Illinois General Assembly - Full Text of HB2857
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Full Text of HB2857  98th General Assembly

HB2857 98TH GENERAL ASSEMBLY

  
  

 


 
98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2857

 

Introduced , by Rep. Ron Sandack

 

SYNOPSIS AS INTRODUCED:
 
225 ILCS 458/5-5

    Amends the Real Estate Appraiser Licensing Act of 2002. Provides that a license is not required under the Act to perform valuations if the valuations are performed by an employee of a municipality if the valuation is in an amount not to exceed $10,000 and meets other specified conditions. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Real Estate Appraiser Licensing Act of 2002
5is amended by changing Section 5-5 as follows:
 
6    (225 ILCS 458/5-5)
7    (Section scheduled to be repealed on January 1, 2022)
8    Sec. 5-5. Necessity of license; use of title; exemptions.
9    (a) It is unlawful for a person to (i) act, offer services,
10or advertise services as a State certified general real estate
11appraiser, State certified residential real estate appraiser,
12or associate real estate trainee appraiser, (ii) develop a real
13estate appraisal, (iii) practice as a real estate appraiser, or
14(iv) advertise or hold himself or herself out to be a real
15estate appraiser without a license issued under this Act. A
16person who violates this subsection is guilty of a Class A
17misdemeanor for a first offense and a Class 4 felony for any
18subsequent offense.
19    (a-5) It is unlawful for a person, unless registered as an
20appraisal management company, to solicit clients or enter into
21an appraisal engagement with clients without either a certified
22residential real estate appraiser license or a certified
23general real estate appraiser license issued under this Act. A

 

 

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1person who violates this subsection is guilty of a Class A
2misdemeanor for a first offense and a Class 4 felony for any
3subsequent offense.
4    (b) It is unlawful for a person, other than a person who
5holds a valid license issued pursuant to this Act as a State
6certified general real estate appraiser, a State certified
7residential real estate appraiser, or an associate real estate
8trainee appraiser to use these titles or any other title,
9designation, or abbreviation likely to create the impression
10that the person is licensed as a real estate appraiser pursuant
11to this Act. A person who violates this subsection is guilty of
12a Class A misdemeanor for a first offense and a Class 4 felony
13for any subsequent offense.
14    (c) The licensing requirements of this Act do not require a
15person who holds a valid license pursuant to the Real Estate
16License Act of 2000, to be licensed as a real estate appraiser
17under this Act, unless that person is providing or attempting
18to provide an appraisal report, as defined in Section 1-10 of
19this Act, in connection with a federally-related transaction.
20Nothing in this Act shall prohibit a person who holds a valid
21license under the Real Estate License Act of 2000 from
22performing a comparative market analysis or broker price
23opinion for compensation, provided that the person does not
24hold himself out as being a licensed real estate appraiser.
25    (d) Nothing in this Act shall preclude a State certified
26general real estate appraiser, a State certified residential

 

 

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1real estate appraiser, or an associate real estate trainee
2appraiser from rendering appraisals for or on behalf of a
3partnership, association, corporation, firm, or group.
4However, no State appraisal license or certification shall be
5issued under this Act to a partnership, association,
6corporation, firm, or group.
7    (e) This Act does not apply to a county assessor, township
8assessor, multi-township assessor, county supervisor of
9assessments, or any deputy or employee of any county assessor,
10township assessor, multi-township assessor, or county
11supervisor of assessments who is performing his or her
12respective duties in accordance with the provisions of the
13Property Tax Code.
14    (e-5) For the purposes of this Act, the following types of
15valuations are not appraisals and may not be represented to be
16appraisals, and a license is not required under this Act to
17perform such valuations if the valuations are performed by an
18employee of the Illinois Department of Transportation or an
19employee of a municipality or a county:
20        (1) a valuation waiver in an amount not to exceed
21    $10,000 prepared pursuant to the federal Uniform
22    Relocation Assistance and Real Property Acquisition
23    Policies Act of 1970, as amended; or
24        (2) a valuation waiver in an amount not to exceed
25    $10,000 prepared pursuant to the federal Uniform
26    Relocation Assistance and Real Property Acquisition for

 

 

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1    Federal and Federally-Assisted Programs regulations.
2    Nothing in this subsection (e-5) shall be construed to
3allow the State of Illinois, a political subdivision thereof,
4or any public body to acquire real estate by eminent domain in
5any manner other than provided for in the Eminent Domain Act.
6    (f) A State real estate appraisal certification or license
7is not required under this Act for any of the following:
8        (1) A person, partnership, association, or corporation
9    that performs appraisals of property owned by that person,
10    partnership, association, or corporation for the sole use
11    of that person, partnership, association, or corporation.
12        (2) A court-appointed commissioner who conducts an
13    appraisal pursuant to a judicially ordered evaluation of
14    property.
15However, any person who is certified or licensed under this Act
16and who performs any of the activities set forth in this
17subsection (f) must comply with the provisions of this Act. A
18person who violates this subsection (f) is guilty of a Class A
19misdemeanor for a first offense and a Class 4 felony for any
20subsequent offense.
21    (g) This Act does not apply to an employee, officer,
22director, or member of a credit or loan committee of a
23financial institution or any other person engaged by a
24financial institution when performing an evaluation of real
25property for the sole use of the financial institution in a
26transaction for which the financial institution would not be

 

 

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1required to use the services of a State licensed or State
2certified appraiser pursuant to federal regulations adopted
3under Title XI of the federal Financial Institutions Reform,
4Recovery, and Enforcement Act of 1989, nor does this Act apply
5to the procurement of an automated valuation model.
6    "Automated valuation model" means an automated system that
7is used to derive a property value through the use of publicly
8available property records and various analytic methodologies
9such as comparable sales prices, home characteristics, and
10historical home price appreciations.
11(Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.