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 Bill Status of SB2617  100th General Assembly


Short Description:  APPRAISAL MANAGEMENT-FED REG

Senate Sponsors
Sen. Pamela J. Althoff

Hearings
Licensed Activities and Pensions Hearing Feb 21 2018 1:30PM Capitol 400 Springfield, IL


Last Action
DateChamber Action
  2/14/2018SenateAssigned to Licensed Activities and Pensions

Statutes Amended In Order of Appearance
225 ILCS 459/10
225 ILCS 459/15
225 ILCS 459/17 new
225 ILCS 459/20
225 ILCS 459/25
225 ILCS 459/37 new
225 ILCS 459/40
225 ILCS 459/43 new
225 ILCS 459/47 new
225 ILCS 459/55
225 ILCS 459/65
225 ILCS 459/67 new
225 ILCS 459/68 new
225 ILCS 459/160
225 ILCS 459/163 new
225 ILCS 459/177 new


Synopsis As Introduced
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.

Actions 
DateChamber Action
  2/7/2018SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/7/2018SenateFirst Reading
  2/7/2018SenateReferred to Assignments
  2/14/2018SenateAssigned to Licensed Activities and Pensions

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