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90_HB1214
New Act
5 ILCS 80/4.18 new
225 ILCS 455/15 from Ch. 111, par. 5815
225 ILCS 455/23 from Ch. 111, par. 5823
225 ILCS 455/Art. 2 rep.
Creates the Real Estate Appraiser Licensing Act to
regulate the practice of real estate appraisal through
licensing requirements. Repeals Article 2 of the Real Estate
License Act of 1983. Amends the Regulatory Agency Sunset Act
to sunset the new Act on January 1, 2008. Effective October
1, 1997.
LRB9003012DPccB
LRB9003012DPccB
1 AN ACT to create the Real Estate Appraiser Licensing Act,
2 amending named Acts.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 1. Short title. This Act may be cited as the
6 Real Estate Appraiser Licensing Act.
7 Section 5. Legislative purpose. The purpose of this Act
8 is to repeal and replace Article 2 of the Real Estate License
9 Act of 1983; in order to protect the public, to require real
10 estate appraisers to obtain a real estate appraiser trainee
11 license or a real estate appraiser license; to develop and
12 report real estate appraisals in this State; and to allow
13 appraisers already licensed as a State licensed real estate
14 appraiser to maintain their licenses to develop and report
15 real estate appraisals in this State. It is the intent of the
16 General Assembly that this Act shall be consistent with the
17 provisions of Title XI of the federal Financial Institutions
18 Reform, Recovery and Enforcement Act of 1989, Title VIII of
19 the Civil Rights Act of 1968 (Fair Housing Act), and the
20 Illinois Human Rights Act.
21 Section 10. Definitions. As used in this Act:
22 "Appraisal" means an estimate of value pertaining to
23 appraising and related functions, including but not limited
24 to appraisal practice and appraisal services.
25 "Appraisal assignment" means an engagement for which an
26 appraiser is employed or retained to act, or would be
27 perceived by third parties or the public as acting, as a
28 disinterested third party in rendering an unbiased analysis,
29 opinion, or conclusion relating to the nature, quality,
30 value, or utility of specified interests in or aspects of
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1 identified real estate. "Appraisal assignment" includes
2 valuation work and analysis work.
3 "Appraisal practice" means the work or services performed
4 by appraisers relating to appraisal, review, and consulting.
5 "Appraisal subcommittee" is defined as in Title XI of the
6 federal Financial Institution Reform, Recovery and
7 Enforcement Act of 1989.
8 "Appraiser" or "real estate appraiser" means a person who
9 inspects, analyzes, or renders an opinion or conclusion
10 relating to the nature, quality, value, or utility of
11 specified interests in, or aspects of, identified real
12 estate.
13 "Commissioner" means the Commissioner of the Office of
14 Banks and Real Estate.
15 "Director" means the Director of the Real Estate
16 Appraisal Administration Division of the Office of Banks and
17 Real Estate.
18 "Financial institution" means a bank, savings bank,
19 savings and loan association, credit union, mortgage broker,
20 mortgage banker, licensee under the Consumer Installment Loan
21 Act or the Sales Finance Agency Act or a corporate fiduciary,
22 subsidiary, affiliate, parent company, or holding company of
23 any such licensee.
24 "Office" means the Office of Banks and Real Estate.
25 "Personal property" means property that is not classified
26 as real estate or real property.
27 "Real estate" means an identified parcel or tract of
28 land, including improvements, if any.
29 "Real Estate Appraisal Board" or "Board" means the Real
30 Estate Appraisal Board established in this Act.
31 "Real property" means the interest, benefits, and rights
32 inherent in the ownership of real estate.
33 "Report" means any communication, written or oral, of an
34 appraisal, review, or consulting service that is transmitted
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1 to a client of a licensee.
2 "State licensed residential real estate appraiser" means
3 a real estate appraiser who holds an active real estate
4 appraiser's license issued for that title under this Act.
5 "State licensed real estate appraiser trainee" means a
6 real estate appraiser who holds an active real estate
7 appraiser license issued for that title under this Act.
8 "State licensed general real estate appraiser" means a
9 real estate appraiser who holds an active real estate
10 appraiser license issued for that title under this Act.
11 "State licensed real estate appraiser" means a real
12 estate appraiser who holds an active real estate appraiser
13 license issued for that title under Article 2 of the Illinois
14 Real Estate Licensing Act of 1983 prior to the effective date
15 of this Act or a license issued under this Act by an
16 application for examination received by the Office prior to
17 the effective date of this Act but issued after that date.
18 "Uniform Standards of Professional Appraisal Practice" or
19 "USPAP" means the standards of professional appraisal
20 practice as promulgated by the Appraisal Standards Board of
21 the Appraisal Foundation.
22 Section 15. License requirement; title; exemptions.
23 (a) No person shall engage in the business of, act in
24 the capacity of, advertise, or assume to act as a real estate
25 appraiser, develop or report real estate appraisals, or
26 appraise real estate in this State without a license to
27 practice as a real estate appraiser issued by the Office
28 under this Act. A person acting or purporting to act as a
29 real estate appraiser without a license to practice is guilty
30 of a Class A misdemeanor.
31 (b) No person, other than a State licensed general or
32 residential real estate appraiser, State licensed real estate
33 appraiser, or State licensed real estate appraiser trainee,
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1 shall assume or use these titles or any other title,
2 designation, or abbreviation likely to create the impression
3 that the person is licensed by the State of Illinois as a
4 real estate appraiser.
5 (c) This Act does not apply to any of the following:
6 (1) A real estate broker, salesperson, or leasing
7 agent licensed by this State who, in the ordinary course
8 of business, gives an opinion as to the price of real
9 estate or rental rates; however, the opinion shall not be
10 referred to by the broker, salesperson, or leasing agent
11 as a real estate appraisal.
12 (2) A State, county, or municipal officer or
13 full-time employee who prepares or communicates an
14 appraisal as part of the officer's or employee's official
15 duties, unless an appraiser's license is required as a
16 condition of employment.
17 (3) Employees of financial institutions, from whom
18 income and other employment taxes are withheld by the
19 financial institution and who perform appraisals for use
20 only by the financial institution, except when the
21 financial institution is required by federal law to use
22 an appraisal performed by a licensed appraiser.
23 (4) Persons, partnerships, corporations, or other
24 entities certified or licensed under the Illinois Public
25 Accounting Act, or their partners, members, officers,
26 shareholders, employees, or affiliated entities, who
27 analyze or render an opinion, estimate, or conclusion
28 relating to the nature, quality, value, or utility of
29 specified interests in or aspects of real estate or
30 interests in real estate, incidental to performance of
31 business valuations or in connection with estate
32 planning, personal financial planning, litigation
33 support, mergers and acquisitions, tax planning, tax
34 compliance and reporting, audits, reviews, or
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1 compilations of financial statements, or other management
2 consulting services.
