Illinois § 15

§ 15.

Task Force duties. (a) The Task Force shall have the following duties: (1) harmonize to the greatest extent possible the various collateral underwriting standards and guidance of the agencies and entities represented on the Task Force governing residential and commercial real estate valuations, including standards and guidance with respect to appraisals, non-traditional and alternative methods of providing real estate property evaluations, such as automated valuation models, processes, and procedures for managing reconsiderations of value by consumers, and standards and guidance with respect to common collateral underwriting challenges, such as energy efficient housing and limited or inactive markets; (2) to the extent that standards or guidance described under paragraph (1) are not harmonized, the Task Force shall issue a report to the General Assembly explaining why harmonization cannot or should not be implemented; (3) establish specific definitions for limited or inactive housing markets in which comparable sales are limited or unavailable over a certain period of time, and establish greater flexibilities and guidance for appraisals and any underwriting processes associated with appraisals conducted in such markets, such as the ability to consider market evidence for similar properties in other geographic areas or utilizing a range of value; (4) aggregate data across Task Force members and conduct a study to determine whether there are racial disparities at both the borrower and community level in the valuation and price of the residential real estate to be used as collateral for mortgage applications processed by Task Force members; (5) identify specific causes of such racial disparities and (i) adopt changes to address such causes; or (ii) if the Task Force determines that additional statutory authority is needed to adopt such changes, issue a report to the General Assembly describing the needed statutory authority; and (6) evaluate whether there are any barriers to entry that are disproportionately preventing minorities from entering into the appraisal profession. (b) In carrying out its duties under this Act, the Task Force shall consult with the following individuals or entities: (i) civil rights advocates; (ii) consumer advocates; (iii) real estate appraisers; (iv) small lenders; (v) trade groups; (vi) appraisal management companies; (vii) experts on alternative valuation models; and (viii) an organization that adopts appraisal standards and appraiser qualification criteria. (Source: P.A. 102-934, eff. 1-1-23.)