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Illinois Compiled Statutes 205 ILCS 105 Illinois Savings and Loan Act of 1985. Section 5-13

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    (205 ILCS 105/5-13) (from Ch. 17, par. 3305-13)

    Sec. 5-13. Appraisals. (a) Every appraisal or reappraisal of property which an association is required to make shall be made as follows:

    (1) By an independent qualified appraiser designated by the board of directors;

    (2) By the association's appraisal committee appointed by the board of directors; or

    (3) In the case of an insured or guaranteed loan, by any appraiser appointed by any lending, insuring or guaranteeing agency of the United States or the State of Illinois which insures or guarantees such loan, wholly or in part.

    (b) Each appraisal shall be in writing, prepared at the request of the lender for the lender's use, disclose the market value of the security offered, contain sufficient information and data concerning the appraised property to substantiate the market value thereof, be certified and signed by the appraiser or appraisers and state that he or they have personally examined the described property; which appraisal shall be filed and preserved by the association.

    (c) If appraisals of real estate securing an association's loans are obtained as part of an examination by the Commissioner, the cost of such appraisals shall promptly be paid by the association directly to the appraiser or appraisers.

(Source: P.A. 86-137.)

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Last modified: February 20, 2012