3 Section 20. Director of Real Estate Appraisal
4 Administration.
5 (a) The Commissioner shall appoint a Director of Real
6 Estate Appraisal Administration. The person appointed as the
7 Director must hold a current general real estate appraiser
8 license and be a designated member of at least one of the
9 appraisal organizations that, at the time of appointment, are
10 represented on the Appraisal Foundation. The Director shall
11 be credited with all fees and continuing education
12 requirements that come due during the term of employment.
13 (b) The Director shall:
14 (1) be the direct liaison between the Office of
15 Banks and Real Estate and the Real Estate Appraisal Board
16 and shall assist the Board in carrying out its functions
17 and duties under this Act;
18 (2) be the direct liaison between the Office of
19 Banks and Real Estate and real estate appraisers, real
20 estate appraisal organizations, and other real estate
21 related organizations;
22 (3) administer the provisions of this Act, direct
23 and supervise the Real Estate Appraisal Administration
24 Division of the Office of Banks and Real Estate, subject
25 to the approval of the Commissioner;
26 (4) prepare and circulate to licensed appraisers
27 educational and informational materials that the Office
28 of Banks and Real Estate deems necessary for guidance or
29 assistance to licensed appraisers; and
30 (5) appoint committees and hire contractors as
31 necessary to assist in the administration and enforcement
32 of this Act.
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1 Section 25. Real Estate Appraisal Board.
2 (a) There is hereby established the Real Estate
3 Appraisal Board which shall consist of the following 10
4 voting members appointed by the Governor:
5 (1) Seven members shall be real estate appraisers
6 who have been engaged in the practice of real estate
7 appraising in the State of Illinois for not less than 5
8 years immediately preceding their appointment.
9 (A) At least 2 of the 7 members appointed
10 under this subdivision (1) shall be members in good
11 standing of an association that represents the
12 Statewide real estate industry. The representatives
13 of the statewide real estate industry must be either
14 a State licensed general or residential real estate
15 appraiser upon their appointment.
16 (B) At least 4 of the real estate appraiser
17 members shall be licensed general real estate
18 appraisers and the remaining members shall be
19 residential real estate appraisers. The membership
20 of persons appointed to the Board under this
21 subdivision shall automatically terminate in the
22 event that any such member's license goes to a
23 status other than active and in good standing. Each
24 of the 7 appraiser members shall be credited with
25 all fees and continuing education requirements that
26 come due during his or her appointed term and active
27 service on the Board.
28 (2) One member shall be a representative of a
29 financial institution, as evidenced by his or her
30 employment with an institution that is a member of a
31 financial institution association that represents the
32 interests of Illinois financial institutions.
33 (3) Two members shall be members of the general
34 public. The public members shall not be employed by a
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1 financial institution or registered in any state as a
2 real estate appraiser.
3 (b) In meeting the appointment criteria prescribed in
4 this Section, each appointee shall be attributed as being a
5 member of the Board from only one of the 4 classifications
6 set forth in subdivisions (1)(A), (1)(B), (2), and (3).
7 (c) The Director shall act as a member of the Board, but
8 shall not vote.
9 (d) Members shall be appointed to 4-year terms.
10 Appointments to fill vacancies shall be made in the same
11 manner as original appointments and shall be for the
12 unexpired portion of the term. A member may be reappointed
13 for successive terms, but no member shall serve more than 10
14 years. Upon expiration of their terms, members of the Board
15 shall continue to hold office until the appointment of their
16 successors or until their resignation.
17 (e) The membership of the Board should reasonably
18 reflect representation from the various geographic and
19 demographic areas of the State.
20 (f) The Board shall meet as often as agreed upon to
21 conduct its business. Dates and places of future meetings
22 shall be decided by the vote of members at meetings. Written
23 notice shall be given to each member of the time and place of
24 each meeting of the Board at least 10 days before the
25 scheduled date of the meeting.
26 (g) A majority of the duly appointed and actively
27 serving voting members of the Board shall constitute a
28 quorum.
29 (h) The voting members of the Board shall annually elect
30 a chairperson and a vice-chairperson from among the voting
31 members to preside over meetings. The member elected as
32 chairperson shall serve as chairperson for a term of one
33 year. The vice-chairperson shall preside over meetings when
34 the chairperson is absent. If the elected chairperson resigns
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1 as chairperson or can no longer serve as chairperson, the
2 Board shall elect a new chairperson from among the voting
3 members. A member may serve as chairperson more than once,
4 but no person shall serve as chairperson for more than 2
5 consecutive full terms.
6 (i) Each member shall receive a per diem stipend as the
7 Commissioner shall determine. Each member shall be paid
8 necessary expenses while engaged in the performance of his or
9 her Board duties. The per diem stipend and expenses shall be
10 paid out of the Appraisal Administration Fund.
11 (j) The Governor may terminate the appointment of a
12 member for cause which in the opinion of the Governor
13 reasonably justifies the termination. Cause for termination
14 shall include, but not be limited to, misconduct, incapacity,
15 neglect of duty, or missing 4 Board meetings during one
16 calendar year.
17 Section 30. Powers and duties of the Board. The Real
18 Estate Appraisal Board has the following powers and duties:
19 (a) The Board shall conduct hearings on charges against
20 licensees under this Act for violations of this Act and shall
21 report its findings on the charges to the Office of Banks and
22 Real Estate.
23 (b) The Board shall make recommendations to the Office
24 of Banks and Real Estate on rules and procedures to implement
25 the provisions and policies of this Act.
26 Section 35. Powers and duties of the Office of Banks and
27 Real Estate.
28 (a) None of the functions, powers, or duties enumerated
29 in Sections 70, 90, 95, 105, or 110 shall be exercised by the
30 Office of Banks and Real Estate except upon the action and
31 report in writing by the Board.
32 (b) The Office of Banks and Real Estate, after
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1 considering the recommendations of the Board, may adopt rules
2 consistent with the provisions of this Act to administer and
3 enforce this Act.
