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Illinois bill governing BPOs, CMAs awaits governor approval
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After lobbying efforts from appraisers, Realtors and lawmakers, legislation that seeks to clarify Illinois law governing broker price opinions (BPOs) and comparative market analysis (CMAs) has passed the state legislature and awaits the signature of Gov. Pat Quinn.
Illinois Senate Bill 3044, introduced in February, adds definitions of both BPOs and CMAs to the state’s Real Estate Appraiser Licensing Act and Real Estate Licensing Act, and specifies the circumstances under which BPOs and CMAs may be performed by brokers and managing brokers.
The bill’s intent was to bring Illinois into compliance with federal requirements for the state credentialing of appraisers.
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