Bill Text: IL HB2720 | 2013-2014 | 98th General Assembly | Amended
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Real Estate Appraiser Licensing Act of 2002. Removes provisions exempting certain types of valuations from being considered appraisals under the Act. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0444 [HB2720 Detail]
Download: Illinois-2013-HB2720-Amended.html
Bill Title: Amends the Real Estate Appraiser Licensing Act of 2002. Removes provisions exempting certain types of valuations from being considered appraisals under the Act. Effective immediately.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Passed) 2013-08-16 - Public Act . . . . . . . . . 98-0444 [HB2720 Detail]
Download: Illinois-2013-HB2720-Amended.html
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1 | AMENDMENT TO HOUSE BILL 2720
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2 | AMENDMENT NO. ______. Amend House Bill 2720 by replacing | ||||||
3 | everything after the enacting clause with the following:
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4 | "Section 5. The Real Estate Appraiser Licensing Act of 2002 | ||||||
5 | is amended by changing Section 5-5 as follows:
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6 | (225 ILCS 458/5-5)
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7 | (Section scheduled to be repealed on January 1, 2022)
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8 | Sec. 5-5. Necessity of license; use of title; exemptions.
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9 | (a) It
is unlawful for a person to (i) act, offer services, | ||||||
10 | or advertise services
as a State certified general real estate
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11 | appraiser, State certified residential real estate appraiser, | ||||||
12 | or associate real estate trainee appraiser, (ii)
develop a real | ||||||
13 | estate appraisal,
(iii)
practice as a real estate
appraiser, or | ||||||
14 | (iv)
advertise or hold himself or herself out to be a real | ||||||
15 | estate
appraiser
without a license issued under this Act. A | ||||||
16 | person who
violates this subsection is
guilty of a Class A |
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1 | misdemeanor for a first offense and a Class 4 felony for any | ||||||
2 | subsequent offense.
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3 | (a-5) It is unlawful for a person, unless registered as an | ||||||
4 | appraisal management company, to solicit clients or enter into | ||||||
5 | an appraisal engagement with clients without either a certified | ||||||
6 | residential real estate appraiser license or a certified | ||||||
7 | general real estate appraiser license issued under this Act. A | ||||||
8 | person who violates this subsection is guilty of a Class A | ||||||
9 | misdemeanor for a first offense and a Class 4 felony for any | ||||||
10 | subsequent offense. | ||||||
11 | (b) It
is unlawful for a person, other than a
person who | ||||||
12 | holds a valid license issued pursuant to this
Act as a State | ||||||
13 | certified general real estate appraiser, a
State
certified
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14 | residential real estate appraiser,
or an associate real estate | ||||||
15 | trainee appraiser to use these titles or any other title, | ||||||
16 | designation, or
abbreviation likely to create the
impression | ||||||
17 | that the person is licensed as a real estate appraiser pursuant | ||||||
18 | to
this Act. A person who
violates this subsection is guilty of | ||||||
19 | a Class A misdemeanor for a first offense and a Class 4 felony | ||||||
20 | for any subsequent offense.
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21 | (c)
The licensing requirements of this Act
do not
require a | ||||||
22 | person who holds a
valid license pursuant to the Real Estate | ||||||
23 | License Act of 2000, to be licensed
as a real estate appraiser
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24 | under this Act,
unless that person is
providing
or attempting | ||||||
25 | to provide an appraisal report, as defined in Section
1-10 of | ||||||
26 | this Act, in connection with a federally-related transaction. |
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1 | Nothing in this Act shall prohibit a person who holds a valid | ||||||
2 | license under the Real Estate License Act of 2000 from | ||||||
3 | performing a comparative market analysis or broker price | ||||||
4 | opinion for compensation, provided that the person does not | ||||||
5 | hold himself out as being a licensed real estate appraiser. | ||||||
6 | (d) Nothing in this Act shall preclude a State certified | ||||||
7 | general real estate appraiser, a State certified residential | ||||||
8 | real estate appraiser, or an associate real estate trainee | ||||||
9 | appraiser from rendering appraisals for or on behalf of a | ||||||
10 | partnership, association, corporation, firm, or group. | ||||||
11 | However, no State appraisal license or certification shall be | ||||||
12 | issued under this Act to a partnership, association, | ||||||
13 | corporation, firm, or group.
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14 | (e) This Act does not apply to a county assessor, township | ||||||
15 | assessor, multi-township assessor, county supervisor of | ||||||
16 | assessments, or any deputy or employee of any county assessor, | ||||||
17 | township assessor, multi-township assessor, or county | ||||||
18 | supervisor of assessments who is performing his or her | ||||||
19 | respective duties in accordance with the provisions of the | ||||||
20 | Property Tax Code.
