Bankers Oppose New Illinois Appraiser Licensing Amendment - ICAP Supports The Bill

The following information has been provided by the Illinois Coalition of Appraisal Professionals (ICAP) Board SUPPORT AMENDMENT #2 SB482 - Click here for the full bill. Illinois appraisers, please call your State Rep and Senator today urging them to support House Amendment # 2 and oppose the Bankers Amendment #4 for a full exemption to Senate Bill 482. State legislators can be reached by calling the main General Assembly Switchboard at 1-217-782-2000. You can also go to the ICAP website and use the Write Your Legislators icon on the bottom of our homepage. We are providing you the following list of talking points to help identify the major changes this Bill will make to the current statute. A full list of all of the changes has been posted to the ICAP websites homepage as today’s lead news story. The Bill:

• Provides for mandatory licensing of real estate appraisers
• Provides predatory lending protections
• Updates the Act to comply with federal requirements for appraisers
• Replaces category of "associate real estate appraiser" with "associate real estate trainee appraiser" and limits the number of trainees who may be supervised by a single supervising appraiser to three
• Changes the Real Estate Appraisal Board to the Real Estate Appraisal Administration and Disciplinary Board
• Provides increased penalties for unlicensed appraisal practices
• 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)

These are all positive changes that many of our members have been asking for since licensing began. We would strongly urge all of our members to view the full list of changes on the ICAP website and to read Amendment #2 and Amendment #4 of SB482 at the above references website.

The Bill is supported by:

• Illinois Coalition of Appraisal Professionals
• Illinois Association of Mortgage Brokers
• American Guild of Appraisers, an AFL-CIO affiliate
• The Realtors will not oppose our effort for mandatory licensing.

Realtors can continue to provide CMAs and value opinions so long as they are not described as an appraisal. REALTORS can not provide a value on real property for the purpose of allowing a person or entity to secure a mortgage. Assessors are exempt from this act when performing their respective duties in accordance with the provisions of the Property Tax Code.

The only opposition to our Bill comes from the Banking industry.

They are asking for a full exemption from our law and have filed language for that exemption as AMENDMENT #4 to SB482.

"(e) This Act does not apply to an employee of a financial institution when engaged in an evaluation of real property for the sole use of the financial institution in a transaction that is exempt from the requirements of Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, as amended, and the regulations promulgated thereunder."

You can read the full Amendment #4 here.

They are also actively fighting to oppose our entire Bill. We know as appraisers that the pressure to create bad values is coming from the lending industry. They CAN NOT be granted an exemption allowing them to use unlicensed appraisers. This is the biggest consumer protection issue facing our industry today

Please contact your State Senator and Representative today and ask them to support Amendment #2 and oppose the Bankers Amendment #4 on SB482. We need every member to send a strong message to Springfield. The time to act is now!

Thank you for your time and support. The ICAP Board

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