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90_HB1214enr 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 HB1214 Enrolled LRB9003012DPccB 1 AN ACT to create the Real Estate Appraiser Licensing Act. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 1. Short title. This Act may be cited as the 5 Real Estate Appraiser Licensing Act. 6 Section 5. Legislative purpose. The purpose of this Act 7 is to repeal and replace Article 2 of the Real Estate License 8 Act of 1983 and, in order to protect the public, to require 9 real estate appraisers in federally related transactions to 10 obtain a real estate appraiser license. It is the intent of 11 the General Assembly that this Act be consistent with the 12 provisions of Title XI of the federal Financial Institutions 13 Reform, Recovery and Enforcement Act of 1989, Title VIII of 14 the Civil Rights Act of 1968 (Fair Housing Act), and the 15 Illinois Human Rights Act. 16 Section 10. Definitions. As used in this Act: 17 "Appraisal" means an analysis, opinion or conclusion 18 relating to the nature, quality, value or utility of 19 specified interests in, or aspects of, identified real 20 estate, for or in expectation of compensation. An appraisal 21 may be classified by purpose into either a valuation or an 22 analysis. A "valuation" is an estimate of the value of real 23 estate or real property. An "analysis" is a study of real 24 estate or real property other than estimating value. 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 HB1214 Enrolled -2- LRB9003012DPccB 1 identified real estate. "Appraisal assignment" includes 2 valuation work and analysis work. 3 "Appraiser" or "real estate appraiser" means a person who 4 performs appraisals. 5 "Commissioner" means the Commissioner of Banks and Real 6 Estate. 7 "Director" means the Director of the Real Estate 8 Appraisal Administration Division of the Office of Banks and 9 Real Estate. 10 "Federally related transaction" means any real estate 11 related financial transaction that requires a licensed or 12 certified real estate appraiser under federal law or 13 regulation. 14 "Financial institution" means a bank, savings bank, 15 savings and loan association, credit union, mortgage broker, 16 mortgage banker, licensee under the Consumer Installment Loan 17 Act or the Sales Finance Agency Act or a corporate fiduciary, 18 subsidiary, affiliate, parent company, or holding company of 19 any such licensee. 20 "Office" means the Office of Banks and Real Estate. 21 "Real estate" means an identified parcel or tract of 22 land, including improvements, if any. 23 "Real Estate Appraisal Board" or "Board" means the Real 24 Estate Appraisal Board established in this Act. 25 "Real estate related financial transaction" means any 26 transaction involving: 27 (1) the sale, lease, purchase, investment in 28 property or exchange of real property, or the financing 29 of the real property; 30 (2) the refinancing of real property or interests 31 in real property; or 32 (3) the use of real property or interests in 33 property as security for a loan or investment, including 34 but not limited to mortgage-backed securities. HB1214 Enrolled -3- LRB9003012DPccB 1 "Real property" means the interest, benefits, and rights 2 inherent in the ownership of real estate. 3 "Report" means any communication, written or oral, of an 4 appraisal, review, or consulting service that is transmitted 5 to a client of a licensee. 6 "State Certified Residential Real Estate Appraiser" means 7 a real estate appraiser who holds (i) a license issued for 8 that title under Article 2 of the Real Estate License Act of 9 1983 before the effective date of this Act, (ii) a license 10 issued under this Act upon application for examination 11 received by the Office before the effective date of this Act 12 but issued after that date, or (iii) a license issued for 13 that title under this Act. 14 "State Certified General Real Estate Appraiser" means a 15 real estate appraiser who holds (i) a license issued for that 16 title under Article 2 of the Real Estate License Act of 1983 17 before the effective date of this Act, (ii) a license issued 18 under this Act upon application for examination received by 19 the Office before the effective date of this Act but issued 20 after that date, or (iii) a license issued for that title 21 under this Act. 22 "State Licensed Real Estate Appraiser" means a real 23 estate appraiser who holds (i) an active license issued for 24 that title under Article 2 of the Real Estate License Act of 25 1983 before the effective date of this Act, (ii) a license 26 issued under this Act upon application for examination 27 received by the Office before the effective date of this Act 28 but issued after that date, or (iii) a license issued for 29 that title under this Act. 30 "Uniform Standards of Professional Appraisal Practice" or 31 "USPAP" means the standards of professional appraisal 32 practice as promulgated by the Appraisal Standards Board of 33 the Appraisal Foundation. HB1214 Enrolled -4- LRB9003012DPccB 1 Section 15. License requirement; title; exemptions. 2 (a) No person shall engage in the business of, act in 3 the capacity of, advertise, or assume to act as a real estate 4 appraiser, develop or report real estate appraisals, or 5 appraise real estate, in a federally related transaction, 6 without a license to practice as a real estate appraiser 7 issued by the Office under this Act. A person who violates 8 this subsection is guilty of a Class A misdemeanor. 9 (b) No person, other than a State Certified General Real 10 Estate Appraiser, State Certified Residential Real Estate 11 Appraiser, or State Licensed Real Estate Appraiser, shall 12 assume or use these titles or any other title, designation, 13 or abbreviation likely to create the impression that the 14 person is licensed by the State of Illinois as a real estate 15 appraiser. 16 Section 20. Director of Real Estate Appraisal 17 Administration. 18 (a) The Commissioner shall appoint a Director of Real 19 Estate Appraisal Administration. The person appointed as the 20 Director must hold either a current State Certified General 21 Real Estate Appraiser license or a current State Certified 22 Residential Real Estate Appraiser license and be a designated 23 member of at least one of the appraisal organizations that, 24 at the time of appointment, are represented on the Appraisal 25 Foundation. The Director shall be credited with all fees and 26 continuing education requirements that come due during the 27 term of employment. 28 (b) The Director shall: 29 (1) be the direct liaison between the Office of 30 Banks and Real Estate and the Real Estate Appraisal Board 31 and shall assist the Board in carrying out its functions 32 and duties under this Act; 33 (2) be the direct liaison between the Office of HB1214 Enrolled -5- LRB9003012DPccB 1 Banks and Real Estate and real estate appraisers, real 2 estate appraisal organizations, and other real estate 3 related organizations; 4 (3) administer the provisions of this Act, direct 5 and supervise the Real Estate Appraisal Administration 6 Division of the Office of Banks and Real Estate, subject 7 to the approval of the Commissioner; 8 (4) prepare and circulate to licensed appraisers 9 educational and informational materials that the Office 10 of Banks and Real Estate deems necessary for guidance or 11 assistance to licensed appraisers; and 12 (5) appoint committees and hire contractors as 13 necessary to assist in the administration and enforcement 14 of this Act. 15 Section 25. Real Estate Appraisal Board. 16 (a) There is hereby established the Real Estate 17 Appraisal Board which shall consist of the following 10 18 voting members appointed by the Governor: 19 (1) Seven members shall be real estate appraisers 20 who have been licensed real estate appraisers in the 21 State of Illinois for not less than 5 years immediately 22 preceding their appointment. Of those 7 members, at least 23 4 members shall be State Certified General Real Estate 24 Appraisers or State Certified Residential Real Estate 25 Appraisers and at least 2 members shall be State 26 Certified General Real Estate Appraisers. At least 2 of 27 the 7 members appointed under this subdivision (1) shall 28 be members in good standing of an association that 29 represents the Statewide real estate industry. At least 2 30 members appointed under this subdivision (1) shall be 31 members in good standing of an Illinois not-for-profit 32 corporation incorporated after 1993 that represents and 33 promotes the interests of the Statewide appraisal HB1214 Enrolled -6- LRB9003012DPccB 1 profession. 