Synopsis As Introduced Amends the Real Estate Appraiser Licensing Act of 2002. Makes changes throughout the Act that mark the transfer of authority to administer and enforce the Act to the Department of Financial and Professional Regulation (rather than the Office of Banks and Real Estate). Replaces "associate real estate appraiser" with "associate real estate trainee appraiser" throughout the Act. Changes the Real Estate Appraisal Board to the Real Estate Appraisal Administration and Disciplinary Board. Provides that a person who violates certain licensure provisions for a second or any subsequent time is guilty of a Class 4 felony. Sets forth additional education requirements for licensure under the Act. Removes a provision allowing a person who holds a valid license as a licensed real estate appraiser, issued pursuant to a predecessor Act, to convert that license to an associate real estate appraiser license. Removes a provision concerning licensed real estate appraiser's licenses issued pursuant to a predecessor Act and provides that an associate real estate trainee appraiser license may not be renewed more than 2 times. Adds a provision concerning temporary license suspension. Provides that an education provider may use an instructor who is a faculty member in good standing with an accredited college or university or community college or who is an approved appraisal instructor from an appraisal organization that is a member of the Appraisal Foundation. Makes other changes. Effective immediately.
House Committee Amendment No. 1 Provides that there is no rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion. Makes related changes.
Deletes everything after the enacting clause. Reinserts the contents of the bill, as amended by House Amendment No. 1, with the following changes. Makes changes to the definition of "appraisal", "appraisal assignment", and "appraisal report" and adds a definition for "appraisal consulting" and "valuation services". Provides that the Act does not apply to a county assessor or any employee of any county assessor who is performing his or her respective duties in accordance with the provisions of the Property Tax Code. Makes changes in the exemption from the Act of the performance of evaluations of real property for the sole use of a financial institution in a certain type of transaction. Removes provisions concerning applicant requirements before December 31, 2008. Sets forth a provision concerning the duration of an application. Makes changes to provisions concerning reciprocity and consent to jurisdiction and returned checks, penalties, and termination. Sets forth additional grounds for disciplinary action and allows the Department to impose fines not to exceed $25,000 (instead of $10,000) for violations of the Act. Provides that the license of the Coordinator of Real Estate Appraisal shall be returned in the same status as it was on the date of surrender, credited with all fees (instead of all fees and continuing education requirements) that came due during his or her employment. Makes other changes. Repeals a Section concerning identifying a client. Effective immediately.