Bill Text: IL HB5714 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Real Estate Appraiser Licensing Act. Provides that a licensed residential real estate appraiser may not use as a comparable sale the sale price of a residential property that was sold as a judicial sale within 12 months after the date of the judicial sale in the preparation of an appraisal for residential property.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB5714 Detail]

Download: Illinois-2011-HB5714-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB5714 Introduced 2/16/2012, by Rep. La Shawn K. Ford SYNOPSIS AS INTRODUCED:
225 ILCS 458/10-25 new
Amends the Real Estate Appraiser Licensing Act. Provides that a licensed residential real estate appraiser may not use as a comparable sale the sale price of a residential property that was sold as a judicial sale within 12 months after the date of the judicial sale in the preparation of an appraisal for residential property.
LRB097 15984 CEL 61135 b
A BILL FOR
HB5714 LRB097 15984 CEL 61135 b
AN ACT concerning regulation.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Real Estate Appraiser Licensing Act of 2002
is amended by adding Section 10-25 as follows:
(225 ILCS 458/10-25 new)
Sec. 10-25. Appraisals; sales. A licensed real estate
appraiser may not, in the preparation of an appraisal of
residential real estate, use as a comparable sale the sale
price for a residential property that was sold at a judicial
sale at any time within 12 months after the date of the
judicial sale under Article XV of the Code of Civil Procedure
for residential real estate. This Section is repealed 5 years
after its effective date.