IL SB2617 | 2017-2018 | 100th General Assembly

Status

Spectrum: Bipartisan Bill
Status: Engrossed on April 25 2018 - 50% progression
Action: 2018-05-18 - Placed on Calendar 2nd Reading - Short Debate
Text: Latest bill text (Engrossed) [HTML]

Summary

Amends the Appraisal Management Company Registration Act. Makes changes to definitions. Provides that federally regulated appraisal management companies shall register with the Department of Financial and Professional Regulation and pay all fees associated with registering a federally regulated appraisal management company. Requires a registration to state the name of the registrant and the address of the principal office and provides that such registration is not transferable or assignable. Requires that each registrant file an annual report with the Secretary of Financial and Professional Regulation that gives relevant information regarding compliance with federal and State rules. Allows the Secretary to investigate an appraisal management company at any time. Allows the Department to set fees for appraiser panels and the national registry. Allows the Department to take disciplinary action for failure to pay appraiser panel fees or national registry fees. Allows the Department to consider an applicant's moral character when granting or denying a registration. Excludes an appraisal management company from being registered or included on the national registry list if the company is owned by a person who has had his or her appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked. Requires that an applicant shall submit his or her fingerprints to the Department of State Police and pay all fees associated with a criminal history records background check. Allows an administrator, executor, or guardian of an appraisal management company to apply for a registration. Makes other changes. Effective immediately.

Tracking Information

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Title

APPRAISAL MANAGEMENT-FED REG

Sponsors


Roll Calls

2018-04-25 - Senate - Third Reading in Senate (Y: 56 N: 0 NV: 3 Abs: 0) [PASS]

History

DateChamberAction
2018-05-18HousePlaced on Calendar 2nd Reading - Short Debate
2018-05-16HouseDo Pass / Short Debate Business & Occupational Licenses Committee; 008-000-000
2018-05-07HouseAssigned to Business & Occupational Licenses Committee
2018-04-26HouseReferred to Rules Committee
2018-04-26HouseFirst Reading
2018-04-25HouseChief House Sponsor Rep. Michael J. Zalewski
2018-04-25HouseArrived in House
2018-04-25SenateThird Reading - Passed; 056-000-000
2018-03-01SenatePlaced on Calendar Order of 3rd Reading March 13, 2018
2018-03-01SenateSecond Reading
2018-02-21SenatePlaced on Calendar Order of 2nd Reading February 22, 2018
2018-02-21SenateDo Pass Licensed Activities and Pensions; 010-000-000
2018-02-14SenateAssigned to Licensed Activities and Pensions
2018-02-07SenateReferred to Assignments
2018-02-07SenateFirst Reading
2018-02-07SenateFiled with Secretary by Sen. Pamela J. Althoff

Code Citations

ChapterArticleSectionCitation TypeStatute Text
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22545940Amended CodeCitation Text
22545943New CodeSee Bill Text
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22545955Amended CodeCitation Text
22545965Amended CodeCitation Text
22545967New CodeSee Bill Text
22545968New CodeSee Bill Text

Illinois State Sources


Bill Comments

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