William B. Blanchard, Esq. publishes note about legislative changes for real estate professionals
The changes were welcomed by the realtors' community as well as the IDFPR, notes William Blanchard, real estate attorney in Illinois.
By: William B. Blanchard
In addition, H.B. 5502, seeks to ease the licensing requirements for real estate appraisers, hopefully resulting in more real estate appraisers in Illinois. The bill would address the shortage of real estate appraisers in Illinois by no longer requiring appraisers to personally take and pass an exam administered by the Illinois Department of Financial & Professional Regulation (hereinafter "IDFPR"). Also, associate real estate trainee appraiser are no longer limited to 2 license renewals. The Department must also employ a "minimum of one investigator with an active certified appraiser license per 2,000 licensees in order to have sufficient staff to perform the Department's obligations"
The changes were welcomed by the realtors' community as well as the IDFPR. According to Chicago Agent Magazine, Director of IDFPR, Kreg Allison, commented that the new regulatory scheme would reduce the cost of compliance and also save time for brokerage firms. Allison went on to say that "[n]ow consumers will be able to look up a licensed firm and find everyone affiliated with that firm, including each of its offices and who manages those locations. The data is going to look much better and be easier to find as we move everything online." Allison also supported the changes to rules governing the licensure of real estate appraisers. Illinois Realtors Association also supported the legislation. According to the Chicago Agent Magazine, Illinois Realtors CEO Gary Clayton issued the following statement: "On behalf of more than 47,000 Realtors throughout Illinois, we support this effort and appreciated the opportunity to work with IDFPR in crafting and passing this legislation. This is a sound policy initiative that will streamline the regulatory process for Illinois businesses."
**** Mr. William B. Blanchard ("Bill Blanchard") is a Real Estate Attorney with offices in St. Charles and Oakbrook Terrace, Illinois. Bill specializes in representing real estate clients for purchases and sales as well as home owner real estate tax assessment appeals. – Website: https://williamblanchardlaw.com/
William B. Blanchard, Esq.
St. Charles, Illinois