2 The membership of a person appointed to the Board 3 under this subdivision shall automatically terminate in 4 the event that any such member's license goes to a status 5 other than active and in good standing. Each of the 7 6 appraiser members shall be credited with all fees and 7 continuing education requirements that come due during 8 his or her appointed term and active service on the 9 Board. 10 (2) One member shall be a representative of a 11 financial institution, as evidenced by his or her 12 employment with an institution that is a member of a 13 financial institution association that represents the 14 interests of Illinois financial institutions. 15 (3) Two members shall be members of the general 16 public. The public members shall not be employed by a 17 financial institution or registered in any state as a 18 real estate appraiser. 19 (b) In meeting the appointment criteria prescribed in 20 this Section, each appointee shall be attributed as being a 21 member of the Board from only one of the 4 classifications 22 set forth in subdivisions (1), (2), and (3). 23 (c) The Director shall act as a member of the Board, but 24 shall not vote. 25 (d) Members shall be appointed to 4-year terms, except 26 that of the initial appointments, 3 members shall be 27 appointed to serve 4-year terms, 3 members to serve 3-year 28 terms, 3 members to serve 2-year terms, and 1 member to serve 29 a one-year term. Appointments to fill vacancies shall be 30 made in the same manner as original appointments and shall be 31 for the unexpired portion of the term. A member may be 32 reappointed for successive terms, but no member shall serve 33 more than 10 years during his or her lifetime. Upon 34 expiration of their terms, members of the Board shall HB1214 Enrolled -7- LRB9003012DPccB 1 continue to hold office until the appointment of their 2 successors or until their resignation. Members of the Real 3 Estate Appraisal Committee, created under the Real Estate 4 License Act of 1983, who are serving on that Board on the day 5 preceding the effective date of this Act, shall comprise the 6 Real Estate Appraisal Board until the Governor makes the 7 initial appointments in accordance with subsection (a). 8 (e) The membership of the Board should reasonably 9 reflect representation from the various geographic and 10 demographic areas of the State. 11 (f) The Board shall meet at least quarterly to conduct 12 its business. Special meetings may be called by the 13 chairperson or by 3 voting members by providing written 14 notice of the meeting to all voting members. Written notice 15 of the time and place of each meeting shall be given to each 16 voting member of the Board at least 10 days before the 17 scheduled date of a meeting. Upon the written waiver of the 18 10-day notice requirement by all of the voting members of the 19 Board, the Board may meet after less notice. 20 (g) A majority of the duly appointed and actively 21 serving voting members of the Board shall constitute a 22 quorum. If a quorum is present, the action of a majority of 23 those voting members present shall constitute the action of 24 the Board. 25 (h) The voting members of the Board shall annually 26 elect, at the first regular meeting of the calendar year, a 27 chairperson and a vice-chairperson from among the voting 28 members to preside over meetings and a secretary who may be a 29 non-member. The member elected as chairperson shall serve as 30 chairperson for a term of one year. The vice-chairperson 31 shall preside over meetings when the chairperson is absent. 32 If the elected chairperson dies, resigns as chairperson or is 33 so physically or mentally disabled that he or she can no 34 longer serve as chairperson, the Board shall elect a new HB1214 Enrolled -8- LRB9003012DPccB 1 chairperson from among the voting members. A member may serve 2 as chairperson more than once, but no person shall serve as 3 chairperson for more than 2 consecutive full terms. 4 (i) Each member shall receive a per diem stipend as the 5 Commissioner shall determine. Each member shall be paid 6 necessary expenses while engaged in the performance of his or 7 her Board duties. Subject to appropriation, the Commissioner 8 shall disburse per diem stipends and expenses from moneys in 9 the Appraisal Administration Fund. 10 (j) The Governor may terminate the appointment of a 11 member for cause which in the opinion of the Governor 12 reasonably justifies the termination. Cause for termination 13 shall include, but not be limited to, misconduct, incapacity, 14 neglect of duty, or missing 4 Board meetings during one 15 calendar year. 16 Section 30. Powers and duties of the Board. The Real 17 Estate Appraisal Board has the following powers and duties: 18 (a) The Board shall conduct hearings on charges against 19 licensees under this Act for violations of this Act and shall 20 report its findings on the charges to the Office of Banks and 21 Real Estate. 22 (b) The Board shall make recommendations to the Office 23 of Banks and Real Estate on rules and procedures to implement 24 the provisions and policies of this Act. 25 Section 35. Powers and duties of the Office of Banks and 26 Real Estate. 27 (a) None of the functions, powers, or duties enumerated 28 in Section 70, 90, 95, 105, or 110 shall be exercised by the 29 Office of Banks and Real Estate except upon the action and 30 report in writing by the Board. 31 (b) The Office of Banks and Real Estate, after 32 considering the recommendations of the Board, may adopt rules HB1214 Enrolled -9- LRB9003012DPccB 1 consistent with the provisions of this Act to administer and 2 enforce this Act. The Office of Banks and Real Estate may, no 3 later than 60 days after the effective date of this Act, 4 adopt emergency rules pursuant to Section 5-45 of the 5 Illinois Administrative Procedure Act for the implementation 6 of this Act. For purposes of the Illinois Administrative 7 Procedure Act, the adoption of initial rules shall be 8 considered an emergency and necessary for the public 9 interest, safety, and welfare. 10 (c) The Office of Banks and Real Estate has the 11 following additional powers and duties: 12 (1) to receive applications for State appraiser 13 licensing, for licensing of appraisal course providers, 14 and for approval of appraisal education courses; 15 (2) to establish the administrative procedures for 16 processing applications for State licensing of 17 appraisers, appraisal course providers, and appraisal 18 education courses; 19 (3) to approve or disapprove applications and to 20 issue licenses; 21 (4) to maintain a registry of the names and 22 addresses of all licenses issued under this Act and to 23 transmit the registry, along with any National registry 24 fees that may be required, to the entity specified by, 25 and in a manner consistent with, Title XI of the federal 26 Financial Institutions Reform, Recovery and Enforcement 27 Act of 1989; 28 (5) to retain records and application materials 29 submitted to it; 30 (6) to assist the Board in any other manner the 31 Board may request. 32 (d) The Commissioner has the power to refuse to issue or 33 renew a license or to suspend, revoke, reprimand, place on 34 probation, or otherwise discipline a license issued under HB1214 Enrolled -10- LRB9003012DPccB 1 this Act, upon recommendation of the Board pursuant to the 2 disciplinary proceedings provided for in this Act. 3 The Commissioner shall give due consideration to all 4 recommendations of the Board on questions involving the 5 administration of this Act, standards of professional 6 conduct, and the discipline and examination of candidates 7 under this Act. 8 If the Commissioner disagrees with or takes action 9 contrary to a recommendation of the Board, the Commissioner 10 shall provide the Board with a written and specific 11 explanation of the disagreement or action within 30 days of 12 the date that the written recommendation is delivered to the 13 Commissioner. 