4 (c) The Office of Banks and Real Estate has the
5 following additional powers and duties:
6 (1) to receive applications for State appraiser
7 licensing and for licensing of appraisal education
8 courses and course providers;
9 (2) to establish the administrative procedures for
10 processing applications for State licensing of
11 appraisers, appraisal courses, and appraisal education
12 providers;
13 (3) to approve or disapprove applications and to
14 issue licenses;
15 (4) to maintain a registry of the names and
16 addresses of all licenses issued under this Act and to
17 transmit the registry, along with any National registry
18 fees that may be required, to the entity specified by,
19 and in a manner consistent with, Title XI of the federal
20 Financial Institutions Reform, Recovery and Enforcement
21 Act of 1989;
22 (5) to retain records and application materials
23 submitted to it;
24 (6) to assist the Board in any other manner the
25 Board may request.
26 (d) The Commissioner has the power to refuse to issue or
27 renew a license or to suspend, revoke, reprimand, place on
28 probation, or otherwise discipline a license issued under
29 this Act, upon recommendation of the Board pursuant to the
30 disciplinary proceedings provided for in this Act.
31 The Commissioner shall give due consideration to all
32 recommendations of the Board on questions involving the
33 administration of this Act, standards of professional
34 conduct, and the discipline and examination of candidates
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1 under this Act.
2 If the Commissioner disagrees with or takes action
3 contrary to a recommendation of the Board, the Commissioner
4 shall provide the Board with a written and specific
5 explanation of the disagreement or action within 30 days of
6 the date that the written recommendation is delivered to the
7 Commissioner.
8 (e) The Office of Banks and Real Estate, after
9 considering the recommendations of the Board, shall adopt
10 rules establishing reasonable minimum qualifications of
11 education and experience requirements for State licensed real
12 estate appraisers and trainee appraisers and minimum
13 qualifications and standards for appraisal education
14 providers and courses.
15 (f) Without in any manner limiting the power of the
16 Office of Banks and Real Estate to conduct investigations,
17 the Director of Real Estate Appraisal Administration may
18 appoint one or more State licensed residential or general
19 real estate appraisers to conduct or assist in any
20 investigation pursuant to this Act. Appraisers appointed
21 under this subsection may receive remuneration as determined
22 by the Commissioner.
23 Section 40. Fees; Appraisal Administration Fund.
24 (a) The Office of Banks and Real Estate may provide by
25 rule for fees to be paid by applicants, licensees, and other
26 persons under this Act to cover the reasonable costs of the
27 Office of Banks and Real Estate in administering the
28 provisions of the Act. The fees shall be deposited into the
29 Appraisal Administration Fund.
30 (b) The Appraisal Administration Fund is created in the
31 State Treasury. Pursuant to appropriation, moneys deposited
32 into the Fund may be used by the Office of Banks and Real
33 Estate to administer and enforce this Act and for other
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1 purposes as provided by law.
2 Section 45. Licensing process.
3 (a) The Office of Banks and Real Estate, directly or
4 through its authorized designee, shall issue a license to
5 each applicant who qualifies for a license under this Act in
6 the form and size as shall be prescribed by the Office.
7 Applications for original licensure, renewal licensure, and
8 examinations as an appraiser, an appraisal education
9 provider, or for an appraisal course shall be made in writing
10 to the Office of Banks and Real Estate on forms prescribed by
11 the Office.
12 When an applicant (i) has had his or her license revoked
13 or otherwise disciplined or supervised on a prior occasion,
14 (ii) is found to have committed a practice enumerated in
15 Section 90, or (iii) has been convicted of forgery,
16 embezzlement, obtaining money under false pretenses, larceny,
17 extortion, conspiracy to defraud, or a similar offense or has
18 been convicted of a felony involving moral turpitude in a
19 court of competent jurisdiction in this State or another
20 state, district, or territory of the United States or of a
21 foreign country, the Office of Banks and Real Estate shall
22 consider the prior revocation, conduct, or conviction in its
23 determination of the applicant's moral character and whether
24 to grant the applicant a license. In its consideration of the
25 prior revocation, conduct, or conviction, the Office of Banks
26 and Real Estate shall take into account the nature of the
27 conduct, any aggravating or extenuating circumstances, the
28 time elapsed since the revocation, conduct, or conviction,
29 the rehabilitation or restitution performed by the applicant,
30 and any other factors the Office of Banks and Real Estate
31 deems relevant. When an applicant has made a false statement
32 of material fact on his or her application, the false
33 statement may in itself be sufficient grounds to revoke or
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1 refuse to issue a license.
2 (b) Appropriate fees, as set by rule, shall accompany
3 all applications for original licensure, renewal licensure,
4 and examination. All fees are nonrefundable.
5 (c) At the time of filing an application for licensure,
6 an applicant shall sign a pledge to comply with this Act and
7 shall state that he or she understands the types of
8 misconduct for which disciplinary proceedings may be
9 initiated against a real estate appraiser under this Act.
10 Section 50. Examination requirement.
11 (a) A license as a real estate appraiser shall not be
12 issued to a person who has not demonstrated, through a
13 comprehensive written examination process provided for by
14 rule, competence to transact the business of a real estate
15 appraiser, within the rank for which the applicant has
16 applied.
17 (b) The Office of Banks and Real Estate, or its
18 designated testing service, shall conduct examinations for
19 appraiser licensure at times and places that the Office of
20 Banks and Real Estate determines are sufficient and
21 appropriate.
22 Section 55. Examination prerequisites. As a prerequisite
23 to taking the examination for any rank of appraiser
24 licensure, an applicant shall (i) present evidence of having
25 successfully completed a 4-year course of study in a high
26 school or secondary school approved by the Illinois State
27 Board of Education or an equivalent course of study as
28 determined by an examination conducted by the Illinois State
29 Board of Education which shall be verified under oath by the
30 applicant and (ii) present evidence, satisfactory to the
31 Office of Banks and Real Estate, that the applicant has
32 successfully completed an appraisal education curriculum, as
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1 provided by rule, in courses with subjects relating to real
2 estate appraisal, which shall include, in addition to other
3 classroom hours, 15 classroom hours relating to the Uniform
4 Standards of Professional Appraisal Practice and the
5 provisions of this Act from an appraisal education provider
6 who has been recommended by the Board and licensed by the
7 Office of Banks and Real Estate.
8 Section 60. Experience requirement.
9 (a) A license as a general or residential real estate
10 appraiser shall not be issued to a person who does not
11 possess experience consistent with Appraiser Qualification
12 Board guidelines as provided by rule of the Office of Banks
13 and Real Estate. For the purposes of this Section, one year
14 of experience is defined as 1,000 hours of experience.
