(Section scheduled to be repealed on January 1, 2027)

153 words·~1 min read·/il/chapter-225/act-458/1

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Sec. 10-10. 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 of 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, including, but not limited to, appraisal qualification board policies and guidelines, 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 body of the appraisal report and it shall not be redacted or otherwise obscured.