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Just unbelievable !

Discussion in 'Illinois' started by Southside, Mar 31, 2011.

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  1. Southside

    Southside Sophomore Member

    0
    Mar 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Sure you guys have seen this but its news to me.
    Cant wait 8 more years to retire-think I will lose all sanity by then
    -------------------------


    97TH GENERAL ASSEMBLY
    State of Illinois
    2011 and 2012HB0092


    Introduced 1/12/2011, by Rep. LaShawn K. Ford


    SYNOPSIS AS INTRODUCED:


    225 ILCS 458/10-25 new


    Amends the Real Estate Appraiser Licensing Act. Provides that a licensed residential real estate appraiser may not use as a comparable sale the sale price of a residential property that was sold as a judicial sale within 12 months after the date of the judicial sale in the preparation of an appraisal for residential property.



    LRB097 02780 CEL 42802 b








    A BILL FOR





    HB0092 LRB097 02780 CEL 42802 b



    1 AN ACT concerning regulation.

    2 Be it enacted by the People of the State of Illinois,
    3 represented in the General Assembly:

    4 Section 5. The Real Estate Appraiser Licensing Act of 2002
    5 is amended by adding Section 10-25 as follows:

    6 (225 ILCS 458/10-25 new)
    7 Sec. 10-25. Appraisals; sales. A licensed real estate
    8 appraiser may not, in the preparation of an appraisal of
    9 residential real estate, use as a comparable sale the sale
    10 price for a residential property that was sold at a judicial
    11 sale at any time within 12 months after the date of the
    12 judicial sale under Article XV of the Code of Civil Procedure
    13 for residential real estate. This Section is repealed 5 years
    14 after its effective date.
     
  2. Brian Weaver

    Brian Weaver Senior Member

    6
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
    I think this died in committee. This has been out for quite a while.
     
  3. form1025

    form1025 Junior Member

    28
    Jul 11, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    It has died per TJ.
     
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