HB0723 100TH GENERAL ASSEMBLY

LRB100 06156 HEP 16189 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0723

Introduced 1/25/2017, by Rep. Robert Rita

SYNOPSIS AS INTRODUCED:

765 ILCS 77/Art. 3.5 heading new
765 ILCS 77/85 new

Creates the Real Estate Appraisal Fees Article of the Residential Real Property Disclosure Act. Provides that in any residential real estate closing document in which real estate appraisal fees are shown, the fee paid to an appraiser shall be shown separately from the fee paid to an appraisal management company.

A BILL FOR

AN ACT concerning civil law.

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

Section 5. The Residential Real Property Disclosure Act is amended by adding Article 3.5 as follows:

(765 ILCS 77/Art. 3.5 heading new)

ARTICLE 3.5

REAL ESTATE APPRAISAL FEES

(765 ILCS 77/85 new)

Sec. 85. Residential real estate closing documents. In any residential real estate closing document in which real estate appraisal fees are shown, the fee paid to an appraiser shall be shown separately from the fee paid to an appraisal management company.