14 (e) The Office of Banks and Real Estate shall adopt or 15 amend rules in accordance with federal laws and regulations 16 concerning appraisals in federally related transactions. 17 (f) Without in any manner limiting the power of the 18 Office of Banks and Real Estate to conduct investigations, 19 the Director of Real Estate Appraisal Administration may 20 appoint one or more State Certified Residential Real Estate 21 Appraisers or State Certified General Real Estate Appraisers 22 to conduct or assist in any investigation pursuant to this 23 Act. Appraisers appointed under this subsection may receive 24 remuneration as determined by the Commissioner. 25 Section 40. Fees; Appraisal Administration Fund. 26 (a) The Office of Banks and Real Estate may provide by 27 rule for fees to be paid by applicants, licensees, and other 28 persons under this Act to cover the reasonable costs of the 29 Office of Banks and Real Estate in administering the 30 provisions of the Act. 31 (b) All fees collected under this Act shall be deposited 32 into the Appraisal Administration Fund, created in the State 33 Treasury under the Real Estate License Act of 1983. Pursuant HB1214 Enrolled -11- LRB9003012DPccB 1 to appropriation, moneys deposited into the Fund may be used 2 by the Office of Banks and Real Estate to administer and 3 enforce this Act and for other purposes as provided by law. 4 Section 45. Licensing process. 5 (a) The Office of Banks and Real Estate, directly or 6 through its authorized designee, shall issue a license to 7 each applicant who qualifies for a license under this Act in 8 the form and size as shall be prescribed by the Office. 9 Applications for original licensure, renewal licensure, and 10 examinations as an appraiser, an appraisal education 11 provider, or for approval of an appraisal course shall be 12 made in writing to the Office of Banks and Real Estate on 13 forms prescribed by the Office. 14 When an applicant (i) has had his or her license revoked 15 or otherwise disciplined or supervised on a prior occasion, 16 (ii) is found to have committed a practice enumerated in 17 Section 90, or (iii) has been convicted of forgery, 18 embezzlement, obtaining money under false pretenses, larceny, 19 extortion, conspiracy to defraud, or a similar offense or has 20 been convicted of a felony involving moral turpitude in a 21 court of competent jurisdiction in this State or another 22 state, district, or territory of the United States or of a 23 foreign country, the Office of Banks and Real Estate shall 24 consider the prior revocation, conduct, or conviction in its 25 determination of the applicant's moral character and whether 26 to grant the applicant a license. In its consideration of the 27 prior revocation, conduct, or conviction, the Office of Banks 28 and Real Estate shall take into account the nature of the 29 conduct, any aggravating or extenuating circumstances, the 30 time elapsed since the revocation, conduct, or conviction, 31 the rehabilitation or restitution performed by the applicant, 32 and any other factors the Office of Banks and Real Estate 33 deems relevant. When an applicant has made a false statement HB1214 Enrolled -12- LRB9003012DPccB 1 of material fact on his or her application, the false 2 statement may in itself be sufficient grounds to refuse to 3 issue or renew a license, to suspend or revoke a license, or 4 to reprimand, place on probation, or otherwise discipline a 5 licensee. 6 (b) Appropriate fees, as set by rule, shall accompany 7 all applications for original licensure, renewal licensure, 8 and examination. All fees are nonrefundable. 9 (c) At the time of filing an application for licensure, 10 an applicant shall sign a pledge to comply with this Act and 11 shall state that he or she understands the types of 12 misconduct for which disciplinary proceedings may be 13 initiated against a real estate appraiser under this Act. 14 Section 50. Examination requirement. 15 (a) A license as a real estate appraiser shall not be 16 issued to a person who has not demonstrated, through a 17 comprehensive written examination process provided for by 18 rule, competence to transact the business of a real estate 19 appraiser, within the rank for which the applicant has 20 applied. 21 (b) The Office of Banks and Real Estate, or its 22 designated testing service, shall conduct examinations for 23 appraiser licensure at times and places that the Office of 24 Banks and Real Estate determines are sufficient and 25 appropriate. 26 Section 55. Examination prerequisites. As a prerequisite 27 to taking the examination for a rank of appraiser licensure, 28 an applicant shall (i) present evidence of successful 29 completion of a 4-year course of study in a high school or 30 secondary school approved by the Illinois State Board of 31 Education or an equivalent course of study as determined by 32 an examination conducted by the Illinois State Board of HB1214 Enrolled -13- LRB9003012DPccB 1 Education which shall be verified under oath by the applicant 2 and (ii) present evidence, satisfactory to the Office of 3 Banks and Real Estate, that the applicant has successfully 4 completed not less than 150 classroom hours in the case of an 5 applicant for a State Certified General Real Estate Appraiser 6 license, 90 classroom hours in the case of an applicant for a 7 State Certified Residential Real Estate Appraiser license, or 8 60 classroom hours in the case of an applicant for a State 9 Licensed Real Estate Appraiser license, or that amount 10 mandated under Title XI of the federal Financial Institutions 11 Reform, Recovery and Enforcement Act of 1989, whichever is 12 greater, or their equivalent as provided by rule, of courses 13 in subjects relating to real estate appraisal. In addition, 14 the applicant shall present evidence of successful completion 15 of 15 classroom hours relating to standards of professional 16 practice. The classroom hours required by this Section shall 17 be obtained from one or more of the following entities 18 approved by the Office of Banks and Real Estate: 19 (1) a college or university; 20 (2) a community college or junior college; 21 (3) a real estate appraisal or real estate related 22 organization; 23 (4) a trade association or organization that 24 consists in whole or in part of members engaged in real 25 estate appraising; or 26 (5) any other provider approved by the Office of 27 Banks and Real Estate. 28 The Office of Banks and Real Estate shall require by rule 29 completion of course work in fair housing and fair lending, 30 which shall be included within the requirements of this 31 Section. 32 Section 60. Experience requirement. 33 (a) A license as a State Certified General Real Estate HB1214 Enrolled -14- LRB9003012DPccB 1 Appraiser or State Certified Residential Real Estate 2 Appraiser shall not be issued to a person who does not 3 possess 2 years of experience, or that amount mandated under 4 Title XI of the federal Financial Institutions Reform, 5 Recovery and Enforcement Act of 1989, whichever is greater, 6 or their equivalent as provided by rule of the Office of 7 Banks and Real Estate. For the purposes of this Section, one 8 year of experience means 1,000 hours of experience. 9 Approved experience shall include fee appraisal, staff 10 appraisal, mass appraisal in accordance with the USPAP, ad 11 valorem tax appraisal, mass ad valorem tax appraisal in 12 accordance with the USPAP, review appraisal in accordance 13 with the USPAP, highest and best use analysis, feasibility 14 analysis or study in accordance with the USPAP, real estate 15 sales and brokerage, real estate consulting in accordance 16 with the USPAP, real property management, and other related 17 experience approved by the Office of Banks and Real Estate 18 and in accordance with the USPAP. Nevertheless, the amount of 19 credit granted for this experience shall be equivalent to the 20 amount of credit that may be granted for the experience under 21 Title XI of the federal Financial Institutions Reform, 22 Recovery and Enforcement Act of 1989. 