause | ||||||
20 | for suspension, revocation, or other disciplinary action, the | ||||||
21 | Department shall use the services of a State certified general | ||||||
22 | real estate appraiser, a State certified residential real | ||||||
23 | estate appraiser, or the Real Estate Coordinator to assist in | ||||||
24 | determining whether grounds for disciplinary action exist | ||||||
25 | prior to commencing formal disciplinary proceedings.
|
| |||||||
| |||||||
1 | (b) Formal disciplinary proceedings shall commence upon | ||||||
2 | the issuance of a
written complaint
describing the charges that | ||||||
3 | are the basis of the disciplinary action and
delivery of the | ||||||
4 | detailed complaint to the address of
record of the licensee or | ||||||
5 | applicant. The Department
shall notify the licensee or
| ||||||
6 | applicant
to file a verified written
answer within 20 days | ||||||
7 | after the service of the notice and complaint.
The
notification | ||||||
8 | shall inform the licensee or applicant of his or her
right to | ||||||
9 | be heard in person or by
legal counsel; that the hearing will | ||||||
10 | be afforded not sooner than 30 days after
service
of the | ||||||
11 | complaint; that failure to file an answer will result in a | ||||||
12 | default being
entered against the licensee or applicant;
that | ||||||
13 | the license may be suspended, revoked, or placed on
| ||||||
14 | probationary status; and that other
disciplinary action may be | ||||||
15 | taken pursuant to this Act, including limiting the
scope, | ||||||
16 | nature, or extent of the licensee's
practice. If the licensee | ||||||
17 | or applicant fails to file an answer after service of
notice, | ||||||
18 | his or her license may,
at the discretion of the Department, be | ||||||
19 | suspended,
revoked, or placed on probationary
status and the | ||||||
20 | Department
may take whatever disciplinary
action it deems | ||||||
21 | proper,
including limiting the scope, nature, or extent of the | ||||||
22 | person's practice,
without a hearing.
| ||||||
23 | (c) At the time and place fixed in the notice, the Board | ||||||
24 | shall conduct
hearing of the charges, providing
both the | ||||||
25 | accused person and the complainant ample opportunity to present | ||||||
26 | in
person
or by counsel such statements, testimony, evidence, |
| |||||||
| |||||||
1 | and argument as may be
pertinent to the charges or
to a defense | ||||||
2 | thereto.
| ||||||
3 | (d) The Board shall present to the Secretary
a written | ||||||
4 | report of its
findings and
recommendations. A copy of the | ||||||
5 | report shall be served upon the licensee or
applicant,
either | ||||||
6 | personally or by certified
mail. Within 20 days after the | ||||||
7 | service, the licensee or applicant may present
the Secretary
| ||||||
8 | with a motion in writing
for either a rehearing, a proposed | ||||||
9 | finding of fact, a conclusion of law, or an
alternative | ||||||
10 | sanction, and shall
specify the particular grounds for the | ||||||
11 | request. If the accused orders a
transcript of the record
as | ||||||
12 | provided in this Act, the time elapsing thereafter and before | ||||||
13 | the transcript
is ready for delivery to the
accused shall not | ||||||
14 | be counted as part of the 20 days. If the Secretary
is
not | ||||||
15 | satisfied that
substantial justice has been done, the Secretary
| ||||||
16 | may order a rehearing by
the Board or other
special committee | ||||||
17 | appointed by the Secretary, may remand the matter to the
Board | ||||||
18 | for its
reconsideration of the matter based on the pleadings | ||||||
19 | and evidence presented to
the Board, or may enter
a final order | ||||||
20 | in contravention of the Board's recommendation. In all
| ||||||
21 | instances under this Act in which
the Board has rendered a | ||||||
22 | recommendation to the Secretary
with respect to a
particular | ||||||
23 | licensee or
applicant, the Secretary, if he or she disagrees | ||||||
24 | with
the recommendation of the Board, shall file with the Board | ||||||
25 | and provide to the
licensee or applicant a copy of the | ||||||
26 | Secretary's
specific written reasons for
disagreement with the |
| |||||||
| |||||||
1 | Board. The reasons shall be filed within 60 days of the
Board's | ||||||
2 | recommendation
to the Secretary
and prior to any contrary | ||||||
3 | action. Notwithstanding a licensee's or applicant's failure to | ||||||
4 | file a motion for rehearing, the Secretary
shall have the right | ||||||
5 | to take any of
the actions specified in this
subsection (d). | ||||||
6 | Upon the suspension or revocation of a license, the licensee
| ||||||
7 | shall
be required to surrender his
or her license to the | ||||||
8 | Department, and upon failure or refusal to do so, the | ||||||
9 | Department
shall have
the right to seize the
license.
