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  #1  
Old 03-31-2011, 05:44 PM
Southside Southside is offline
 
Join Date: Mar 2006
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 120
Default Just unbelievable !

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 This Section is repealed 5 years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.
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  #2  
Old 03-31-2011, 06:16 PM
Brian Weaver Brian Weaver is offline
 
Join Date: Apr 2005
Location: Chicago area
State: Illinois
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 2,514
Default

I think this died in committee. This has been out for quite a while.
  #3  
Old 03-31-2011, 06:32 PM
form1025's Avatar
form1025 form1025 is offline
 
Join Date: Jul 2009
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 341
Default

It has died per TJ.
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