Section 1452.100  Payment Policies

a)         The registrant shall provide a written, comprehensive and definitive payment policy to each approved appraiser vendor.  The payment policy may be part of a vendor agreement, assignment order, or service request, and shall include, but is not limited to, the following:

1)         The agreed date or period by which the appraiser should expect to receive compensation at the conclusion of an assignment;

2)         Total completed assignment compensation;

3)         Any conditions that delay or void payment, including sequential liability;

4)         By what method compensation will be received by the appraiser;

5)         Registrant's required turn time;

6)         Partial compensation, if any, for the following:

A)        Completed assignment;

B)        Registrant's or client delays, holds and/or cancellations; or

C)        Property owner or agent access delays and/or cancellations, including when an individual responsible for providing access to a property fails to appear at the scheduled time;

7)         Any and all fees and charges charged to an Illinois appraiser, including but not limited to fees and charges for:

A)        Portal and/or onboarding or maintenance;

B)        Systems access;

C)        Technology applications and proprietary software or cloud computing;

D)        Background and/or credit checks;

E)        Review of assignments or samples; and

F)         Application for panel approval.

b)         The registrant shall maintain records of all changes to written payment policies.  The fee schedules shall be definitive in nature.  All fee schedules must be in compliance with the provisions of the Truth in Lending Act (15 U.S.C. 1601) relating to customary and reasonable fees.

c)         A registrant shall not prohibit an appraiser from including within the body of the appraisal report that is submitted as part of an assignment, the following:

1)         The total fee that is collected by the AMC for the assignment;

2)         The amount agreed to between the AMC and the appraiser at the time of the engagement for the performance of the appraisal; or

3)         Disclosure of the total compensation paid to the appraiser for the performance of the appraisal assignment and to the AMC for the related appraisal assignment or activity.

d)         If a registrant utilizes a third party service or business to disburse payment to the appraiser, the registrant is still responsible for the requirements as stipulated by the Act and this Part.

(Source:  Amended at 50 Ill. Reg. 686, effective January 5, 2026)