| ||||||
10 | (e) The Department
has the power to issue subpoenas and
| ||||||
11 | subpoenas duces tecum
to bring before it any person in this | ||||||
12 | State, to take testimony, or to require
production of any | ||||||
13 | records
relevant to an inquiry or hearing by the Board in the | ||||||
14 | same manner as prescribed
by law in judicial
proceedings in the | ||||||
15 | courts of this State. In a case of refusal of a witness to
| ||||||
16 | attend, testify, or to produce
books or papers concerning a | ||||||
17 | matter upon which he or she might be lawfully
examined, the | ||||||
18 | circuit court
of the county where the hearing is held, upon | ||||||
19 | application of the Department
or any
party to the proceeding, | ||||||
20 | may compel obedience by proceedings as for contempt.
| ||||||
21 | (f) Any license that is suspended indefinitely or revoked | ||||||
22 | may not be
restored for a minimum period
of 2 years, or as | ||||||
23 | otherwise ordered by the Secretary.
| ||||||
24 | (g) In addition to the provisions of this Section | ||||||
25 | concerning the conduct of
hearings and the
recommendations for | ||||||
26 | discipline, the Department
has the authority to negotiate
|
| |||||||
| |||||||
1 | disciplinary and non-disciplinary
settlement agreements | ||||||
2 | concerning any license issued under this Act. All such
| ||||||
3 | agreements shall be
recorded as Consent Orders or Consent to | ||||||
4 | Administrative Supervision Orders.
| ||||||
5 | (h) The Secretary
shall have the authority to appoint an | ||||||
6 | attorney duly
licensed to practice law in the
State of Illinois | ||||||
7 | to serve as the hearing officer in any action to suspend,
| ||||||
8 | revoke, or otherwise discipline
any license issued by the | ||||||
9 | Department. The Hearing Officer
shall have full authority
to | ||||||
10 | conduct the hearing.
| ||||||
11 | (i) The Department, at its expense, shall preserve a record | ||||||
12 | of all formal hearings of
any contested case involving
the | ||||||
13 | discipline of a license. At all hearings or pre-hearing | ||||||
14 | conferences, the Department
and the licensee shall be
entitled | ||||||
15 | to have the proceedings transcribed by a certified shorthand | ||||||
16 | reporter.
A copy of the transcribed
proceedings shall be made | ||||||
17 | available to the licensee by the certified shorthand
reporter | ||||||
18 | upon payment of
the prevailing contract copy rate.
| ||||||
19 | (Source: P.A. 96-844, eff. 12-23-09.)
| ||||||
20 | (225 ILCS 458/25-10)
| ||||||
21 | (Section scheduled to be repealed on January 1, 2012)
| ||||||
22 | Sec. 25-10. Real Estate Appraisal Administration and | ||||||
23 | Disciplinary Board; appointment.
| ||||||
24 | (a) There is hereby created the Real Estate Appraisal | ||||||
25 | Administration and Disciplinary Board. The Board
shall be |
| |||||||
| |||||||
1 | composed of 10 persons appointed by the Governor, plus the | ||||||
2 | Coordinator
of
the Real Estate Appraisal Division. Members | ||||||
3 | shall be appointed to the Board
subject to the following | ||||||
4 | conditions:
| ||||||
5 | (1) All appointed members shall have been residents and | ||||||
6 | citizens of this
State for
at least 5 years prior
to the | ||||||
7 | date of appointment.
