225 ILCS 459/1
Short title
Short title. This Act may be cited as the Appraisal Management Company Registration Act. (Source: P.A. 97-602, eff. 8-26-11.)
Illinois Compiled Statutes 225 ILCS 459 — Appraisal Management Company Registration Act.
Illinois · statute · 225 ILCS 459 · 48 active provisions
225 ILCS 459/5
Findings
Findings. The General Assembly finds that: It is the intent of the General Assembly that this Act provide for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as ap…
225 ILCS 459/10
Definitions
Definitions. In this Act: "Address of record" means the principal address recorded by the Department in the applicant's or registrant's application file or registration file maintained by the Department's registration maintenance unit. "Applicant" means a person or entity who applies to the Department for a registratio…
225 ILCS 459/15
Exemptions
Exemptions. (a) Nothing in this Act shall apply to any of the following: (1) an agency of the federal, State, county, or municipal government or an officer or employee of a government agency, or person, described in this Section when acting within the scope of employment of the officer or employee; (2) a corporate relo…
225 ILCS 459/17
Address of record; email address of record
Address of record; email address of record. All applicants and registrants shall: (1) provide a valid address and email address to the Department, which shall serve as the address of record and email address of record, respectively, at the time of application for registration or renewal of a registration; and (2) infor…
225 ILCS 459/20
Restrictions and limitations
Restrictions and limitations. Beginning January 1, 2012, it is unlawful for a person or entity to act or assume to act as an appraisal management company as defined in this Act, to engage in the business of appraisal management service, or to advertise or hold himself or herself out to be a registered appraisal managem…
225 ILCS 459/25
Powers and duties of the Department
Powers and duties of the Department. Subject to the provisions of this Act: (1) The Department may ascertain the qualifications and fitness of applicants for registration and pass upon the qualifications of applicants for registration. (2) The Department may conduct hearings on proceedings to refuse to issue or renew o…
225 ILCS 459/30
Coordinator of Appraisal Management Company Registration
Coordinator of Appraisal Management Company Registration. The Coordinator of Real Estate Appraisal shall serve as the Coordinator of Appraisal Management Company Registration. The Coordinator shall have the same duties and responsibilities in regards to appraisal management company registration as the Coordinator has i…
225 ILCS 459/32
Multi-state licensing system
Multi-state licensing system. The Secretary may require participation in a third-party, multi-state licensing system for registration under this Act. The multi-state licensing system may share regulatory information and maintain records in compliance with the provisions of this Act. The multi-state licensing system may…
225 ILCS 459/35
Application for original registration
Application for original registration. Applications for original registration shall be made to the Department on forms prescribed by the Department, or through a multi-state licensing system as designated by the Secretary, and accompanied by the required fee. All applications shall contain the information that, in the…
225 ILCS 459/37
Transferability; assignability
Transferability; assignability. A registration, when issued for an appraisal management company, shall state the name of the registrant and the address of the principal office. The registration is not transferable or assignable. (Source: P.A. 100-604, eff. 7-13-18.)
225 ILCS 459/40
Qualifications for registration
Qualifications for registration. (a) The Department may issue a certification of registration to practice under this Act to any applicant who is qualified to do business in this State and applies to the Department on forms provided by the Department, or through a multi-state licensing system as designated by the Secret…
225 ILCS 459/43
Application denial
Application denial. If an application is denied, the applicant may, within 20 days after the date of the notice of denial, make a written request to the Secretary for a hearing on the application, and the Secretary shall set a time and place for the hearing. The hearing shall be set for a date after the receipt by the…
225 ILCS 459/45
Expiration and renewal of registration
Expiration and renewal of registration. The expiration date and renewal period for each registration shall be set by rule. A registrant whose registration has expired may reinstate his or her registration at any time within 5 years after the expiration thereof, by making a renewal application and by paying the required…
225 ILCS 459/47
Report; investigation; costs
Report; investigation; costs. Each registrant shall provide information as the Secretary may reasonably require concerning, and for the purpose of examination for compliance with federal and State regulations, the business and operations of each registered appraisal management company conducted by the registrant within…
225 ILCS 459/50
Bonds of registrants
Bonds of registrants. All registrants shall maintain a bond in accordance with this Section. Each bond shall be for the recovery of expenses, fines, or fees due to or levied by the Department in accordance with this Act. The bond shall be payable when the registrant fails to comply with any provisions of this Act and s…
225 ILCS 459/55
Fees
Fees. (a) The fees for the administration and enforcement of this Act, including, but not limited to, original registration fees, renewal fees, appraiser panel fees, appraiser management company national registry fees, and restoration fees, shall be set by the Department by rule. The fees shall not be refundable. (b) A…
225 ILCS 459/60
Returned checks; fines
Returned checks; fines. Any person who delivers a check or other payment to the Department that is returned to the Department unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to the amount already owed to the Department, a fine of $50. The fines imposed by this Section…
225 ILCS 459/65
Disciplinary actions
Disciplinary actions. (a) The Department may refuse to issue or renew, or may revoke, suspend, place on probation, reprimand, or take other disciplinary or non-disciplinary action as the Department may deem appropriate, including imposing fines not to exceed $25,000 for each violation upon any registrant or applicant u…
225 ILCS 459/67
Good moral character
Good moral character. If an applicant, registrant, controlling person, or any person with ownership interest in the applicant or registrant, has had a license or registration revoked on a prior occasion, has been found to have committed any of the practices enumerated in Section 65, has been convicted of or entered a p…
225 ILCS 459/70
Injunctive action; cease and desist order
Injunctive action; cease and desist order. (a) If any person violates the provisions of this Act, the Secretary, in the name of the People of the State of Illinois, through the Attorney General or the State's Attorney of the county in which the violation is alleged to have occurred, may petition for an order enjoining…
225 ILCS 459/75
Investigations; notice and hearing
Investigations; notice and hearing. The Department may investigate the actions of any person who is an applicant or of any person or persons rendering or offering to render any services requiring registration under this Act or any person holding or claiming to hold a registration as an appraisal management company. The…
225 ILCS 459/80
Record of proceedings; transcript
Record of proceedings; transcript. The Department, at its expense, shall preserve a record of all proceedings at the formal hearing of any case. The notice of hearing, complaint, all other documents in the nature of pleadings, written motions filed in the proceedings, the transcripts of testimony, the report of the hea…
225 ILCS 459/85
Subpoenas; depositions; oaths
Subpoenas; depositions; oaths. The Department has the power to subpoena documents, books, records, or other materials and to bring before it any person and to take testimony either orally or by deposition, or both, with the same fees and mileage and in the same manner as prescribed in civil cases in the courts of this…
225 ILCS 459/90
Compelling testimony
Compelling testimony. Any circuit court, upon application of the Department or designated hearing officer may enter an order requiring the attendance of witnesses and their testimony, and the production of documents, papers, files, books, and records in connection with any hearing or investigation. The court may compel…
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