State Representative Tony McCombie announced that Governor Rauner signed House Bill 5502, a bill Rep. McCombie sponsored to remove an unnecessary testing requirement to encourage new real estate appraiser trainees to enter the industry.
“The signing of HB 5502 is the first step to rebuilding the appraisal industry here in Illinois. Due to the increased cost of education and mandates, those receiving licenses have continued to decline,” said Rep. Tony McCombie. “I am pleased to have sponsored this bill and the signing of the legislation is a positive change for Illinois. HB 5502 will grow jobs and opportunities for people wanting to enter the real estate appraisal field.”
The Illinois Coalition of Appraisal Professionals suggested this legislation as a way to allow individuals to sit for the examination while they are still attending classroom instruction. Further, there are some associate real estate trainee appraisers who do not wish to advance to become real estate appraisers, but they are currently capped at four years. The work of these individuals typically includes conducting research on properties, dealing with customers, and writing appraisal reports, but some do not want to perform the actual appraisals.
By reducing a barrier to entry and increasing labor market liquidity within the industry, Rep. McCombie believes the industry can be rebuilt in Illinois.
HB 5502 was signed into law as Public Act 100-832 on August 13, 2018.