| ||||||
8 | (2) The appointed membership of the Board should | ||||||
9 | reasonably reflect the
geographic
distribution of the
| ||||||
10 | population of the State.
| ||||||
11 | (3) Four appointed members shall have been actively | ||||||
12 | engaged and currently
licensed as
State
certified general | ||||||
13 | real estate appraisers for a period of not less than 5
| ||||||
14 | years.
| ||||||
15 | (4)
Two appointed members shall have been actively | ||||||
16 | engaged and currently
licensed as
State
certified | ||||||
17 | residential real estate appraisers for a period of
not less | ||||||
18 | than 5 years.
| ||||||
19 | (5)
Two appointed members shall hold a valid license as | ||||||
20 | a
real estate
broker for at least 10 years prior to the | ||||||
21 | date of the appointment, one of whom
shall hold a valid
| ||||||
22 | State certified general real estate appraiser license | ||||||
23 | issued under this Act or a predecessor Act for a period of | ||||||
24 | at
least 5 years prior to the appointment and one of whom | ||||||
25 | shall hold a valid State certified residential real estate | ||||||
26 | appraiser license issued under this Act or a predecessor |
| |||||||
| |||||||
1 | Act for a period of at
least 5 years prior to the | ||||||
2 | appointment.
| ||||||
3 | (6) One appointed member shall be a representative of a | ||||||
4 | financial
institution, as evidenced by his or her | ||||||
5 | employment with a financial
institution.
| ||||||
6 | (7) One appointed member shall represent the interests | ||||||
7 | of the general
public. This member or his or her spouse | ||||||
8 | shall not be licensed under this Act
nor be employed by or | ||||||
9 | have any interest in an appraisal business, real estate
| ||||||
10 | brokerage business, or a financial institution.
| ||||||
11 | In making appointments as
provided in paragraphs (3) and | ||||||
12 | (4) of this subsection, the Governor shall
give due | ||||||
13 | consideration to recommendations by members and organizations
| ||||||
14 | representing the profession.
| ||||||
15 | In making the appointments as
provided in paragraph (5) of | ||||||
16 | this subsection, the Governor shall give
due consideration to | ||||||
17 | the recommendations by members and organizations
representing | ||||||
18 | the real estate industry.
| ||||||
19 | In making the appointment as provided
in paragraph (6) of | ||||||
20 | this subsection, the Governor
shall give due consideration to | ||||||
21 | the recommendations by members and
organizations representing | ||||||
22 | financial institutions.
| ||||||
23 | (b) The term for members of the Board shall be 4 years, and | ||||||
24 | each member shall serve until his or her successor is appointed | ||||||
25 | and qualified. No member shall serve more than 10 years in a | ||||||
26 | lifetime.
|
| |||||||
| |||||||
1 | (c) The Governor may terminate the appointment of a member | ||||||
2 | for cause that,
in
the opinion of the Governor, reasonably | ||||||
3 | justifies the termination. Cause for
termination may include, | ||||||
4 | without limitation, misconduct, incapacity, neglect of
duty, | ||||||
5 | or missing 4 Board meetings during any one calendar year.
| ||||||
6 | (d) A majority of the Board members shall constitute a
| ||||||
7 | quorum. A vacancy in the membership of the Board shall not | ||||||
8 | impair the right of
a quorum to exercise all of the rights and | ||||||
9 | perform all of the duties of the
Board.
| ||||||
10 | (e) The Board shall meet at least quarterly and may be | ||||||
11 | convened
by the Chairperson, Vice-Chairperson, or 3 members of | ||||||
12 | the Board upon 10 days
written notice.
| ||||||
13 | (f) The Board shall, annually at the first meeting of the | ||||||
14 | fiscal year,
elect a Chairperson and Vice-Chairperson from its
| ||||||
15 | members. The Chairperson shall preside over the meetings and | ||||||
16 | shall coordinate
with the Coordinator
in developing and | ||||||
17 | distributing an agenda for each meeting. In the absence of
the | ||||||
18 | Chairperson, the Vice-Chairperson shall preside over the | ||||||
19 | meeting.
