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Financial Services Law Insights and Observations

Illinois amends Real Estate Appraisal Licensing Act

Licensing State Issues State Legislation Illinois Real Estate Appraisal

On August 25, the Illinois governor signed into law HB 0806, which amends the Illinois Real Estate Appraiser Licensing Act (the Act), among other things, to include provisions regarding that all applicants and licensees under the Act shall provide a valid address and email address to the Department of Financial and Professional Regulation and creates provisions regarding: (i) inactive licenses; (ii) citations; and (iii) illegal discrimination. Specifically, the bill changes provisions concerning license necessity, use of title, and exemptions stating that, “[i]t is unlawful for any person, including any entity, to act or assume to act as a home inspector, to engage in the business of home inspection, to develop a home inspection report, to practice as a home inspector, or to advertise or hold oneself out to be a home inspector without a home inspector license issued under this Act.” The bill also changes provisions regarding applications for a(n) (i) state certified general real estate appraiser, (ii) state certified residential real estate appraiser, and (iii) associate real estate trainee appraiser, in addition to the duration of application and renewal of license, among other things. This bill is effective January 1, 2022, except for the provisions amending the Regulatory Sunset Act.