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Public Act 098-0444
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| HB2720 Enrolled | LRB098 05475 MGM 35509 b |
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Real Estate Appraiser Licensing Act of 2002 |
is amended by changing Section 5-5 as follows:
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(225 ILCS 458/5-5)
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(Section scheduled to be repealed on January 1, 2022)
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Sec. 5-5. Necessity of license; use of title; exemptions.
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(a) It
is unlawful for a person to (i) act, offer services, |
or advertise services
as a State certified general real estate
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appraiser, State certified residential real estate appraiser, |
or associate real estate trainee appraiser, (ii)
develop a real |
estate appraisal,
(iii)
practice as a real estate
appraiser, or |
(iv)
advertise or hold himself or herself out to be a real |
estate
appraiser
without a license issued under this Act. A |
person who
violates this subsection is
guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense.
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(a-5) It is unlawful for a person, unless registered as an |
appraisal management company, to solicit clients or enter into |
an appraisal engagement with clients without either a certified |
residential real estate appraiser license or a certified |
general real estate appraiser license issued under this Act. A |
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person who violates this subsection is guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense. |
(b) It
is unlawful for a person, other than a
person who |
holds a valid license issued pursuant to this
Act as a State |
certified general real estate appraiser, a
State
certified
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residential real estate appraiser,
or an associate real estate |
trainee appraiser to use these titles or any other title, |
designation, or
abbreviation likely to create the
impression |
that the person is licensed as a real estate appraiser pursuant |
to
this Act. A person who
violates this subsection is guilty of |
a Class A misdemeanor for a first offense and a Class 4 felony |
for any subsequent offense.
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(c)
The licensing requirements of this Act
do not
require a |
person who holds a
valid license pursuant to the Real Estate |
License Act of 2000, to be licensed
as a real estate appraiser
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under this Act,
unless that person is
providing
or attempting |
to provide an appraisal report, as defined in Section
1-10 of |
this Act, in connection with a federally-related transaction. |
Nothing in this Act shall prohibit a person who holds a valid |
license under the Real Estate License Act of 2000 from |
performing a comparative market analysis or broker price |
opinion for compensation, provided that the person does not |
hold himself out as being a licensed real estate appraiser. |
(d) Nothing in this Act shall preclude a State certified |
general real estate appraiser, a State certified residential |
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real estate appraiser, or an associate real estate trainee |
appraiser from rendering appraisals for or on behalf of a |
partnership, association, corporation, firm, or group. |
However, no State appraisal license or certification shall be |
issued under this Act to a partnership, association, |
corporation, firm, or group.
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(e) This Act does not apply to a county assessor, township |
assessor, multi-township assessor, county supervisor of |
assessments, or any deputy or employee of any county assessor, |
township assessor, multi-township assessor, or county |
supervisor of assessments who is performing his or her |
respective duties in accordance with the provisions of the |
Property Tax Code.
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(e-5) For the purposes of this Act, valuation waivers may |
be prepared by a licensed appraiser notwithstanding any other |
provision of this Act, and the following types of valuations |
are not appraisals and may not be represented to be appraisals, |
and a license is not required under this Act to
perform such |
valuations if the valuations are performed by (1) an employee |
of the Illinois Department of Transportation who has completed |
a minimum of 45 hours of course work in real estate appraisal, |
including the principals of real estate appraisals, appraisal |
of partial acquisitions, easement valuation, reviewing |
appraisals in eminent domain, appraisal for federal aid highway |
programs, and appraisal review for federal aid highway programs |
and has at least 2 years' experience in a field closely related |
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to real estate or (2) or an employee of a county engineer who |
is a registered professional engineer under the Professional |
Engineering Practice Act of 1989, under the following |
circumstances: |
(A) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition |
Policies Act of 1970, or prepared pursuant to the federal |
Uniform Relocation Assistance and Real Property |
Acquisition for Federal and Federally-Assisted Programs |
regulations and which is performed by an employee of the |
Illinois Department of Transportation and co-signed, with |
a license number affixed, by another employee of the |
Illinois Department of Transportation who is a registered |
professional engineer under the Professional Engineering |
Practice Act of 1989; and |
(B) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition |
Policies Act of 1970, or prepared pursuant to the federal |
Uniform Relocation Assistance and Real Property |
Acquisition for Federal and Federally-Assisted Programs |
regulations and which is performed by a county engineer who |
is employed by a county and is a registered professional |
engineer under the Professional Engineering Practice Act |
of 1989. In addition to his or her signature, the county |
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engineer shall affix his or her license number to the |
valuation. |
(1) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition |
Policies Act of 1970, as
amended; or |
(2) a valuation waiver in an amount not to exceed |
$10,000 prepared pursuant to the federal Uniform |
Relocation Assistance and Real Property Acquisition for |
Federal and
Federally-Assisted Programs regulations. |
Nothing in this subsection (e-5) shall be construed to |
allow the State of Illinois, a political subdivision thereof, |
or any public body to acquire real estate by eminent domain in |
any manner
other than provided for in the Eminent Domain Act. |
(f) A State real estate appraisal certification or license |
is not required under this Act for any of the following: |
(1) A person, partnership, association, or corporation |
that performs appraisals of property owned by that person, |
partnership, association, or corporation for the sole use |
of that person, partnership, association, or corporation. |
(2) A court-appointed commissioner who conducts an |
appraisal pursuant to a judicially ordered evaluation of |
property. |
However, any person who is certified or licensed under this Act |
and who performs any of the activities set forth in this |
subsection (f) must comply with the provisions of this Act. A |
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person who violates this subsection (f) is guilty of a Class A |
misdemeanor for a first offense and a Class 4 felony for any |
subsequent offense. |
(g) This Act does not apply to an employee, officer, |
director, or member of a credit or loan committee of a |
financial institution or any other person engaged by a |
financial institution when performing an evaluation of real |
property for the sole use of the financial institution in a |
transaction for which the financial institution would not be |
required to use the services of a State licensed or State |
certified appraiser pursuant to federal regulations adopted |
under Title XI of the federal Financial Institutions Reform, |
Recovery, and Enforcement Act of 1989, nor does this Act apply |
to the procurement of an automated valuation model. |
"Automated valuation model" means an automated system that |
is used to derive a property value through the use of publicly |
available property records and various analytic methodologies |
such as comparable sales prices, home characteristics, and |
historical home price appreciations.
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(Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
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Section 99. Effective date. This Act takes effect upon |
becoming law.
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