Illinois House Bill 2962 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 14 2019 - 25% progression, died in committee
Action: 2019-04-12 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Appraisal Management Company Registration Act. Creates the Appraisal Management Company Recovery Fund. Provides that upon recommendation of the Board, the Secretary of Financial and Professional Regulation may charge a fee no greater than $500 to be paid at the time of submission of an original application and each renewal application to register as an appraisal management company, and directs those fee to be deposited in the Appraisal Management Company Recovery Fund (AMCRF). Provides that any money remaining in the in the AMCRF at the close of the fiscal year will not lapse, but it shall be carried forward into the succeeding fiscal year. Provides that notwithstanding any other law to the contrary, the AMCRF is not subject to sweeps, administrative charge-backs, or any other fiscal budgetary maneuver that would in any way transfer any amounts from the AMCRF into any other fund of the State. Requires in writing, the approval of the Secretary prior to any funds being paid. Provides specifications for the use of fund money which will be paid to any appraisal management companies who are owed restitution. Repeals provision that a registrant under the Act must maintain a $25,000 bond that may be used only for the recovery of expenses or the collection of fines or fees due to or levied by the Department of Financial and Professional Regulation. Makes other changes. Effective immediately.

APPRAISAL MGMT CO RECOVER FUND

Rep. Robert Rita [D]

Date	Chamber	Action
2019-04-12	House	Rule 19(a) / Re-referred to Rules Committee
2019-04-10	House	Held on Calendar Order of Second Reading - Short Debate
2019-04-10	House	Second Reading - Short Debate
2019-03-29	House	Placed on Calendar 2nd Reading - Short Debate
2019-03-27	House	Do Pass / Short Debate Labor & Commerce Committee; 018-008-000
2019-02-26	House	Assigned to Labor & Commerce Committee
2019-02-14	House	Referred to Rules Committee
2019-02-14	House	First Reading
2019-02-14	House	Filed with the Clerk by Rep. Robert Rita

Chapter	Article	Section	Citation Type	Statute Text
225	459	50	Repealed Code	Citation Text
225	459	55	Amended Code	Citation Text
225	459	56	New Code	See Bill Text
225	459	57	New Code	See Bill Text
225	459	65	Amended Code	Citation Text
30	105	5.891	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2962&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB2962.htm