Sec. 15. Exemptions.

482 words·~2 min read·/il/chapter-225/act-459/15

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

(a)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;

(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;

(8)an appraiser firm whose ownership is appropriately certified under the Real

Estate Appraiser Licensing Act of 2002;

(9)an appraisal management company solely engaged in non-residential appraisal

management services; or

(10)a department or division of an entity that provides appraisal management services

only to that entity.

(b)A federally regulated appraisal management company shall register with the Department for the sole purpose of collecting required information for, and to pay all fees associated with, the State of Illinois' obligation to register the federally regulated appraisal management company with the Appraisal Management Companies National Registry, but the federally regulated appraisal management company is otherwise exempt from all other provisions in this Act.

(c)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.