| Function: | (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. |
| Composition: | (1) 4 members appointed one each by the Speaker of the
House of Representatives, the Minority Leader of the House of Representatives, the President of the Senate, and the Minority Leader of the Senate;
(2) the Secretary of Financial and Professional
Regulation, or a designee;
(3) the Director of Commerce and Economic Opportunity, or a designee;
(4) the Director of Human Rights, or a designee;
(5) the Director of Revenue, or a designee;
(6) the Executive Director of the Illinois Housing
Development Authority, or a designee;
(7) a representative of a statewide banking
association representing banks of all asset sizes,
appointed by the Governor;
(8) a representative of a statewide banking
association exclusively representing banks with assets
below $20,000,000,000, appointed by the Governor;
(9) a representative of a statewide association
representing credit unions, appointed by the Governor;
(10) a representative of an agency, organization, or
association advocating for fair housing, appointed by the Governor;
(11) a representative of an agency, organization, or
association for consumer protection, appointed by the
Governor; and (12) a representative of a statewide appraisal
organization, appointed by the Governor. |