Full Text of HB2720 98th General Assembly
HB2720enr 98TH GENERAL ASSEMBLY |
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| 1 | | AN ACT concerning regulation.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Real Estate Appraiser Licensing Act of 2002 | 5 | | is 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| 7 | | (Section scheduled to be repealed on January 1, 2022)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, | 10 | | or advertise services
as a State certified general real estate
| 11 | | appraiser, State certified residential real estate appraiser, | 12 | | or associate real estate trainee appraiser, (ii)
develop a real | 13 | | estate appraisal,
(iii)
practice as a real estate
appraiser, or | 14 | | (iv)
advertise or hold himself or herself out to be a real | 15 | | estate
appraiser
without a license issued under this Act. A | 16 | | person who
violates this subsection is
guilty of a Class A | 17 | | misdemeanor for a first offense and a Class 4 felony for any | 18 | | subsequent offense.
| 19 | | (a-5) It is unlawful for a person, unless registered as an | 20 | | appraisal management company, to solicit clients or enter into | 21 | | an appraisal engagement with clients without either a certified | 22 | | residential real estate appraiser license or a certified | 23 | | general real estate appraiser license issued under this Act. A |
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| 1 | | person who violates this subsection is guilty of a Class A | 2 | | misdemeanor for a first offense and a Class 4 felony for any | 3 | | subsequent offense. | 4 | | (b) It
is unlawful for a person, other than a
person who | 5 | | holds a valid license issued pursuant to this
Act as a State | 6 | | certified general real estate appraiser, a
State
certified
| 7 | | residential real estate appraiser,
or an associate real estate | 8 | | trainee appraiser to use these titles or any other title, | 9 | | designation, or
abbreviation likely to create the
impression | 10 | | that the person is licensed as a real estate appraiser pursuant | 11 | | to
this Act. A person who
violates this subsection is guilty of | 12 | | a Class A misdemeanor for a first offense and a Class 4 felony | 13 | | for any subsequent offense.
| 14 | | (c)
The licensing requirements of this Act
do not
require a | 15 | | person who holds a
valid license pursuant to the Real Estate | 16 | | License Act of 2000, to be licensed
as a real estate appraiser
| 17 | | under this Act,
unless that person is
providing
or attempting | 18 | | to provide an appraisal report, as defined in Section
1-10 of | 19 | | this Act, in connection with a federally-related transaction. | 20 | | Nothing in this Act shall prohibit a person who holds a valid | 21 | | license under the Real Estate License Act of 2000 from | 22 | | performing a comparative market analysis or broker price | 23 | | opinion for compensation, provided that the person does not | 24 | | hold himself out as being a licensed real estate appraiser. | 25 | | (d) Nothing in this Act shall preclude a State certified | 26 | | general real estate appraiser, a State certified residential |
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| 1 | | real estate appraiser, or an associate real estate trainee | 2 | | appraiser from rendering appraisals for or on behalf of a | 3 | | partnership, association, corporation, firm, or group. | 4 | | However, no State appraisal license or certification shall be | 5 | | issued under this Act to a partnership, association, | 6 | | corporation, firm, or group.
| 7 | | (e) This Act does not apply to a county assessor, township | 8 | | assessor, multi-township assessor, county supervisor of | 9 | | assessments, or any deputy or employee of any county assessor, | 10 | | township assessor, multi-township assessor, or county | 11 | | supervisor of assessments who is performing his or her | 12 | | respective duties in accordance with the provisions of the | 13 | | Property Tax Code.
