After three years of trying, it finally took a new Governor and a persistent ICAP to get Appraisal Bill - HB1015 passed. The Bill passed in the Senate yesterday unanimously! It will now go to Governor for signature.
This is not a new law, but an amendment to the existing law. Brian Weaver will be covering many of the changes the new law brings to the appraisal industry in Illinois at ICAP's summer seminar.
You can read the bill as introduced here: http://tinyurl.com/oh9ec4
The following is a brief Synopsis of some of the changes.
Synopsis As Introduced Amends the Real Estate Appraiser Licensing Act of 2002.
- Makes changes throughout the Act that mark the transfer of authority to administer and enforce the Act to the Department of Financial and Professional Regulation (rather than the Office of Banks and Real Estate).
- Makes appraiser licensing/certification MANDATORY in Illinois, rather than voluntary. Previously, licensing/certification was only mandatory in connection with federally related transactions. It will now be mandatory for any appraisal service.
- Replaces "associate real estate appraiser" with "associate real estate trainee appraiser" throughout the Act.
- Changes the Real Estate Appraisal Board to the Real Estate Appraisal Administration and Disciplinary Board.
- Provides that a person who violates certain licensure provisions for a second or any subsequent time is guilty of a Class 4 felony.
- Sets forth additional education requirements for licensure under the Act.
- Removes a provision allowing a person who holds a valid license as a licensed real estate appraiser, issued pursuant to a predecessor Act, to convert that license to an associate real estate appraiser license.
- Removes a provision concerning licensed real estate appraiser's licenses issued pursuant to a predecessor Act and provides that an associate real estate trainee appraiser license may not be renewed more than 2 times.
- Adds a provision concerning temporary license suspension.
- Provides that an education provider may use an instructor who is a faculty member in good standing with an accredited college or university or community college or who is an approved appraisal instructor from an appraisal organization that is a member of the Appraisal Foundation. Imposes conditions on any rulemaking authority.
- Makes other changes.
- Repeals a Section concerning identifying a client. Effective Immediately
Approved Bill (Mark-up) Download IL Real Estate Appraiser Licensing Act HB1015