IL HB4410

Establishes the Real Estate Valuation Task Force to address historical discrimination in property valuation and lending practices by federal agencies that considered race and ethnicity when underwriting loans and valuing real estate.

Task Force consists of 12 members including legislative appointees, state agency representatives (Financial and Professional Regulation, Commerce, Human Rights, Revenue, and Housing Development Authority), and representatives from banking associations, credit unions, fair housing organizations, consumer protection groups, and appraisal organizations.

Task Force duties include harmonizing collateral underwriting standards across member agencies, establishing definitions and flexibilities for limited or inactive housing markets, conducting racial disparity studies in residential real estate valuation, and evaluating barriers preventing minorities from entering the appraisal profession.

Requires an initial report to the Governor and General Assembly within 24 months of the effective date, with periodic updates thereafter describing findings, actions taken, and planned efforts.

Task Force terminates 5 years after the effective date, with the Act repealed on January 1, 2029.