23 An applicant for a license shall provide to the Office of 24 Banks and Real Estate on forms prescribed by rule of the 25 Office a summary of the level and type of experience for 26 which the applicant is claiming credit. To obtain experience 27 credit for the preparation of a written appraisal report, the 28 applicant shall provide in the experience summary the date of 29 appraisal, the type of property, the approximate size of the 30 property (including land and improvements), and the general 31 location of the property. Nothing in this Section shall 32 require, as a condition of obtaining experience credit, that 33 a real estate appraiser disclose the identity of the client 34 for whom the appraisal was performed. The Office of Banks and HB1214 Enrolled -15- LRB9003012DPccB 1 Real Estate may require that an applicant provide samples of 2 the applicant's work for which experience is claimed. 3 Of the total experience requirement, at least 50% must be 4 earned in one or more of the following areas: fee appraisal, 5 staff appraisal, ad valorem tax appraisal, review appraisal, 6 or real estate consulting. 7 (b) An applicant who has been engaged in appraising 8 real property for ad valorem purposes as a local assessment 9 officer, as defined in Section 1-85 of the Property Tax Code 10 or as a deputy or employee of a local assessment officer, 11 shall receive experience credit for the number of hours the 12 applicant was engaged in one or more of the following duties: 13 (1) the analysis and establishment of the value of 14 properties through the cost, income, and market sale 15 appraisal techniques; 16 (2) model development and calibration in relation 17 to mass ad valorem tax assessments; and 18 (3) the review and analysis of appraisals employing 19 cost, income, and market sale appraisal techniques. 20 The experience under this subsection (b) shall not be 21 required to be set forth in the form of the experience 22 summary as provided in subsection (a) of Section 60. All 23 persons who seek experience credit under this subsection (b) 24 shall attach his or her own affidavit as a supporting 25 document to the application form of the Office of Banks and 26 Real Estate. The applicant's affidavit shall detail the 27 experience for which credit is being claimed and the length 28 of time the applicant was engaged in these duties as a local 29 assessment officer, or deputy or employee of a local 30 assessment officer. The applicant shall attach to this 31 affidavit an Assessment Experience Certification form 32 executed by the local assessment officer or his or her 33 designee in the following form: 34 "Assessment Experience Certification. HB1214 Enrolled -16- LRB9003012DPccB 1 Pursuant to the provisions of subsection (b) of 2 Section 60 of the Real Estate Appraiser Licensing Act, it 3 is hereby certified that (Applicant's Name) was engaged 4 in appraising (residential .....%) (nonresidential....%) 5 real estate for ad valorem tax purposes as a local 6 assessment officer, or as a deputy or employee of a local 7 assessment officer, from (date) through (date) and 8 during this time period was engaged in one or more of the 9 following duties: (1) the analysis and establishment of 10 the value of properties through the cost, income, and 11 market sale appraisal techniques; (2) model development 12 and calibration in relation to mass ad valorem tax 13 assessments; (3) the review and analysis of appraisals 14 employing cost, income, and market sale appraisal 15 techniques, and that the experience is accurately 16 described in the affidavit to which this Certificate is 17 attached and supported by assessment records available 18 under Section 14-30 of the Property Tax Code or the 19 Freedom of Information Act. 20 By: 21 _________________________ 22 Local Assessment Officer" 23 Upon submission of the application, affidavit, and the 24 Assessment Experience Certification form, the Commissioner 25 shall grant the experience credit set forth in this 26 subsection. Notwithstanding other provisions of this Act, the 27 amount of experience credit granted for appraising real 28 property for ad valorem tax purposes as a local assessment 29 officer, or deputy or employee of a local assessment officer, 30 shall be equivalent to the amount of credit that may be 31 granted for that experience under the provisions of Title XI 32 of the federal Financial Institutions Reform, Recovery and 33 Enforcement Act of 1989. 34 (c) An applicant who has been licensed for 5 of the HB1214 Enrolled -17- LRB9003012DPccB 1 previous 7 years with the Office of Banks and Real Estate as 2 a real estate broker or real estate salesperson shall receive 3 credit for appraisal experience equal to 40% of the total 4 experience requirement. This experience as a real estate 5 broker or real estate salesperson shall not be required to be 6 set forth in the form required in subsection (a). The balance 7 of the experience requirement shall be set forth in the form 8 of the experience summary as provided in subsection (a). 9 (d) Of the total experience requirement for State 10 Certified General Real Estate Appraisers, at least 50% must 11 be approved experience relating to nonresidential real 12 estate. 13 (e) Of the total experience required for State Certified 14 Residential Real Estate Appraisers, at least 50% must be 15 approved experience relating to residential real estate. 16 (f) Proof of experience shall not be required for 17 licensure as a State Licensed Real Estate Appraiser. The 18 license of a State Licensed Real Estate Appraiser who has 19 been licensed for a period of 2 years shall be renewed only 20 if the licensee meets the following experience requirements: 21 (1) Prior to the first renewal after the licensee 22 has been licensed for 2 years, the licensee possesses at 23 least 500 hours of experience. A licensee may, at the 24 time of applying for the first renewal, submit 1,000 25 hours of experience. 26 (2) Unless the licensee submitted 1,000 hours of 27 experience under the provisions of subdivision (1), prior 28 to the second renewal after the licensee has been 29 licensed for a period of 2 years, the licensee possesses 30 500 hours experience. The experience required under this 31 subdivision must be earned after the first renewal after 32 the licensee has been licensed for a period of 2 years. 33 All real estate appraisal experience granted shall be in 34 accordance with this Section. HB1214 Enrolled -18- LRB9003012DPccB 1 (g) The Office of Banks and Real Estate may waive the 2 experience requirement of this Section for good cause. A 3 renewal applicant seeking renewal of a license without having 4 fully complied with the experience requirement of subsection 5 (a) shall file with the Office of Banks and Real Estate a 6 renewal application, the required renewal fee, an affidavit 7 setting forth the facts concerning the noncompliance, a 8 request for waiver of the experience requirement on the basis 9 of those facts, and a waiver processing fee of $25. If the 10 Office of Banks and Real Estate finds from the affidavit or 11 any other evidence submitted that good cause has been shown 12 for granting a waiver, the Office of Banks and Real Estate 13 shall waive enforcement of the experience requirement for the 14 renewal period for which the applicant has applied. For 15 purposes of this subsection, "good cause" means an inability 16 of the applicant to reasonably complete the requisite 17 appraisal experience because there has been an insufficient 18 amount of appraisal activity in the geographic area where the 19 applicant practices real estate appraising. In determining 20 whether good cause exists, the Office of Banks and Real 21 Estate may consider (i) the amount of appraisal experience 22 earned by the applicant in proportion to the total appraisal 23 activity within the geographic area where the applicant 24 practices real estate appraising and (ii) the reasonableness 25 of the geographic area the applicant defines as the area 26 where the applicant practices real estate appraising. "Good 27 cause" shall also include an inability of the applicant to 28 complete the experience requirement because of extreme 29 hardship, which includes but is not limited to an 30 incapacitating illness or full-time service in the armed 31 services in the United States of America, during a 32 substantial part of the prerenewal period. 