15 Approved experience shall include fee appraisal, staff
16 appraisal, mass appraisal in accordance with the USPAP, ad
17 valorem tax appraisal, mass ad valorem tax appraisal in
18 accordance with the USPAP, review appraisal in accordance
19 with the USPAP, highest and best use analysis, feasibility
20 analysis or study in accordance with the USPAP, real estate
21 sales and brokerage, real estate consulting in accordance
22 with the USPAP, real property management, and other related
23 experience approved by the Office of Banks and Real Estate
24 and in accordance with the USPAP.
25 An applicant for a license shall provide to the Office of
26 Banks and Real Estate on forms prescribed by rule of the
27 Office a summary of the level and type of experience for
28 which the applicant is claiming credit. To obtain experience
29 credit for the preparation of a written appraisal report, the
30 applicant shall provide in the experience summary the date of
31 appraisal, the type of property, the approximate size of the
32 property (including land and improvements), and the address
33 of the property. Nothing in this Section shall require, as a
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1 condition of obtaining experience credit, that a real estate
2 appraiser disclose the identity of the client for whom the
3 appraisal was performed. The Office of Banks and Real Estate
4 may require that an applicant provide samples of the
5 applicant's work for which experience is claimed.
6 Of the total experience requirement, at least 50% must be
7 earned in one or more of the following areas: fee appraisal,
8 staff appraisal, ad valorem tax appraisal, review appraisal,
9 or real estate consulting.
10 (b) An applicant who has been employed as an Illinois
11 assessment officer, as defined in Section 1-85 of the
12 Property Tax Code or as a deputy or employee of an Illinois
13 assessment officer, may receive experience credit equal to
14 10% of the total experience requirement for each full year of
15 full-time employment as an Illinois assessment officer or
16 deputy or employee of the officer to a maximum of 50% of the
17 total requirement.
18 Experience credited under this subsection shall not be
19 required to be set forth in the form required in subsection
20 (a). A person who seeks up to 50% experience credit for
21 tenure as an Illinois assessment officer or deputy or
22 employee of the officer under this subsection shall attach to
23 his or her application an Assessment Experience Certification
24 form prescribed by the Office of Banks and Real Estate and
25 executed by the local assessment officers or their designee.
26 The balance of the experience requirement shall be set
27 forth in the form of the experience summary as provided in
28 subsection (a).
29 Upon submission of the application, affidavit, and the
30 Assessment Experience Certification form, the Commissioner
31 shall grant the experience for tenure as an Illinois
32 assessment officer or deputy or employee of the officer.
33 (c) An applicant who is licensed with the Office of
34 Banks and Real Estate as a real estate broker, real estate
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1 salesperson, or real estate leasing agent may receive credit
2 for appraisal experience equal to 5% of the total experience
3 requirement for each full year of employment as a real estate
4 broker, salesperson, or real estate leasing agent to a
5 maximum of 40% of the total requirement. This experience as a
6 real estate broker, real estate salesperson, or real estate
7 leasing agent shall not be required to be set forth in the
8 form required in subsection (a), but may be certified by the
9 employer during tenure as a broker, salesperson, or manager
10 on forms prescribed by the Office. The balance of the
11 experience requirement shall be set forth in the form of the
12 experience summary as provided in subsection (a).
13 (d) Of the total experience requirement for licensed
14 general real estate appraisers, at least 50% must be approved
15 experience relating to nonresidential real estate.
16 (e) Of the total experience required for licensed
17 residential real estate appraisers, at least 50% must be
18 approved experience relating to residential real estate.
19 (f) Proof of experience shall not be required for
20 licensure as a State licensed real estate appraiser or
21 trainee. A State licensed real estate appraiser license that
22 has been issued for a period of 2 years or longer will not be
23 renewed unless the renewal applicant possesses 500 hours of
24 real estate appraisal experience or its equivalent as
25 provided by rule. All real estate appraisal experience
26 granted will be in accordance with this Section.
27 Section 65. Issuance of license; renewal.
28 (a) The Office of Banks and Real Estate shall issue a
29 license as a real estate appraiser or as a real estate
30 appraisal education provider or for an appraisal course, as
31 appropriate, to a person, course provider, or courses meeting
32 the requirements for licensure under this Act. The term of a
33 license issued under this Act shall be established by rule.
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1 The expiration date of the license shall appear on the
2 license. The Office of Banks and Real Estate shall establish
3 by rule procedures for the issuance of renewal notices and
4 procedures for the renewal of a license under this Act.
5 (b) A license as a State licensed real estate appraiser
6 shall not be issued to a person whose application for
7 examination has not been receive by the Office on or before
8 the effective date of this Act.
9 (c) The license of a State licensed real estate
10 appraiser shall not be renewed or reinstated if for any
11 reason, including expiration, the license goes into an
12 inactive status.
13 (d) The licensure rank of State licensed real estate
14 appraiser trainee is temporary and may be held only during
15 the original issue period and through 2 renewal periods. An
16 appraiser shall not be licensed in this rank for more than 6
17 years.
18 Section 70. Nonresident licensure and reciprocity.
19 (a) A nonresident may be licensed under this Act upon
20 complying with all the provisions and conditions required for
21 licensure in this State and upon payment of the appropriate
22 fees.
23 (b) A nonresident may be licensed under this Act by
24 reciprocity, upon complying with all the provisions of a
25 reciprocity agreement between this State and another state,
26 territory of the United States, or District of Columbia. Upon
27 the recommendation of the Board, the Office of Banks and Real
28 Estate shall enter into an agreement of reciprocity with an
29 appraiser regulation jurisdiction of another state, territory
30 of the United States, or the District of Columbia that, in
31 the opinion of the Board and Office of Banks and Real Estate,
32 has similar, equal, or greater qualifications and
33 requirements for licensure as an appraiser.
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1 (c) Every nonresident applicant shall file an
2 irrevocable consent that suits and actions arising out of
3 appraisal work in this State may be commenced against the
4 licensed appraiser in the circuit court of a county of this
5 State in which the cause of action arose or in which the
6 plaintiff resides by the service of legal process on the
7 Director of Real Estate Appraisal Administration, the
8 irrevocable consent agreeing that service on the Director
9 shall be acknowledged in all courts to be valid and binding
10 as if personal service of process had been made upon the
11 nonresident in this State. If process is served upon the
12 Director of Real Estate Appraisal Administration, it shall be
13 the Director's duty to forward a copy of the process by
14 registered mail to the last known address of the licensed
15 appraiser against whom the process is directed.
