HB0092 97TH GENERAL ASSEMBLY

LRB097 02780 CEL 42802 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB0092

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.

A BILL FOR

AN ACT concerning regulation.

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

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

(225 ILCS 458/10-25 new)

Sec. 10-25. Appraisals; sales. A licensed real estate appraiser may not, in the preparation of an appraisal of residential real estate, use as a comparable sale the sale price for a residential property that was sold at a judicial sale at any time within 12 months after the date of the judicial sale under Article XV of the Code of Civil Procedure for residential real estate. This Section is repealed 5 years after its effective date.