33 Section 65. Issuance of license; renewal. The Office of HB1214 Enrolled -19- LRB9003012DPccB 1 Banks and Real Estate shall issue a license as a real estate 2 appraiser or as a real estate appraisal education provider or 3 shall approve an appraisal course, as appropriate, to a 4 person, course provider, or courses meeting the requirements 5 for licensure under this Act. The term of a license issued 6 under this Act shall be established by rule. The expiration 7 date of the license shall appear on the license. The Office 8 of Banks and Real Estate shall establish by rule procedures 9 for the issuance of renewal notices and procedures for the 10 renewal of a license under this Act. 11 Section 70. Nonresident licensure and reciprocity. 12 (a) A nonresident may be licensed under this Act upon 13 complying with all the provisions and conditions required for 14 licensure in this State and upon payment of the appropriate 15 fees. 16 (b) A nonresident may be licensed under this Act by 17 reciprocity, upon complying with all the provisions of a 18 reciprocity agreement between this State and another state, 19 territory of the United States, or District of Columbia. Upon 20 the recommendation of the Board, the Office of Banks and Real 21 Estate shall enter into an agreement of reciprocity with an 22 appraiser regulation jurisdiction of another state, territory 23 of the United States, or the District of Columbia that, in 24 the opinion of the Board and Office of Banks and Real Estate, 25 has similar, equal, or greater qualifications and 26 requirements for licensure as an appraiser. 27 (c) Every nonresident applicant shall file an 28 irrevocable consent that suits and actions arising out of 29 appraisal work in this State may be commenced against the 30 licensed appraiser in the circuit court of a county of this 31 State in which the cause of action arose or in which the 32 plaintiff resides by the service of legal process on the 33 Director of Real Estate Appraisal Administration, the HB1214 Enrolled -20- LRB9003012DPccB 1 irrevocable consent agreeing that service on the Director 2 shall be acknowledged in all courts to be valid and binding 3 as if personal service of process had been made upon the 4 nonresident in this State. If process is served upon the 5 Director of Real Estate Appraisal Administration, it shall be 6 the Director's duty to forward a copy of the process by 7 registered mail to the last known address of the licensed 8 appraiser against whom the process is directed. 9 (d) The Office of Banks and Real Estate shall adopt 10 rules consistent with Title XI of the Federal Financial 11 Institutions Reform, Recovery, and Enforcement Act of 1989 12 permitting nonresident licensed appraisers to practice in 13 Illinois on a temporary basis. 14 Section 75. Scope of practice. 15 (a) State Licensed Real Estate Appraisers, State 16 Certified Residential Real Estate Appraisers, and State 17 Certified General Real Estate Appraisers are not limited in 18 their scope of practice and may independently or in 19 cooperation with other appraisers provide services of 20 appraisal, review, or consulting relating to any type 21 property for which the licensee is experienced and competent. 22 All such appraisal practice must be in compliance with the 23 competency provision of the USPAP. 24 (b) The scope of practice of individual licensees may be 25 limited as a disciplinary measure through an Order of Facts 26 and Findings, a Consent Order, or a Consent to Administrative 27 Supervision issued by the Commissioner. 28 Section 80. Prohibited licensing of entities. 29 (a) The title "State Certified General Real Estate 30 Appraiser", "State Certified Residential Real Estate 31 Appraiser", or "State Licensed Real Estate Appraiser" may 32 only be used to refer to a person licensed as an appraiser HB1214 Enrolled -21- LRB9003012DPccB 1 under this Act and may not be used following or immediately 2 in connection with the name or signature of a firm, 3 partnership, limited liability company, corporation, or 4 group, or in a manner that it might be interpreted as 5 referring to a firm, partnership, limited liability company, 6 corporation, group, or anyone other than an individual holder 7 of a license. 8 (b) No license shall be issued under this Act to a 9 corporation, partnership, limited liability company, firm, or 10 group. This subsection shall not be construed to prevent a 11 licensee from signing an appraisal report on behalf of a 12 corporation, partnership, limited liability company, firm, or 13 group practice. 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 not less than 20 hours of continuing education per 19 renewal period or that amount mandated under Title XI of the 20 Federal Financial Institutions Reform, Recovery and 21 Enforcement Act of 1989, whichever is greater, or their 22 equivalent as provided by rule, from courses approved by the 23 Office and presented by real estate appraisal education 24 providers licensed by the Office. 25 The Office of Banks and Real Estate may provide by rule 26 for the temporary waiver of continuing education requirements 27 for good cause. 28 (b) In lieu of meeting the requirements of subsection 29 (a) of this Section, an applicant for renewal of a license 30 may satisfy all or part of the requirements by presenting 31 evidence of participation, other than as a student, in 32 educational processes and programs approved pursuant to 33 subsection (a) that relate to real property appraisal theory, HB1214 Enrolled -22- LRB9003012DPccB 1 practices, or techniques, including but not limited to 2 teaching, program development, and preparation of textbooks, 3 monographs, articles, and other instructional materials. 4 (c) The Office of Banks and Real Estate may by rule 5 require periodic testing of a licensee's understanding of 6 this Act. Continuing education credit hours may be awarded 7 for successful completion of the periodic examination. 8 (d) The Office of Banks and Real Estate shall require by 9 rule the completion of course work in fair housing and fair 10 lending, which shall be included within the requirements of 11 this Section. 12 Section 90. Grounds for disciplinary action. 13 (a) Pursuant to the action and report in writing of the 14 Board, the Office of Banks and Real Estate may suspend, 15 revoke, or refuse to issue or renew the license of an 16 appraiser or place on probation or reprimand a licensee, may 17 impose a civil penalty not to exceed $10,000 upon a licensee, 18 or the holder of a license may be placed on administrative 19 supervision or otherwise disciplined for any one or 20 combination of the following reasons: 21 (1) Procuring or attempting to procure a license by 22 knowingly making a false statement, submitting false 23 information, refusing to provide complete information in 24 response to a question in an application for licensure or 25 through any form of fraud or misrepresentation. 26 (2) Failing to meet the minimum qualifications for 27 licensure as an appraiser established by this Act. 28 (3) Paying money, other than for the fees provided 29 for by this Act, or anything of value to a member or 30 employee of the Board or Office of Banks and Real Estate 31 to procure licensure under this Act. 32 (4) A conviction of a crime, including conviction 33 based upon a plea of guilty or nolo contendere. HB1214 Enrolled -23- LRB9003012DPccB 1 (5) An act or omission involving dishonesty, fraud, 2 or misrepresentation with the intent to substantially 3 benefit the licensee or another person or with intent to 4 substantially injure another person. 5 (6) Violation of a provision or standard for the 6 development or communication of real estate appraisals as 7 provided in Section 110 of this Act or by rule. 8 (7) Failure or refusal without good cause to 9 exercise reasonable diligence in developing and reporting 10 or communicating an appraisal. 11 (8) Negligence or incompetence in developing and 12 reporting or communicating an appraisal. 13 (9) Willfully disregarding or violating a provision 14 of this Act or its rules. 