| 14 | | (e-5) For the purposes of this Act, valuation waivers may | 15 | | be prepared by a licensed appraiser notwithstanding any other | 16 | | provision of this Act, and the following types of valuations | 17 | | are not appraisals and may not be represented to be appraisals, | 18 | | and a license is not required under this Act to
perform such | 19 | | valuations if the valuations are performed by (1) an employee | 20 | | of the Illinois Department of Transportation who has completed | 21 | | a minimum of 45 hours of course work in real estate appraisal, | 22 | | including the principals of real estate appraisals, appraisal | 23 | | of partial acquisitions, easement valuation, reviewing | 24 | | appraisals in eminent domain, appraisal for federal aid highway | 25 | | programs, and appraisal review for federal aid highway programs | 26 | | and has at least 2 years' experience in a field closely related |
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| 1 | | to real estate or (2) or an employee of a county engineer who | 2 | | is a registered professional engineer under the Professional | 3 | | Engineering Practice Act of 1989, under the following | 4 | | circumstances : | 5 | | (A) a valuation waiver in an amount not to exceed | 6 | | $10,000 prepared pursuant to the federal Uniform | 7 | | Relocation Assistance and Real Property Acquisition | 8 | | Policies Act of 1970, or prepared pursuant to the federal | 9 | | Uniform Relocation Assistance and Real Property | 10 | | Acquisition for Federal and Federally-Assisted Programs | 11 | | regulations and which is performed by an employee of the | 12 | | Illinois Department of Transportation and co-signed, with | 13 | | a license number affixed, by another employee of the | 14 | | Illinois Department of Transportation who is a registered | 15 | | professional engineer under the Professional Engineering | 16 | | Practice Act of 1989; and | 17 | | (B) a valuation waiver in an amount not to exceed | 18 | | $10,000 prepared pursuant to the federal Uniform | 19 | | Relocation Assistance and Real Property Acquisition | 20 | | Policies Act of 1970, or prepared pursuant to the federal | 21 | | Uniform Relocation Assistance and Real Property | 22 | | Acquisition for Federal and Federally-Assisted Programs | 23 | | regulations and which is performed by a county engineer who | 24 | | is employed by a county and is a registered professional | 25 | | engineer under the Professional Engineering Practice Act | 26 | | of 1989. In addition to his or her signature, the county |
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| 1 | | engineer shall affix his or her license number to the | 2 | | valuation. | 3 | | (1) a valuation waiver in an amount not to exceed | 4 | | $10,000 prepared pursuant to the federal Uniform | 5 | | Relocation Assistance and Real Property Acquisition | 6 | | Policies Act of 1970, as
amended; or | 7 | | (2) a valuation waiver in an amount not to exceed | 8 | | $10,000 prepared pursuant to the federal Uniform | 9 | | Relocation Assistance and Real Property Acquisition for | 10 | | Federal and
Federally-Assisted Programs regulations. | 11 | | Nothing in this subsection (e-5) shall be construed to | 12 | | allow the State of Illinois, a political subdivision thereof, | 13 | | or any public body to acquire real estate by eminent domain in | 14 | | any manner
other than provided for in the Eminent Domain Act. | 15 | | (f) A State real estate appraisal certification or license | 16 | | is not required under this Act for any of the following: | 17 | | (1) A person, partnership, association, or corporation | 18 | | that performs appraisals of property owned by that person, | 19 | | partnership, association, or corporation for the sole use | 20 | | of that person, partnership, association, or corporation. | 21 | | (2) A court-appointed commissioner who conducts an | 22 | | appraisal pursuant to a judicially ordered evaluation of | 23 | | property. | 24 | | However, any person who is certified or licensed under this Act | 25 | | and who performs any of the activities set forth in this | 26 | | subsection (f) must comply with the provisions of this Act. A |
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| 1 | | person who violates this subsection (f) is guilty of a Class A | 2 | | misdemeanor for a first offense and a Class 4 felony for any | 3 | | subsequent offense. | 4 | | (g) This Act does not apply to an employee, officer, | 5 | | director, or member of a credit or loan committee of a | 6 | | financial institution or any other person engaged by a | 7 | | financial institution when performing an evaluation of real | 8 | | property for the sole use of the financial institution in a | 9 | | transaction for which the financial institution would not be | 10 | | required to use the services of a State licensed or State | 11 | | certified appraiser pursuant to federal regulations adopted | 12 | | under Title XI of the federal Financial Institutions Reform, | 13 | | Recovery, and Enforcement Act of 1989, nor does this Act apply | 14 | | to the procurement of an automated valuation model. | 15 | | "Automated valuation model" means an automated system that | 16 | | is used to derive a property value through the use of publicly | 17 | | available property records and various analytic methodologies | 18 | | such as comparable sales prices, home characteristics, and | 19 | | historical home price appreciations.
| 20 | | (Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
| 21 | | Section 99. Effective date. This Act takes effect upon | 22 | | becoming law.
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