IL HB2720

Amends the Real Estate Appraiser Licensing Act of 2002 to allow valuation waivers to be prepared by licensed appraisers under specified circumstances.

Permits Illinois Department of Transportation employees with minimum 45 hours of real estate appraisal coursework and 2 years of related experience to prepare valuation waivers up to $10,000 without a license.

Allows county engineers who are registered professional engineers to prepare valuation waivers up to $10,000 under federal Uniform Relocation Assistance and Real Property Acquisition Policies Act requirements.

Requires co-signing and license number affixation by registered professional engineers when Department of Transportation employees prepare valuations, and requires county engineers to affix their license numbers to valuations.

Takes effect upon becoming law and clarifies these exemptions do not authorize eminent domain acquisitions outside the procedures established in the Eminent Domain Act.