15 (10) Accepting an appraisal assignment for 16 valuation when the employment itself is contingent upon 17 the appraiser reporting a predetermined estimate, 18 analysis, or opinion or when the fee to be paid is 19 contingent upon the opinion, conclusion, or valuation 20 reached or upon the consequences resulting from the 21 appraisal assignment. 22 (11) Developing valuation conclusions based on the 23 race, color, religion, sex, national origin, ancestry, 24 age, marital status, familiar status, physical or mental 25 handicap, or unfavorable military discharge, as defined 26 under the Illinois Human Rights Act, of the prospective 27 or present owners or occupants of the area or property 28 under appraisal. 29 (12) Violation of the confidential nature of 30 government records to which the licensee gained access 31 through employment or engagement as an appraiser by a 32 government agency. 33 (13) Adjudication of liability in a civil 34 proceeding on grounds of fraud, misrepresentation, or HB1214 Enrolled -24- LRB9003012DPccB 1 deceit. In a disciplinary proceeding based upon a finding 2 of civil liability, the appraiser shall be afforded an 3 opportunity to present mitigating and extenuating 4 circumstances, but may not collaterally attack the civil 5 adjudication. 6 (14) Adjudication of liability in a civil 7 proceeding for violation of a State or federal fair 8 housing law. 9 (15) Engaging in misleading or untruthful 10 advertising or using a trade name or insignia of 11 membership in a real estate appraisal or real estate 12 related organization of which the licensee is not a 13 member. 14 (16) Failure to fully cooperate with an Office 15 investigation by knowingly making a false statement, 16 submitting false information, or refusing to provide 17 complete information in response to a question or other 18 requests by the Office. 19 (17) Failing to include within the certificate of 20 appraisal for all written appraisal reports the 21 appraiser's license number, licensure title (State 22 Licensed Real Estate Appraiser, State Certified 23 Residential Real Estate Appraiser, or State Certified 24 General Real Estate Appraiser), and the date of 25 expiration of the license. All appraisers providing 26 significant contribution to the development and reporting 27 of an appraisal must be disclosed in the appraisal 28 report. It is a violation of this Act for an appraiser 29 to sign a report, transmittal letter, or appraisal 30 certification knowing that a person providing significant 31 contribution to the report has not been disclosed in the 32 appraisal report. 33 (b) Pursuant to the action and report in writing of the 34 Board, the Office of Banks and Real Estate may suspend, HB1214 Enrolled -25- LRB9003012DPccB 1 revoke, place on probation, reprimand, or otherwise 2 discipline the license of an appraisal education course 3 provider or course license subordinate to the providership, 4 or may refuse to issue or renew a course license or 5 provider's license and may also impose a civil penalty not to 6 exceed $10,000 upon the holder of the course or provider's 7 license for any of the following acts or omissions: 8 (1) Procuring or attempting to procure licensure by 9 knowingly making a false statement, submitting false 10 information, refusing to provide complete information in 11 response to a question in an application for licensure or 12 through any form of fraud or misrepresentation. 13 (2) Failing to comply with covenants certified to 14 on the application for licensure as an appraisal 15 education provider, appraisal education subprovider, 16 prelicensure course, or continuing education course. 17 (3) An act or omission involving dishonesty, fraud, 18 or misrepresentation by the course provider or any 19 employees or independent contractors of the provider. 20 (4) Engaging in misleading or untruthful 21 advertising. 22 (5) Failing to retain competent instructors in 23 accordance with rules adopted under this Act. 24 (6) Failing to meet the topic or time requirements 25 for course approval as a prelicensure curriculum course 26 or a continuing education course. 27 (7) Failing to administer a licensed course using 28 the course materials, syllabus, and examinations 29 submitted as the basis of licensure. 30 (8) Failing to provide an appropriate classroom 31 environment for presentation of courses with 32 consideration for student comfort, acoustics, lighting, 33 seating, work space, and visual aid material. 34 (9) Failing to maintain student records in HB1214 Enrolled -26- LRB9003012DPccB 1 compliance with rules adopted under this Act. 2 (10) Failing to provide certificates, transcripts, 3 or other student records to the Office or student as may 4 be required by rule. 5 (11) Failure to fully cooperate with an Office 6 investigation by knowingly making a false statement, 7 submitting false information, or refusing to provide 8 complete information in response to a question or other 9 requests by the Office. 10 (c) Notwithstanding the provisions of this Act 11 concerning the conduct of hearings and recommendations for 12 disciplinary actions, a conference panel of the Board may 13 recommend to the Office of Banks and Real Estate who shall 14 have the authority to negotiate settlement agreements with 15 State Licensed Real Estate Appraisers, State Certified 16 General Real Estate Appraisers, State Certified Residential 17 Real Estate Appraisers, and appraiser education licensees or 18 applicants, resulting in disciplinary Consent Orders. Consent 19 Orders may provide for any of the forms of discipline 20 provided in this Act. Consent Orders shall provide that they 21 were not entered into as a result of any coercion by the 22 Office of Banks and Real Estate, the Director of Real Estate 23 Appraisal Administration, or the Board. A Consent Order shall 24 be filed with the Commissioner along with the Board's 25 recommendation and accepted or rejected by the Commissioner 26 in a timely manner. 27 (d) Notwithstanding the provisions of this Act 28 concerning the conduct of hearings and recommendations for 29 disciplinary actions, a conference panel of the Board may 30 recommend to the Office of Banks and Real Estate who on the 31 Board shall have the authority to negotiate settlement 32 agreements with State Licensed Real Estate Appraisers, State 33 Certified General Real Estate Appraisers, State Certified 34 Residential Real Estate Appraisers, appraiser education HB1214 Enrolled -27- LRB9003012DPccB 1 licensees or applicants, resulting in disciplinary Consent to 2 Administrative Supervision Orders. Consent to Administrative 3 Supervision Orders may be offered with conditions that may 4 include but shall not be limited to the respondent's 5 attendance and successful completion of appraisal courses, 6 payment of part or all of the investigation and prosecution 7 costs associated with the complaint and replacement of 8 appraiser rank with a lower rank. Consent to Administrative 9 Supervision Orders shall provide that they were not entered 10 into as a result of coercion by the Office of Banks and Real 11 Estate, the Director of Real Estate Appraisal Administration, 12 or the Board. Consent to Administrative Supervision Order 13 shall be filed with the Commissioner along with the Board's 14 recommendation and accepted or rejected by the Commissioner 15 in a timely manner. A licensee subject to a Consent to 16 Administrative Supervision Order shall be considered by the 17 Office as an active appraiser in good standing and the 18 records regarding an investigation and a Consent to 19 Administrative Supervision Order are confidential and shall 20 not be released by the Office except as mandated by law. 21 However, the complainant shall be notified that his or her 22 complaint has been resolved by administrative supervision of 23 the respondent. 24 (e) Civil penalties and costs collected under this 25 Section are to be deposited into the Appraisal Administration 26 Fund. 27 Section 95. Unlicensed practice; civil penalty. 