16 (d) The Office of Banks and Real Estate shall adopt
17 rules consistent with Title XI of the Federal Financial
18 Institutions Reform, Recovery, and Enforcement Act of 1989
19 permitting nonresident licensed appraisers to practice in
20 Illinois on a temporary basis.
21 Section 75. Scope of practice.
22 (a) State licensed real estate appraisers, State
23 licensed residential real estate appraisers, and State
24 licensed general real estate appraisers are not limited in
25 their scope of practice and may independently or in
26 cooperation with other appraisers provide services of
27 appraisal, review, or consulting relating to any type
28 property for which the licensee is experienced and competent.
29 All such appraisal practice must be in compliance with the
30 competency provision of the USPAP.
31 (b) State licensed real estate appraiser trainees are
32 not limited in their scope of practice and may provide
33 services of appraisal, review, or consulting relating to any
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1 type property for which the licensee is experienced and
2 competent. All such appraisal practice must be in compliance
3 with the competency provision of the USPAP. All work
4 developed and reported by a State licensed real estate
5 appraiser trainee must be developed and reported under the
6 supervision of a licensed residential or licensed general
7 real estate appraiser, as evidenced by the supervisory
8 appraiser's signature on the appraisal report and the
9 appraiser's certificate or by the supervisory appraiser's
10 execution of a desk review certification form prescribed by
11 the Office of Banks and Real Estate. In cases where the
12 report is not signed by the supervisory appraiser, the report
13 must reference the desk review form as being attached to the
14 report and the form must accompany the transmittal of the
15 report to the client.
16 (c) The scope of practice of individual licensees may be
17 limited as a disciplinary measure through an Order of Facts
18 and Findings, a Consent Order, or a Consent to Administrative
19 Supervision issued by the Commissioner.
20 (d) Other scope of practice limitations may be imposed
21 by rule if recommended by the Appraisal Board and considered
22 by the Office as in the best interest of the general public.
23 Section 80. Prohibited licensing of entities.
24 (a) The title "State licensed general real estate
25 appraiser", "State licensed residential real estate
26 appraiser", "State licensed real estate appraiser", or
27 "State licensed real estate appraiser trainee" may only be
28 used to refer to a person licensed as an appraiser under this
29 Act and may not be used following or immediately in
30 connection with the name or signature of a firm, partnership,
31 limited liability company, corporation, or group, or in a
32 manner that it might be interpreted as referring to a firm,
33 partnership, limited liability company, corporation, group,
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1 or anyone other than an individual holder of a license.
2 (b) No license shall be issued under this Act to a
3 corporation, partnership, limited liability company, firm, or
4 group. This subsection shall not be construed to prevent a
5 licensee from signing an appraisal report on behalf of a
6 corporation, partnership, limited liability company, firm, or
7 group practice.
8 (c) Nothing in this Act shall be construed as
9 prohibiting an employee of a financial institution, a
10 governmental employee, an accountant, a real estate broker,
11 sales person, or leasing agent, or any other person acting
12 within the scope of an exemption pursuant to subsection (c)
13 of Section 15 from being licensed under this Act.
14 Section 85. Continuing education requirements.
15 (a) As a prerequisite to renewal of an appraiser
16 license, a renewal applicant shall present evidence
17 satisfactory to the Office of Banks and Real Estate of having
18 completed a continuing education curriculum for the number of
19 hours provided for by rule from courses licensed by the
20 Office and presented by real estate appraisal education
21 providers licensed by the Office.
22 The Office of Banks and Real Estate may provide by rule
23 for the temporary waiver of continuing education requirements
24 for good cause.
25 (b) In lieu of meeting the requirements of subsection
26 (a) of this Section, an applicant for renewal of a license
27 may satisfy all or part of the requirements by presenting
28 evidence of participation, other than as a student, in
29 educational processes and programs approved pursuant to
30 subsection (a) that relate to real property appraisal theory,
31 practices, or techniques, including but not limited to
32 teaching, program development, and preparation of textbooks,
33 monographs, articles, and other instructional materials.
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1 (c) The Office of Banks and Real Estate may by rule
2 require periodic testing of a licensee's understanding of
3 this Act. Continuing education credit hours may be awarded
4 for successful completion of the periodic examination.
5 Section 90. Grounds for disciplinary action.
6 (a) Pursuant to the action and report in writing of the
7 Board, the Office of Banks and Real Estate may suspend,
8 revoke, or refuse to issue or renew the license of an
9 appraiser or place on probation or reprimand a licensee, may
10 impose a civil penalty not to exceed $10,000 upon a licensee,
11 or the holder of a license may be placed on administrative
12 supervision or otherwise disciplined for any one or
13 combination of the following reasons:
14 (1) Procuring or attempting to procure a license by
15 knowingly making a false statement, submitting false
16 information, refusing to provide complete information in
17 response to a question in an application for licensure or
18 through any form of fraud or misrepresentation.
19 (2) Failing to meet the minimum qualifications for
20 licensure as an appraiser established by this Act.
21 (3) Paying money, other than for the fees provided
22 for by this Act, to a member or employee of the Board or
23 Office of Banks and Real Estate to procure licensure
24 under this Act.
25 (4) A conviction of a crime, including conviction
26 based upon a plea of guilty or nolo contendere.
27 (5) An act or omission involving dishonesty, fraud,
28 or misrepresentation with the intent to substantially
29 benefit the licensee or another person or with intent to
30 substantially injure another person.
31 (6) Violation of a provision or standard of the
32 Uniform Standards of Professional Appraisal Practice or
33 Illinois standards for the development or communication
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1 of real estate appraisals as provided in Section 110 of
2 this Act or by rule.
3 (7) Failure or refusal without good cause to
4 exercise reasonable diligence in developing and reporting
5 or communicating an appraisal.
6 (8) Negligence or incompetence in developing and
7 reporting or communicating an appraisal.
8 (9) Willfully disregarding or violating a provision
9 of this Act or its rules.
10 (10) Accepting an appraisal assignment for
11 valuation when the employment itself is contingent upon
12 the appraiser reporting a predetermined estimate,
13 analysis, or opinion or when the fee to be paid is
14 contingent upon the opinion, conclusion, or valuation
15 reached or upon the consequences resulting from the
16 appraisal assignment.
17 (11) Developing valuation conclusions based on the
18 race, color, religion, sex, national origin, ancestry,
19 age, marital status, familiar status, physical or mental
20 handicap, or unfavorable military discharge, as defined
21 under the Illinois Human Rights Act, of the prospective
22 or present owners or occupants of the area or property
23 under appraisal.
24 (12) Violation of the confidential nature of
25 government records to which the licensee gained access
26 through employment or engagement as an appraiser by a
27 government agency.
