House Sponsors: PANKAU-SAVIANO-HARTKE. Senate Sponsors: NOLAND-DELEO Short description: REAL ESTATE APPRAISERS LICENSG Synopsis of Bill as introduced: Creates the Real Estate Appraiser Licensing Act of 2002. Requires a person to possess an appraiser's license in order to appraise a home in a federally related transaction or advertise or hold himself or herself out as an appraiser. Creates criminal penalties for practicing without a license when it is required in a federally related transaction. Creates 3 classes of appraisers: general real estate appraiser, residential real estate appraiser, and associate real estate appraiser. Sets out guidelines for application and renewal for each type of appraiser's license. Requires licensure of education providers and approval of courses. Creates the Appraisal Administration Fund. Creates a Real Estate Appraisal Board. Denies home rule powers. Repeals the Real Estate Appraiser Licensing Act on July 1, 2002. Amends the Regulatory Sunset Act. Effective July 1, 2002. HOUSE AMENDMENT NO. 1. Changes the reference from appraisers to appraisers of real estate in connection with a federally related transaction. Removes as a ground for disciplinary action the failure of an appraiser to include the date of the expiration of his or her license on the written appraisal report forms. Removes the requirement that an accused pay for a transcript of the record. Removes the Section concerning temporary suspension of a license. HOUSE AMENDMENT NO. 2. Provides that the licensing requirements of the Act do not require a real estate broker or salesperson who holds a valid license pursuant to the Real Estate License Act of 2000 to be licensed as a real estate appraiser under this Act, unless the broker or salesperson is providing or attempting to provide an appraisal report in connection with a federally-related transaction. Provides that the 2 real estate brokers appointed to the Board shall hold a valid appraiser license under the Act or a predecessor Act for at least 5 years prior to the appointment. Provides that persons serving on the Board pursuant to the Real Estate Appraiser Licensing Act shall become members of the new Board on July 1, 2002 (was January 1, 2002). Provides that OBRE shall maintain and update a registry of the names and addresses of all licensees and a listing of disciplinary orders issued pursuant to this Act, and shall transmit the registry, along with any national registry fees that may be required, to the entity specified by, and in a manner consistent with, Title XI of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989. Makes other changes. Last action on Bill: PUBLIC ACT.............................. 92-0180 Last action date: JUL-27-2001 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 0 END OF INQUIRY Full Text Bill Status