| ||||||
20 | (g) The Coordinator
of the Real Estate Appraisal Division | ||||||
21 | shall serve as
a member of the Board without vote.
| ||||||
22 | (h) The Board shall advise and make recommendations to
the | ||||||
23 | Department
on the education and experience qualifications of | ||||||
24 | any applicant for initial licensure as a State certified | ||||||
25 | general real estate appraiser or a State certified residential | ||||||
26 | real estate appraiser. The Department shall not make any |
| |||||||
| |||||||
1 | decisions concerning education or experience qualifications of | ||||||
2 | an applicant for initial licensure as a State certified general | ||||||
3 | real estate appraiser or a State certified residential real | ||||||
4 | estate appraiser without having first received the advice and | ||||||
5 | recommendation of the Board and
shall give due consideration to | ||||||
6 | all
such advice and recommendations; however, if the Board does | ||||||
7 | not render advice or make a recommendation within a reasonable | ||||||
8 | amount of time, then the Department may render a decision.
| ||||||
9 | (h-5) The Board shall issue educational findings, as it | ||||||
10 | deems appropriate. | ||||||
11 | (h-10) The Board shall adopt an official letterhead. | ||||||
12 | (i) Except as provided in Section 15-17 of this Act, the
| ||||||
13 | Board shall hear and make recommendations to the
Secretary
on
| ||||||
14 | disciplinary matters
that require a formal evidentiary | ||||||
15 | hearing. The Secretary
shall give due
consideration to the
| ||||||
16 | recommendations of the Board involving discipline and | ||||||
17 | questions involving
standards of professional
conduct of | ||||||
18 | licensees.
| ||||||
19 | (j) The Department shall seek and the Board shall provide
| ||||||
20 | recommendations to the Department
consistent with the
| ||||||
21 | provisions
of this Act and for the administration and | ||||||
22 | enforcement of all
rules adopted
pursuant to this Act. The | ||||||
23 | Department
shall give due consideration to
such
| ||||||
24 | recommendations
prior to adopting rules.
| ||||||
25 | (k) The Department shall seek and the Board shall provide
| ||||||
26 | recommendations to the Department
on the approval of all |
| |||||||
| |||||||
1 | courses
submitted to the Department
pursuant to this Act and | ||||||
2 | the rules adopted pursuant to this Act. The Department shall | ||||||
3 | not approve any courses without having first received the | ||||||
4 | recommendation of the Board and
shall
give due consideration to | ||||||
5 | such
recommendations
prior to approving and licensing courses; | ||||||
6 | however, if the Board does not make a recommendation within a | ||||||
7 | reasonable amount of time, then the Department may approve | ||||||
8 | courses.
| ||||||
9 | (l) Each voting member of the Board shall receive a per | ||||||
10 | diem stipend in an
amount
to be determined by the Secretary. | ||||||
11 | Each member shall be paid his or her necessary expenses while
| ||||||
12 | engaged in the
performance of his or her duties.
| ||||||
13 | (m) Members of the Board shall be immune from suit in an | ||||||
14 | action based upon
any disciplinary
proceedings or other acts | ||||||
15 | performed in good faith as members of the Board.
| ||||||
16 | (n) If the Department disagrees with any advice or | ||||||
17 | recommendation provided by the Board under this Section to the | ||||||
18 | Secretary or the Department, then notice of such disagreement | ||||||
19 | must be provided to the Board by the Department.
| ||||||
20 | (o) Upon resolution adopted at any Board meeting, the | ||||||
21 | exercise of any Board function, power, or duty enumerated in | ||||||
22 | this Section or in subsection (d) of Section 15-10 of this Act | ||||||
23 | may be suspended. The exercise of any suspended function, | ||||||
24 | power, or duty of the Board may be reinstated by a resolution | ||||||
25 | adopted at a subsequent Board meeting. Any resolution adopted | ||||||
26 | pursuant to this Section shall take effect immediately.
|
| |||||||
| |||||||
1 | (Source: P.A. 96-844, eff. 12-23-09.)
|