Bill Title: 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.

Spectrum: Bipartisan Bill

Status: (Passed) 2018-07-13 - Public Act . . . . . . . . . 100-0604 [SB2617 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Chaptered	2018-07-13	HTML/Text	Link	View
Enrolled	2018-06-06	HTML/Text	Link	View
Engrossed	2018-04-25	HTML/Text	Link	View
Introduced	2018-02-07	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2018-05-24	Proposed	HTML/Text	Link	View
House Amendment 002	2018-05-24	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois SB2617 currently on file.

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