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90_SB0898
225 ILCS 455/36.23 from Ch. 111, par. 5836.23
Amends the Real Estate License Act of 1983 to make a
technical change.
LRB9003476DPcc
LRB9003476DPcc
1 AN ACT to amend the Real Estate License Act of 1983 by
2 changing Section 36.23.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Real Estate License Act of 1983 is
6 amended by changing Section 36.23 as follows:
7 (225 ILCS 455/36.23) (from Ch. 111, par. 5836.23)
8 Sec. 36.23. Retention of records. A State certified or
9 State licensed real estate appraiser shall retain for 5
10 years, originals or true copies of (a) all written contracts
11 engaging his or her services for real property appraisal
12 work, and (b) all appraisal reports and supporting data
13 assembled and formulated by the appraiser in preparing the
14 appraisal reports. This 5 year period for retention of
15 records is applicable to each engagement of the services of
16 the State certified or licensed real estate appraiser and
17 shall commence upon the date of the submittal of the
18 appraisal to the client unless, within such 5 year period,
19 the State certified or licensed real estate appraiser is
20 notified that the appraisal or appraisal report are involved
21 in litigation, in which event the 5 year period for the
22 retention of records shall commence upon the date of the
23 final disposition of such litigation.
24 (Source: P.A. 86-925; 87-795.)