Illinois General Assembly - Bill Status for HB5931

Replaces everything after the enacting clause. Amends the Real Estate Appraiser Licensing Act of 2002. Makes changes to the definitions of "appraisal", "appraisal report", "appraiser", "federal financial institutions regulatory agencies", and "federally related transaction" and deletes the definition of "modular course". Removes certain educational requirements for applicants for a license as a certified general real estate appraiser, residential real estate appraiser, and real estate trainee appraiser. Requires that each applicant for licensure by examination or restoration or endorsement shall have his or her fingerprints submitted to the Department of State Police in an electronic format that complies with the form and manner for requesting and furnishing criminal history record information as prescribed by the Department of State Police. Provides that associate real estate trainee appraiser licensees shall not be limited in the number of concurrent supervising appraisers (rather than associate real estate trainee appraiser licensees may not have more than 3 supervising appraisers). Provides that 4 appointed members of the Real Estate Appraisal Administration and Disciplinary Board shall have been actively engaged and currently licensed as State certified general real estate appraisers for a period of not less than 5 years and that one of these members shall be actively engaged in the appraisal of commercial agricultural property. Further provides that 4 (rather than 2) appointed members to the Board shall have been actively engaged and currently licensed as State certified residential real estate appraisers for a period of not less than 5 years and that one of the appointed members shall hold a valid license as a real estate broker or a managing broker for at least 3 years prior to the date of the appointment. Provides that the Coordinator of Real Estate Appraisal appointed by the Secretary of Financial and Professional Regulation must hold a current, valid State certified general real estate appraiser license (rather than a State certified general real estate appraiser license or a residential real estate appraiser license) and prohibits the Coordinator from practicing during his or her appointment. Removes the requirements that the Coordinator take the 30 hour National Instructors Course on Uniform Standards of Professional Appraisal Practice and that he or she surrender his or her license to the Department during the term of appointment.

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