28 (a) A person who practices, offers to practice, attempts 29 to practice, or holds himself or herself out to practice as a 30 State Licensed Real Estate Appraiser, State Certified 31 Residential Real Estate Appraiser, or State Certified General 32 Real Estate Appraiser without being licensed under this Act 33 shall, in addition to any other penalty provided by law, pay HB1214 Enrolled -28- LRB9003012DPccB 1 a civil penalty to the Office of Banks and Real Estate in an 2 amount not to exceed $5,000 for each offense as determined by 3 the Office of Banks and Real Estate. The civil penalty shall 4 be assessed by the Office of Banks and Real Estate after a 5 hearing is held in accordance with the provisions set forth 6 in this Act regarding the provision of a hearing for the 7 discipline of a licensee. 8 (b) The Office of Banks and Real Estate has the 9 authority and power to investigate any and all unlicensed 10 appraiser activity concerning federally related transactions. 11 (c) Civil penalties imposed by the Office of Banks and 12 Real Estate shall be enforceable in the Circuit Court. The 13 Office shall petition the Court for an order to enforce 14 collection of the penalty and, if the Court finds it has 15 jurisdiction over the person against whom the penalty was 16 imposed, the Court shall issue the appropriate order. Any 17 civil penalties collected by the Court shall be forwarded to 18 the State Treasurer. In addition to or in lieu of the 19 imposition of a civil penalty, the Office may report a 20 violation and the failure or refusal to comply with the order 21 of the Office to the Attorney General and the appropriate 22 State's Attorney. 23 Section 100. Investigation; notice; hearing. 24 (a) Upon the motion of either the Office of Banks and 25 Real Estate or the Board, or upon the verified complaint in 26 writing of a person setting forth facts that, if proven, 27 would constitute grounds for suspension, revocation, or other 28 disciplinary action against a licensee or applicant for 29 licensure, the Office of Banks and Real Estate shall cause to 30 be investigated the actions of any person so accused who 31 holds or represents to hold a license or has applied for 32 licensure under this Act. 33 (b) Before taking any disciplinary action, the Director HB1214 Enrolled -29- LRB9003012DPccB 1 of Real Estate Appraisal Administration shall notify the 2 holder of the license, in writing, of the charges that are 3 the basis of the disciplinary action and shall direct the 4 applicant or licensee to file a written answer under oath 5 within 20 days after the service of the notice to the 6 Director of Real Estate Appraisal Administration. The 7 notification shall also inform the licensee of his or her 8 right to be heard in person or by legal counsel; that the 9 hearing will be afforded not sooner than 30 days after 10 receipt of the answer to the specific charges; that failure 11 to file an answer will result in default being entered 12 against the applicant or licensee; and that the license may 13 be suspended, revoked, or placed on probationary status or 14 other disciplinary action may be taken, including limiting 15 the scope, nature, or extent of practice, as recommended by 16 the conference panel of the Board and with the concurrence of 17 the Commissioner. If the licensee or applicant fails to file 18 an answer after receiving notice, his or her license may, at 19 the discretion of the Office of Banks and Real Estate, be 20 suspended, revoked, or placed on probationary status or the 21 Office of Banks and Real Estate may take whatever 22 disciplinary action it deems proper, including limiting the 23 scope, nature, or extent of the person's practice or imposing 24 a fine, without a hearing. The written notice shall be 25 considered legal service and may be served personally or sent 26 by registered or certified mail to the last known address of 27 the holder of the license. 28 (c) The Office of Banks and Real Estate has the power to 29 issue subpoenas and subpoena duces tecum to bring before it 30 any person in this State to take testimony or to require 31 production of any records relevant to an inquiry or hearing 32 by the Board in the same manner as prescribed by law in 33 judicial proceedings in the courts of this State. In a case 34 of refusal of a witness to attend or testify or to produce HB1214 Enrolled -30- LRB9003012DPccB 1 books or papers concerning a matter upon which he or she 2 might be lawfully examined, the circuit court of the county 3 where the hearing is held, upon application of the Office of 4 Banks and Real Estate or a party to the proceeding, may 5 compel obedience by proceeding as for contempt. 6 Section 105. Hearing. 7 (a) The hearing on the charges shall be held at a time 8 and place prescribed by the Office of Banks and Real Estate 9 and in accordance with the Illinois Administrative Procedure 10 Act. 11 (b) If on the conclusion of the hearing the Board 12 determines that a real estate appraiser licensed in this 13 State or a real estate appraiser education licensee is guilty 14 of a violation of a provision of this Act, it shall prepare a 15 finding of fact and a recommendation that the appraiser be 16 reprimanded, placed on probation, or otherwise disciplined or 17 that the appraiser's license be suspended or revoked or 18 otherwise disciplined. The Commissioner shall give due 19 consideration to the recommendations of the Board and shall 20 then enter a decision and order in the matter. If the 21 Commissioner takes action contrary to the recommendation of 22 the Board, the Commissioner shall file with the Board in 23 writing the action taken and the specific reasons for his or 24 her actions that are contrary to the Board's recommendation. 25 (c) A final administrative decision of the Commissioner 26 is subject to judicial review pursuant to the provisions of 27 the Administrative Review Law. 28 (d) An appraisal license that has been revoked as a 29 result of disciplinary action shall not be reinstated for a 30 period of 2 years from the date of revocation and only then 31 after the Board has reviewed the application for 32 reinstatement and recommended that the revoked license be 33 reinstated by the Office of Banks and Real Estate. In its HB1214 Enrolled -31- LRB9003012DPccB 1 recommendation the Board must cite the basis of the 2 recommendation including its consideration of the applicant's 3 recent continuing education attendance. 4 (e) Notwithstanding the provisions of this Act 5 concerning the conduct of hearings and recommendations for 6 disciplinary actions, the Office of Banks and Real Estate has 7 the authority to negotiate agreements with appraisers and 8 appraiser education licensees or applicants for licensure 9 which agreements shall be recorded as disciplinary Consent 10 Orders, or in lieu of publishable discipline, Consent to 11 Administrative Supervision Orders, as described in 12 subsections (b), (c), and (d) of Section 90. 13 (f) At any time after the revocation of a license, the 14 Commissioner may restore it to the accused person or course 15 provider, upon the written recommendation of the Board. 16 Section 110. Standards of practice. All licensees under 17 this Act must comply with standards of professional appraisal 18 practice adopted by the Office of Banks and Real Estate at 19 the recommendation of the Board. The Office of Banks and Real 20 Estate may adopt, as part of its own rules, the Uniform 21 Standards of Professional Appraisal Practice as published 22 from time to time by the Appraisal Foundation. The Office of 23 Banks and Real Estate shall consider federal laws and 24 regulations regarding the licensure of real estate appraisers 25 prior to adopting its own rules for the administration of 26 this Act. 27 Section 115. Retention of records. An appraiser 28 licensed under this Act shall retain for 5 years originals or 29 true copies of (i) all written contracts engaging his or her 30 services for real property appraisal work, and (ii) all 31 appraisal reports, exactly as transmitted to the client, and 32 supporting data assembled and formulated by the appraiser in HB1214 Enrolled -32- LRB9003012DPccB 1 developing and reporting the appraisal. The 5-year period for 2 retention of records is applicable to each engagement of 3 services of the appraiser and shall commence upon the date of 4 the submittal of the appraisal to the client unless, within 5 the 5-year period, the appraiser is notified that the 6 appraisal or appraisal report is involved in litigation, in 7 which event the 5-year period for the retention of records 8 shall commence upon the date of the final disposition of the 9 litigation. This record retention requirement also applies to 10 contracts and reports concerning appraisals listed for 11 experience credit, which shall be available for Office review 12 for a period of 5 years from the date the application for 13 examination is received by the Office. 