28 (13) Adjudication of liability in a civil
29 proceeding on grounds of fraud, misrepresentation, or
30 deceit. In a disciplinary proceeding based upon a finding
31 of civil liability, the State licensed real estate
32 appraiser shall be afforded an opportunity to present
33 mitigating and extenuating circumstances, but may not
34 collaterally attack the civil adjudication.
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1 (14) Violating a provision of the federal Fair
2 Housing Act.
3 (15) Engaging in misleading or untruthful
4 advertising or using a trade name or insignia of
5 membership in a real estate appraisal or real estate
6 related organization of which the licensee is not a
7 member.
8 (16) Failure to fully cooperate with an Office
9 investigation by knowingly making a false statement,
10 submitting false information, or refusing to provide
11 complete information in response to a question or other
12 requests by the Office.
13 (17) Failing to include within the certificate of
14 appraisal for all written appraisal reports the
15 appraiser's registration number, licensure title State
16 licensed real estate appraiser, State licensed real
17 estate appraiser trainee, State licensed residential real
18 estate appraiser or State licensed general real estate
19 appraiser, and the date of expiration of the license.
20 All appraisers providing significant contribution to the
21 development and reporting of an appraisal must be
22 disclosed in the appraisal report. It is a violation of
23 this Act for an appraiser to sign a report, transmittal
24 letter, or appraisal certification knowing that a person
25 providing significant contribution to the report has not
26 been disclosed in the appraisal report.
27 (b) Pursuant to the action and report in writing of the
28 Board, the Office of Banks and Real Estate may suspend,
29 revoke, place on probation, reprimand, or otherwise
30 discipline the license of an appraisal education course
31 provider or course license subordinate to the providership,
32 or may refuse to issue or renew a course license or
33 provider's license and may also impose a civil penalty not to
34 exceed $10,000 upon the holder of the course or provider's
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1 license for any of the following acts or omissions:
2 (1) Procuring or attempting to procure licensure by
3 knowingly making a false statement, submitting false
4 information, refusing to provide complete information in
5 response to a question in an application for licensure or
6 through any form of fraud or misrepresentation.
7 (2) Failing to comply with covenants certified to
8 on the application for licensure as an appraisal
9 education provider, appraisal education subprovider,
10 prelicensure course, or continuing education course.
11 (3) An act or omission involving dishonesty, fraud,
12 or misrepresentation by the course provider or any
13 employees or independent contractors of the provider.
14 (4) Engaging in misleading or untruthful
15 advertising.
16 (5) Failing to retain competent instructors in
17 accordance with rules adopted under this Act.
18 (6) Failing to meet the topic or time requirements
19 for course approval as a prelicensure curriculum course
20 or a continuing education course.
21 (7) Failing to administer a licensed course using
22 the course materials, syllabus, and examinations
23 submitted as the basis of licensure.
24 (8) Failing to provide an appropriate classroom
25 environment for presentation of courses with
26 consideration for student comfort, acoustics, lighting,
27 seating, work space, and visual aid material.
28 (9) Failing to maintain student records in
29 compliance with rules adopted under this Act.
30 (10) Failing to provide certificates, transcripts,
31 or other student records to the Office or student as may
32 be required by rule.
33 (11) Failure to fully cooperate with an Office
34 investigation by knowingly making a false statement,
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1 submitting false information, or refusing to provide
2 complete information in response to a question or other
3 requests by the Office.
4 (c) Notwithstanding the provisions of this Act
5 concerning the conduct of hearings and recommendations for
6 disciplinary actions, a conference panel of the Board may
7 recommend to the Office of Banks and Real Estate who shall
8 have the authority to negotiate settlement agreements with
9 State licensed real estate appraisers and trainee appraisers
10 and with appraiser education licensees or applicants for such
11 licensure resulting in disciplinary Consent Orders. Consent
12 Orders may provide for any of the forms of discipline
13 provided in this Act. Consent Orders shall provide that they
14 were not entered into as a result of any coercion by the
15 Office of Banks and Real Estate, the Director of Real Estate
16 Appraisal Administration, or the Board. A Consent Order shall
17 be filed with the Commissioner along with the Board's
18 recommendation and accepted or rejected by the Commissioner
19 in a timely manner.
20 (d) Notwithstanding the provisions of this Act
21 concerning the conduct of hearings and recommendations for
22 disciplinary actions, a conference panel of the Board may
23 recommend to the Office of Banks and Real Estate who on the
24 Board shall have the authority to negotiate settlement
25 agreements with State licensed real estate appraisers,
26 trainee appraisers, appraiser education licensees, or
27 applicants for such licensure resulting in disciplinary
28 Consent to Administrative Supervision Orders. Consent to
29 Administrative Supervision Orders may be offered with
30 conditions that may include but shall not be limited to the
31 respondent's attendance and successful completion of
32 appraisal courses, payment of part or all of the
33 investigation and prosecution costs associated with the
34 complaint, replacement of appraiser rank with a lower rank,
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1 and payment of restitution to the injured parties. Consent to
2 Administrative Supervision Orders shall provide that they
3 were not entered into as a result of coercion by the Office
4 of Banks and Real Estate, the Director of Real Estate
5 Appraisal Administration, or the Board. Consent to
6 Administrative Supervision Order shall be filed with the
7 Commissioner along with the Board's recommendation and
8 accepted or rejected by the Commissioner in a timely manner.
9 A licensee subject to a Consent to Administrative Supervision
10 Order shall be considered by the Office as an active
11 appraiser in good standing and the records regarding an
12 investigation and a Consent to Administrative Supervision
13 Order are confidential and shall not be released by the
14 Office except as mandated by law. However, the complainant
15 shall be notified that his or her complaint has been resolved
16 by administrative supervision of the respondent.
17 (e) Civil penalties and costs collected under this
18 Section are to be deposited into the Appraisal Administration
19 Fund.
20 Section 95. Unlicensed practice; civil penalty.
21 (a) A person who practices, offers to practice, attempts
22 to practice, or holds himself or herself out to practice as a
23 State licensed real estate appraiser, State licensed real
24 estate appraiser trainee, or licensed residential or licensed
25 general real estate appraiser without being licensed under
26 this Act shall, in addition to any other penalty provided by
27 law, pay a civil penalty to the Office of Banks and Real
28 Estate in an amount not to exceed $5,000 for each offense as
29 determined by the Office of Banks and Real Estate. The civil
30 penalty shall be assessed by the Office of Banks and Real
31 Estate after a hearing is held in accordance with the
32 provisions set forth in this Act regarding the provision of a
33 hearing for the discipline of a licensee.
