REAL ESTATE APPRAISERS LICENSG
Synopsis of Bill as introduced:
Creates the Real Estate Appraiser Licensing Act of 2002.
Requires a person to possess an appraiser's license in order to
appraise a home in a federally related transaction or advertise or
hold himself or herself out as an appraiser. Creates criminal
penalties for practicing without a license when it is required in a
federally related transaction. Creates 3 classes of appraisers:
general real estate appraiser, residential real estate appraiser, and
associate real estate appraiser. Sets out guidelines for application
and renewal for each type of appraiser's license. Requires licensure
of education providers and approval of courses. Creates the Appraisal
Administration Fund. Creates a Real Estate Appraisal Board. Denies
home rule powers. Repeals the Real Estate Appraiser Licensing Act on
July 1, 2002. Amends the Regulatory Sunset Act. Effective July 1,
HOUSE AMENDMENT NO. 1.
Changes the reference from appraisers to appraisers of real
estate in connection with a federally related transaction. Removes as
a ground for disciplinary action the failure of an appraiser to
include the date of the expiration of his or her license on the
written appraisal report forms. Removes the requirement that an
accused pay for a transcript of the record. Removes the Section
concerning temporary suspension of a license.
HOUSE AMENDMENT NO. 2.
Provides that the licensing requirements of the Act do not
require a real estate broker or salesperson who holds a valid license
pursuant to the Real Estate License Act of 2000 to be licensed as a
real estate appraiser under this Act, unless the broker or salesperson
is providing or attempting to provide an appraisal report in
connection with a federally-related transaction. Provides that the 2
real estate brokers appointed to the Board shall hold a valid
appraiser license under the Act or a predecessor Act for at least 5
years prior to the appointment. Provides that persons serving on the
Board pursuant to the Real Estate Appraiser Licensing Act shall become
members of the new Board on July 1, 2002 (was January 1, 2002).
Provides that OBRE shall maintain and update a registry of the names
and addresses of all licensees and a listing of disciplinary orders
issued pursuant to this Act, and shall transmit the registry, along
with any national registry fees that may be required, to the entity
specified by, and in a manner consistent with, Title XI of the federal
Financial Institutions Reform, Recovery and Enforcement Act of 1989.
Makes other changes.
Last action on Bill: PUBLIC ACT.............................. 92-0180
Last action date: JUL-27-2001
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0
END OF INQUIRY
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