Registration and Regulation Committee
Filed: 3/21/2007
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1 | AMENDMENT TO HOUSE BILL 1427
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2 | AMENDMENT NO. ______. Amend House Bill 1427 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7 | (Section scheduled to be repealed on January 1, 2012)
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8 | Sec. 5-5. Necessity of license; use of title; exemptions.
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9 | (a) Beginning July 1, 2002, it is unlawful for a person to | ||||||
10 | act or assume
to
act as a real estate
appraiser, to engage in | ||||||
11 | the
the
business of real estate appraisal, to develop a real | ||||||
12 | estate appraisal,
to practice as a real estate
appraiser, or to | ||||||
13 | advertise or hold himself or herself out to be a real estate
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14 | appraiser in connection with a
federally related transaction
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15 | without a real estate appraiser license issued under this Act. | ||||||
16 | A person who
violates this subsection is
guilty of a Class A |
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1 | misdemeanor.
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2 | (b) Beginning July 1, 2002, it is unlawful for a person, | ||||||
3 | other than a
person who holds a valid license issued pursuant | ||||||
4 | to this
Act as a State certified general real estate appraiser, | ||||||
5 | a
State
certified
residential real estate appraiser,
an | ||||||
6 | associate real estate appraiser, or as a State licensed real | ||||||
7 | estate
appraiser issued pursuant to
a predecessor Act to use | ||||||
8 | these titles or any other title, designation, or
abbreviation | ||||||
9 | likely to create the
impression that the person is licensed as | ||||||
10 | a real estate appraiser pursuant to
this Act. A person who
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11 | violates this subsection is guilty of a Class A misdemeanor.
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12 | (c) The licensing requirements of this Act do not require a | ||||||
13 | real estate
broker
or salesperson who holds a
valid license | ||||||
14 | pursuant to the Real Estate License Act of 2000, to be licensed
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15 | as a real estate appraiser
under this Act, unless the broker or | ||||||
16 | salesperson is
providing or attempting to provide an appraisal | ||||||
17 | report, as defined in Section
1-10 of this Act, in connection | ||||||
18 | with a federally-related transaction.
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19 | For the purposes of this subsection, "brokerage service" | ||||||
20 | means the
activity of offering, negotiating,
buying, listing, | ||||||
21 | selling, or leasing real estate or procuring or referring
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22 | prospects intended to result in the
listing, sale, purchase, | ||||||
23 | lease, or exchange of real estate for another and for
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24 | compensation.
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25 | (Source: P.A. 92-180, eff. 7-1-02.)".
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