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1 (b) The Office of Banks and Real Estate has the
2 authority and power to investigate any and all unlicensed
3 activity.
4 (c) The civil penalty shall be paid within 60 days after
5 the effective date of the order imposing the civil penalty.
6 The order shall constitute a judgement and may be filed and
7 execution had on the judgment in the same manner from any
8 court of record.
9 Section 100. Investigation; notice; hearing.
10 (a) Upon the motion of either the Office of Banks and
11 Real Estate or the Board, or upon the verified complaint in
12 writing of a person setting forth facts that, if proven,
13 would constitute grounds for suspension, revocation, or other
14 disciplinary action against a licensee or applicant for
15 licensure, the Office of Banks and Real Estate shall cause to
16 be investigated the actions of any person so accused who
17 holds or represents to hold a license or has applied for
18 licensure under this Act.
19 (b) Before taking any disciplinary action, the Director
20 of Real Estate Appraisal Administration shall notify the
21 holder of the license, in writing, of the charges that are
22 the basis of the disciplinary action and shall direct the
23 applicant or licensee to file a written answer under oath
24 within 20 days after the service of the notice to the
25 Director of Real Estate Appraisal Administration. The
26 notification shall also inform the licensee of his or her
27 right to be heard in person or by legal counsel; that the
28 hearing will be afforded not sooner than 30 days after
29 receipt of the answer to the specific charges; that failure
30 to file an answer will result in default being entered
31 against the applicant or licensee; and that the license may
32 be suspended, revoked, or placed on probationary status or
33 other disciplinary action may be taken, including limiting
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1 the scope, nature, or extent of practice, as recommended by
2 the conference panel of the Board and with the concurrence of
3 the Commissioner. If the licensee or applicant fails to file
4 an answer after receiving notice, his or her license may, at
5 the discretion of the Office of Banks and Real Estate, be
6 suspended revoked, or placed on probationary status or the
7 Office of Banks and Real Estate may take whatever
8 disciplinary action it deems proper, including limiting the
9 scope, nature, or extent of the person's practice or imposing
10 a fine, without a hearing. The written notice shall be
11 considered legal service and may be served personally or sent
12 by registered or certified mail to the last known address of
13 the holder of the license.
14 (c) The Office of Banks and Real Estate has the power to
15 issue subpoenas and subpoena duces tecum to bring before it
16 any person in this State to take testimony by deposition or
17 to require production of any records relevant to an inquiry
18 or hearing by the Board in the same manner as prescribed by
19 law in judicial proceedings in the courts of this State. In a
20 case of refusal of a witness to attend or testify or to
21 produce books or papers concerning a matter upon which he or
22 she might be lawfully examined, the circuit court of the
23 county where the hearing is held, upon application of a party
24 to the proceeding, may compel obedience by proceeding as for
25 contempt.
26 Section 105. Hearing.
27 (a) The hearing on the charges shall be held at a time
28 and place prescribed by the Office of Banks and Real Estate
29 and in accordance with the Illinois Administrative Procedure
30 Act.
31 (b) If on the conclusion of the hearing the Board
32 determines that a State licensed real estate appraiser, State
33 licensed real estate appraiser trainee, or a real estate
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1 appraisal education licensee is guilty of a violation of a
2 provision of this Act, it shall prepare a finding of fact and
3 a recommendation that the appraiser be reprimanded, placed on
4 probation, or otherwise disciplined or that the appraiser's
5 license be suspended or revoked or otherwise disciplined.
6 The Commissioner shall give due consideration to the
7 recommendations of the Board and shall then enter a decision
8 and order in the matter. If the Commissioner takes action
9 contrary to the recommendation of the Board, the Commissioner
10 shall file with the Board in writing the action taken and the
11 specific reasons for his or her actions that are contrary to
12 the Board's recommendation.
13 (c) A final administrative decision of the Commissioner
14 is subject to judicial review pursuant to the provisions of
15 the Administrative Review Law.
16 (d) An appraisal license that has been revoked as a
17 result of disciplinary action shall not be reinstated for a
18 period of 2 years from the date of revocation and only then
19 after the Board has reviewed the application for
20 reinstatement and recommended that the revoked license be
21 reinstated by the Office of Banks and Real Estate. In its
22 recommendation the Board must cite the basis of the
23 recommendation including its consideration of the applicant's
24 recent continuing education attendance.
25 (e) Notwithstanding the provisions of this Act
26 concerning the conduct of hearings and recommendations for
27 disciplinary actions, the Office of Banks and Real Estate has
28 the authority to negotiate agreements with appraisers and
29 appraiser education licensees or applicants for licensure
30 which agreements shall be recorded as disciplinary Consent
31 Orders, or in lieu of publishable discipline, Consent to
32 Administrative Supervision Orders, as described in
33 subsections (b), (c), and (d) of Section 90.
34 (f) At any time after the revocation of a license, the
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1 Commissioner may restore it to the accused person or course
2 provider, upon the written recommendation of the Board.
3 Section 110. Standards of practice. All licensees under
4 this Act must comply with standards of professional appraisal
5 practice adopted by the Office of Banks and Real Estate at
6 the recommendation of the Board. The Office of Banks and Real
7 Estate may adopt, as part of its own rules, the Uniform
8 Standards of Professional Appraisal Practice as published
9 from time to time by the Appraisal Foundation. The Office of
10 Banks and Real Estate shall consider federal laws and
11 regulations regarding the licensure of real estate appraisers
12 prior to adopting its own rules for the administration of
13 this Act.
14 Section 115. Retention of records. A licensed appraiser
15 shall retain for 5 years originals or true copies of (i) all
16 written contracts engaging his or her services for real
17 property appraisal work, and (ii) all appraisal reports,
18 exactly as transmitted to the client, and supporting data
19 assembled and formulated by the appraiser in developing and
20 reporting the appraisal. The 5-year period for retention of
21 records is applicable to each engagement of services of the
22 appraiser and shall commence upon the date of the submittal
23 of the appraisal to the client unless, within the 5-year
24 period, the appraiser is notified that the appraisal or
25 appraisal report is involved in litigation, in which event
26 the 5-year period for the retention of records shall commence
27 upon the date of the final disposition of the litigation.
28 This record retention requirement also applies to contracts
29 and reports concerning appraisals listed for experience
30 credit, which shall be available for Office review for a
31 period of 5 years from the date the application for
32 examination is received by the Office.