14 Section 120. Statute of limitations. No action may be 15 taken under this Act against a person licensed under this Act 16 unless the action is commenced within 5 years after the 17 occurrence of the alleged violation. A continuing violation 18 will be deemed to have occurred on the date when the 19 circumstances last existed that gave rise to the alleged 20 continuing violation. 21 Section 125. Savings provisions. This Act is the 22 successor to the provisions of Article 2 of the Real Estate 23 License Act of 1983. Any persons formerly subject to the 24 provisions of Article 2 of the Real Estate License Act of 25 1983 shall be subject to this Act. Any actions taken 26 pursuant to Article 2 of the Real Estate License Act of 1983, 27 including the issuance of licenses or certificates, the 28 imposition of disciplinary proceedings, the holding of 29 hearings, and any other administrative action taken by the 30 Commissioner or the Real Estate Appraisal Board and all 31 rights, powers, and duties conferred under Article 2 of the 32 Real Estate License Act of 1983 shall be valid under this Act HB1214 Enrolled -33- LRB9003012DPccB 1 and shall continue in full force and effect. 2 Section 130. Severability clause. If a provision of this 3 Act or its application to a person or circumstance is held 4 invalid, the invalidity does not affect other provisions or 5 applications of this Act that can be given effect without the 6 invalid provision or application, and to this end, the 7 provisions of this Act are severable. 8 Section 225. The Regulatory Agency Sunset Act is amended 9 by changing Section 4.18 as follows: 10 (5 ILCS 80/4.18) 11 Sec. 4.18. Acts
Actrepealed January 1, 2008. The 12 following Acts are Act isrepealed on January 1, 2008: 13 The Acupuncture Practice Act. 14 The Pharmacy Practice Act of 1987. 15 The Podiatric Medical Practice Act of 1987. 16 The Nursing Home Administrators Licensing and 17 Disciplinary Act. 18 The Physician Assistant Practice Act of 1987. 19 The Illinois Nursing Act of 1987. 20 The Marriage and Family Therapy Licensing Act. 21 The Clinical Social Work and Social Work Practice Act. 22 The Illinois Speech-Language Pathology and Audiology 23 Practice Act. 24 The Real Estate Appraiser Licensing Act. 25 (Source: P.A. 89-706, eff. 1-31-97; 90-61, eff. 12-30-97; 26 90-69, eff. 7-8-97; 90-76, eff. 7-8-97; 90-150, eff. 27 12-30-97; 90-248, eff. 1-1-98; revised 9-30-97.) 28 Section 250. The Real Estate License Act of 1983 is 29 amended by changing Sections 15 and 23 as follows: HB1214 Enrolled -34- LRB9003012DPccB 1 (225 ILCS 455/15) (from Ch. 111, par. 5815) 2 Sec. 15. The Office of Banks and Real Estate may provide 3 by rule for fees to be paid by applicants and licensees 4 (other than applicants and licensees under Article 2 of this5 Act)to cover the reasonable costs of the Office of Banks and 6 Real Estate in administering and enforcing the provisions of 7 this Act (other than the provisions of Article 2 of this8 Act). The Office of Banks and Real Estate may also provide by 9 rule for general fees to cover the reasonable expenses of 10 carrying out other functions and responsibilities under this 11 Act (other than Article 2 of this Act). The rules promulgated 12 hereunder shall include, but need not be limited to the 13 following: 14 (1) The fee for an initial license for real estate 15 salespersons and real estate brokers shall include a $10 fee 16 for deposit in the Real Estate Recovery Fund as provided in 17 Section 23, and a $5 fee for deposit in the Real Estate 18 Research and Education Fund for use as provided in Section 19 16. Any moneys derived from renewal license fees that may 20 have been deposited or designated for deposit into the Real 21 Estate Recovery Fund or the Real Estate Research and 22 Education Fund pursuant to this paragraph between July 1, 23 1995 and the effective date of this amendatory Act of 1996 24 shall be transferred to or deposited into the Real Estate 25 License Administration Fund. 26 (2) The fee for an initial license for a partnership or 27 corporation shall include a $10 fee for deposit in the Real 28 Estate Recovery Fund as provided in Section 23, and a $5 fee 29 for deposit in the Real Estate Research and Education Fund 30 for use as provided in Section 16. 31 (3) The fee for an initial license for a branch office 32 shall include a $5 fee for deposit in the Real Estate 33 Research and Education Fund for use as provided in Section 34 16. HB1214 Enrolled -35- LRB9003012DPccB 1 (Source: P.A. 88-683, eff. 1-24-95; 89-23, eff. 7-1-95; 2 89-508, eff. 7-3-96; 89-706, eff. 1-31-97.) 3 (225 ILCS 455/23) (from Ch. 111, par. 5823) 4 Sec. 23. The Office of Banks and Real Estate shall 5 maintain a Real Estate Recovery Fund from which any person 6 aggrieved by an act, representation, transaction or conduct 7 of a duly licensed broker, salesperson or unlicensed 8 employee, which is in violation of Article 1 of this Act or 9 the regulations promulgated pursuant thereto, or which 10 constitutes embezzlement of money or property or results in 11 money or property being unlawfully obtained from any person 12 by false pretenses, artifice, trickery or forgery or by 13 reason of any fraud, misrepresentation, discrimination or 14 deceit by or on the part of any such licensee or the 15 unlicensed employee of any such broker, and which results in 16 a loss of actual cash money as opposed to losses in market 17 value, may recover. Such aggrieved person may recover, by 18 order of the circuit court of the county where the violation 19 occurred, an amount of not more than $10,000 from such fund 20 for damages sustained by the act, representation, 21 transaction, or conduct, together with costs of suit and 22 attorneys' fees incurred in connection therewith of not to 23 exceed 15% of the amount of the recovery ordered paid from 24 the Fund. However, no licensed broker, or salesperson may 25 recover from the Fund unless the court finds that the person 26 suffered a loss resulting from intentional misconduct. Such 27 court order shall not include interest on the judgment. 28 The maximum liability against the Fund arising out of any 29 one act shall be as provided in this Section and the judgment 30 order shall spread the award equitably among all co-owners or 31 otherwise aggrieved persons, if any. The maximum liability 32 against the Fund arising out of the activities of any single 33 broker, any single salesperson or any single unlicensed HB1214 Enrolled -36- LRB9003012DPccB 1 employee, since January 1, 1974, shall be $50,000. 2 Nothing in this Section shall be construed to authorize 3 recovery from the Real Estate Recovery Fund unless the loss 4 of the aggrieved person results from an act or omission of a 5 licensed broker, salesperson or unlicensed employee who was 6 at the time of the act or omission acting in such capacity or 7 was apparently acting in such capacity, and unless the 8 aggrieved person has obtained a valid judgment as provided in 9 Section 25. 10 No person aggrieved by an act, representation, or 11 transaction which is in violation of the Illinois Real Estate 12 Time-Share Act, the Land Sales Act of 1989, or the Real 13 Estate Appraiser Licensing Act Article 2 of this Actmay 14 recover from the Real Estate Recovery Fund created pursuant 15 to this Section. 16 The Office of Banks and Real Estate shall from time to 17 time, upon the written direction of the Governor, transfer 18 from the Real Estate Recovery Fund any amounts the Governor 19 determines are in excess of the amounts required to meet the 20 obligations of the Fund. The amounts transferred to the 21 General Revenue Fund shall not, however, exceed $1,000,000. 22 (Source: P.A. 89-508, eff. 7-3-96.) 23 (225 ILCS 455/Art. 2 rep.) 24 Section 275. The Real Estate License Act of 1983 is 25 amended by repealing Article 2. 26 Section 999. Effective date. This Act takes effect July 27 1, 1998.
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