(225 ILCS 459/15)
Sec. 15. Exemptions. Nothing in this Act shall apply to any of the following:
(1) an agency of the federal, State, county, or
municipal government or an officer or employee of a government agency, or person, described in this Section when acting within the scope of employment of the officer or employee;
(2) a corporate relocation company when the
appraisal is not used for mortgage purposes and the end user client is an employer company;
(3) any person licensed in this State under any
other Act while engaged in the activities or practice for which he or she is licensed;
(4) any person licensed to practice law in this
State who is working with or on behalf of a client of that person in connection with one or more appraisals for that client;
(5) an appraiser that enters into an agreement,
whether written or otherwise, with another appraiser for the performance of an appraisal, and upon the completion of the appraisal, the report of the appraiser performing the appraisal is signed by both the appraiser who completed the appraisal and the appraiser who requested the completion of the appraisal, except that an appraisal management company may not avoid the requirement of registration under this Act by requiring an employee of the appraisal management company who is an appraiser to sign an appraisal that was completed by another appraiser who is part of the appraisal panel of the appraisal management company;
(6) any person acting as an agent of the Illinois
Department of Transportation in the acquisition or relinquishment of land for transportation issues to the extent of their contract scope; or
(7) a design professional entity when the appraisal
is not used for mortgage purposes and the end user client is an agency of State government or a unit of local government.
In the event that the Final Interim Rule of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act provides that an appraisal management company is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution's regulatory agency and is exempt from State appraisal management company registration requirements, the Department, shall, by rule, provide for the implementation of such an exemption.
(Source: P.A. 97-602, eff. 8-26-11.)
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Last modified: February 18, 2015