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1 Section 120. Statute of limitations. No action may be
2 taken under this Act against a person licensed under this Act
3 unless the action is commenced within 5 years after the
4 occurrence of the alleged violation. A continuing violation
5 will be deemed to have occurred on the date when the
6 circumstances first existed which gave rise to the alleged
7 continuing violation.
8 Section 125. Savings provisions. This Act is the
9 successor to the provisions of Article 2 of the Real Estate
10 License Act of 1983. Any persons formerly subject to the
11 provisions of Article 2 of the Real Estate License Act of
12 1983 shall be subject to this Act. Any actions taken
13 pursuant to Article 2 of the Real Estate License Act of 1983,
14 including the issuance of licenses or certificates, the
15 imposition of disciplinary proceedings, the holding of
16 hearings, and any other administrative action taken by the
17 Commissioner or the Real Estate Appraisal Board and all
18 rights, powers, and duties conferred under Article 2 of the
19 Real Estate License Act of 1983 shall be valid under this Act
20 and shall continue in full force and effect.
21 Section 130. Severability clause. If a provision of this
22 Act or its application to a person or circumstance is held
23 invalid, the invalidity does not affect other provisions or
24 applications of this Act that can be given effect without the
25 invalid provision or application, and to this end, the
26 provisions of this Act are severable.
27 Section 300. The Regulatory Agency Sunset Act is amended
28 by adding Section 4.18 as follows:
29 (5 ILCS 80/4.18 new)
30 Sec. 4.18. Act repealed on January 1, 2008. The following
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1 Act is repealed on January 1, 2008.
2 Section 400. The Real Estate License Act of 1983 is
3 amended by changing Sections 15 and 23 as follows:
4 (225 ILCS 455/15) (from Ch. 111, par. 5815)
5 Sec. 15. The Office of Banks and Real Estate may provide
6 by rule for fees to be paid by applicants and licensees
7 (other than applicants and licensees under Article 2 of this
8 Act) to cover the reasonable costs of the Office of Banks and
9 Real Estate in administering and enforcing the provisions of
10 this Act (other than the provisions of Article 2 of this
11 Act). The Office of Banks and Real Estate may also provide by
12 rule for general fees to cover the reasonable expenses of
13 carrying out other functions and responsibilities under this
14 Act (other than Article 2 of this Act). The rules promulgated
15 hereunder shall include, but need not be limited to the
16 following:
17 (1) The fee for an initial license for real estate
18 salespersons and real estate brokers shall include a $10 fee
19 for deposit in the Real Estate Recovery Fund as provided in
20 Section 23, and a $5 fee for deposit in the Real Estate
21 Research and Education Fund for use as provided in Section
22 16. Any moneys derived from renewal license fees that may
23 have been deposited or designated for deposit into the Real
24 Estate Recovery Fund or the Real Estate Research and
25 Education Fund pursuant to this paragraph between July 1,
26 1995 and the effective date of this amendatory Act of 1996
27 shall be transferred to or deposited into the Real Estate
28 License Administration Fund.
29 (2) The fee for an initial license for a partnership or
30 corporation shall include a $10 fee for deposit in the Real
31 Estate Recovery Fund as provided in Section 23, and a $5 fee
32 for deposit in the Real Estate Research and Education Fund
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1 for use as provided in Section 16.
2 (3) The fee for an initial license for a branch office
3 shall include a $5 fee for deposit in the Real Estate
4 Research and Education Fund for use as provided in Section
5 16.
6 (Source: P.A. 88-683, eff. 1-24-95; 89-23, eff. 7-1-95;
7 89-508, eff. 7-3-96; 89-706, eff. 1-31-97.)
8 (225 ILCS 455/23) (from Ch. 111, par. 5823)
9 Sec. 23. The Office of Banks and Real Estate shall
10 maintain a Real Estate Recovery Fund from which any person
11 aggrieved by an act, representation, transaction or conduct
12 of a duly licensed broker, salesperson or unlicensed
13 employee, which is in violation of Article 1 of this Act or
14 the regulations promulgated pursuant thereto, or which
15 constitutes embezzlement of money or property or results in
16 money or property being unlawfully obtained from any person
17 by false pretenses, artifice, trickery or forgery or by
18 reason of any fraud, misrepresentation, discrimination or
19 deceit by or on the part of any such licensee or the
20 unlicensed employee of any such broker, and which results in
21 a loss of actual cash money as opposed to losses in market
22 value, may recover. Such aggrieved person may recover, by
23 order of the circuit court of the county where the violation
24 occurred, an amount of not more than $10,000 from such fund
25 for damages sustained by the act, representation,
26 transaction, or conduct, together with costs of suit and
27 attorneys' fees incurred in connection therewith of not to
28 exceed 15% of the amount of the recovery ordered paid from
29 the Fund. However, no licensed broker, or salesperson may
30 recover from the Fund unless the court finds that the person
31 suffered a loss resulting from intentional misconduct. Such
32 court order shall not include interest on the judgment.
33 The maximum liability against the Fund arising out of any
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1 one act shall be as provided in this Section and the judgment
2 order shall spread the award equitably among all co-owners or
3 otherwise aggrieved persons, if any. The maximum liability
4 against the Fund arising out of the activities of any single
5 broker, any single salesperson or any single unlicensed
6 employee, since January 1, 1974, shall be $50,000.
7 Nothing in this Section shall be construed to authorize
8 recovery from the Real Estate Recovery Fund unless the loss
9 of the aggrieved person results from an act or omission of a
10 licensed broker, salesperson or unlicensed employee who was
11 at the time of the act or omission acting in such capacity or
12 was apparently acting in such capacity, and unless the
13 aggrieved person has obtained a valid judgment as provided in
14 Section 25.
15 No person aggrieved by an act, representation, or
16 transaction which is in violation of the Illinois Real Estate
17 Time-Share Act, the Land Sales Act of 1989, or the Real
18 Estate Appraiser Licensing Act Article 2 of this Act may
19 recover from the Real Estate Recovery Fund created pursuant
20 to this Section.
21 The Office of Banks and Real Estate shall from time to
22 time, upon the written direction of the Governor, transfer
23 from the Real Estate Recovery Fund any amounts the Governor
24 determines are in excess of the amounts required to meet the
25 obligations of the Fund. The amounts transferred to the
26 General Revenue Fund shall not, however, exceed $1,000,000.
27 (Source: P.A. 89-508, eff. 7-3-96.)
28 (225 ILCS 455/Art. 2 rep.)
29 Section 500. The Real Estate License Act of 1983 is
30 amended by repealing Article 2.
31 Section 999. Effective date. This Act takes effect
32 October 1, 1997.