(225 ILCS 458/10-10)
(Section scheduled to be repealed on January 1, 2022)
Standards of practice.
All persons licensed under this Act
must comply with standards
of professional appraisal practice adopted by the Department. The Department
must adopt, as part
its rules, the Uniform
Standards of Professional Appraisal Practice (USPAP) as published from time to time by
the Appraisal Standards
Board of the Appraisal Foundation. The Department
shall consider federal laws and
regulations regarding the
licensure of real estate appraisers prior to adopting its rules for the
administration of this Act. When an appraisal obtained through an appraisal management company is used for loan purposes, the borrower or loan applicant shall be provided with a written disclosure of the total compensation to the appraiser or appraisal firm within the certification of the appraisal report and it shall not be redacted or otherwise obscured.
(Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)