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21 | (e-5) For the purposes of this Act, the following types of | ||||||
22 | valuations are not appraisals and may not be represented to be | ||||||
23 | appraisals, valuation waivers may be prepared by a licensed | ||||||
24 | appraiser notwithstanding any other provision of this Act and a | ||||||
25 | license is not required under this Act to
perform such | ||||||
26 | valuations if the valuations are performed by an employee of |
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1 | the Illinois Department of Transportation who is a licensed | ||||||
2 | professional engineer under the Professional Engineering | ||||||
3 | Practice Act of 1989 or an employee a county engineer of a | ||||||
4 | county who is a licensed professional engineer under the | ||||||
5 | Professional Engineering Practice Act of 1989 : | ||||||
6 | (1) a valuation waiver in an amount not to exceed | ||||||
7 | $10,000 and limited to the valuation of a temporary | ||||||
8 | easement prepared pursuant to the federal Uniform | ||||||
9 | Relocation Assistance and Real Property Acquisition | ||||||
10 | Policies Act of 1970, as
amended; or | ||||||
11 | (2) a valuation waiver in an amount not to exceed | ||||||
12 | $10,000 and limited to the valuation of a temporary | ||||||
13 | easement prepared pursuant to the federal Uniform | ||||||
14 | Relocation Assistance and Real Property Acquisition for | ||||||
15 | Federal and
Federally-Assisted Programs regulations ; . | ||||||
16 | (3) a valuation waiver in an amount not to exceed | ||||||
17 | $10,000 co-signed by a State certified general appraiser | ||||||
18 | prepared pursuant to the federal Uniform Relocation | ||||||
19 | Assistance and Real Property Acquisition Policies Act of | ||||||
20 | 1970, as amended; or | ||||||
21 | (4) a valuation waiver in an amount not to exceed | ||||||
22 | $10,000 co-signed by a State certified general appraiser | ||||||
23 | prepared pursuant to the federal Uniform Relocation | ||||||
24 | Assistance and Real Property Acquisition for Federal and | ||||||
25 | Federally-Assisted Programs regulations. | ||||||
26 | Nothing in this subsection (e-5) shall be construed to |
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1 | allow the State of Illinois, a political subdivision thereof, | ||||||
2 | or any public body to acquire real estate by eminent domain in | ||||||
3 | any manner
other than provided for in the Eminent Domain Act. | ||||||
4 | (f) A State real estate appraisal certification or license | ||||||
5 | is not required under this Act for any of the following: | ||||||
6 | (1) A person, partnership, association, or corporation | ||||||
7 | that performs appraisals of property owned by that person, | ||||||
8 | partnership, association, or corporation for the sole use | ||||||
9 | of that person, partnership, association, or corporation. | ||||||
10 | (2) A court-appointed commissioner who conducts an | ||||||
11 | appraisal pursuant to a judicially ordered evaluation of | ||||||
12 | property. | ||||||
13 | However, any person who is certified or licensed under this Act | ||||||
14 | and who performs any of the activities set forth in this | ||||||
15 | subsection (f) must comply with the provisions of this Act. A | ||||||
16 | person who violates this subsection (f) is guilty of a Class A | ||||||
17 | misdemeanor for a first offense and a Class 4 felony for any | ||||||
18 | subsequent offense. | ||||||
19 | (g) This Act does not apply to an employee, officer, | ||||||
20 | director, or member of a credit or loan committee of a | ||||||
21 | financial institution or any other person engaged by a | ||||||
22 | financial institution when performing an evaluation of real | ||||||
23 | property for the sole use of the financial institution in a | ||||||
24 | transaction for which the financial institution would not be | ||||||
25 | required to use the services of a State licensed or State | ||||||
26 | certified appraiser pursuant to federal regulations adopted |
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1 | under Title XI of the federal Financial Institutions Reform, | ||||||
2 | Recovery, and Enforcement Act of 1989, nor does this Act apply | ||||||
3 | to the procurement of an automated valuation model. | ||||||
4 | "Automated valuation model" means an automated system that | ||||||
5 | is used to derive a property value through the use of publicly | ||||||
6 | available property records and various analytic methodologies | ||||||
7 | such as comparable sales prices, home characteristics, and | ||||||
8 | historical home price appreciations.
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9 | (Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
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10 | Section 99. Effective date. This Act takes effect upon | ||||||
11 | becoming law.".
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