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Registration and Regulation Committee
Filed: 3/21/2007
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09500HB1427ham001 |
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LRB095 10026 RAS 34196 a |
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| AMENDMENT TO HOUSE BILL 1427
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| AMENDMENT NO. ______. Amend House Bill 1427 by replacing |
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| everything after the enacting clause with the following:
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| "Section 5. The Real Estate Appraiser Licensing Act of 2002 |
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| 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| (Section scheduled to be repealed on January 1, 2012)
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| Sec. 5-5. Necessity of license; use of title; exemptions.
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| (a) Beginning July 1, 2002, it is unlawful for a person to |
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| act or assume
to
act as a real estate
appraiser, to engage in |
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| the
the
business of real estate appraisal, to develop a real |
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| estate appraisal,
to practice as a real estate
appraiser, or to |
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| advertise or hold himself or herself out to be a real estate
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| appraiser in connection with a
federally related transaction
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| without a real estate appraiser license issued under this Act. |
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| A person who
violates this subsection is
guilty of a Class A |
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09500HB1427ham001 |
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LRB095 10026 RAS 34196 a |
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| misdemeanor.
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| (b) Beginning July 1, 2002, it is unlawful for a person, |
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| other than a
person who holds a valid license issued pursuant |
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| to this
Act as a State certified general real estate appraiser, |
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| a
State
certified
residential real estate appraiser,
an |
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| associate real estate appraiser, or as a State licensed real |
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| estate
appraiser issued pursuant to
a predecessor Act to use |
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| these titles or any other title, designation, or
abbreviation |
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| likely to create the
impression that the person is licensed as |
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| a real estate appraiser pursuant to
this Act. A person who
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| violates this subsection is guilty of a Class A misdemeanor.
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| (c) The licensing requirements of this Act do not require a |
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| real estate
broker
or salesperson who holds a
valid license |
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| pursuant to the Real Estate License Act of 2000, to be licensed
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| as a real estate appraiser
under this Act, unless the broker or |
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| salesperson is
providing or attempting to provide an appraisal |
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| report, as defined in Section
1-10 of this Act, in connection |
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| with a federally-related transaction.
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| For the purposes of this subsection, "brokerage service" |
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| means the
activity of offering, negotiating,
buying, listing, |
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| selling, or leasing real estate or procuring or referring
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| prospects intended to result in the
listing, sale, purchase, |
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| lease, or exchange of real estate for another and for
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| compensation.
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| (Source: P.A. 92-180, eff. 7-1-02.)".
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