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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:
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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.
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| | A BILL FOR |
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| | HB5714 | | LRB097 15984 CEL 61135 b |
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| 1 | | AN ACT concerning regulation.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Real Estate Appraiser Licensing Act of 2002 |
| 5 | | is amended by adding Section 10-25 as follows:
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| 6 | | (225 ILCS 458/10-25 new) |
| 7 | | Sec. 10-25. Appraisals; sales. A licensed real estate |
| 8 | | appraiser may not, in the preparation of an appraisal of |
| 9 | | residential real estate, use as a comparable sale the sale |
| 10 | | price for a residential property that was sold at a judicial |
| 11 | | sale at any time within 12 months after the date of the |
| 12 | | judicial sale under Article XV of the Code of Civil Procedure |
| 13 | | for residential real estate. This Section is repealed 5 years |
| 14 | | after its effective date.
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