92nd General Assembly
Summary of HB2540
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Short description: 
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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   0


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