ADMINISTRATIVE CODE TITLE 68: PROFESSIONS AND OCCUPATIONS CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS PART 1452 APPRAISAL MANAGEMENT COMPANY REGISTRATION ACT SECTION 1452.150 COMPLIANCE REQUIREMENTS
Section 1452.150 Compliance Requirements
a) The Department may require a registrant, pursuant to an agreement or order, in connection with an investigation, or for the purpose of examination for compliance with State and federal regulations, to provide any reports, records or other documents pertaining to appraisal management activity that the Department may deem necessary to maintain standards of professional conduct, the competency of a registrant, and the protection of the public.
b) Pursuant to an agreement, order, disciplinary or non-disciplinary action, the Department may include requirements or conditions designed to maintain the standards of professional conduct, competency of a registrant, and protection of the public.
c) The Department may, in its discretion, issue an administrative warning letter. Administrative warning letters are non-disciplinary.
d) Pursuant to Section 65 of the Act, all registrants are required to fully cooperate with any audit, investigation, interrogatory, examination, or request for information regarding any aspect of the registrant's appraisal management practice or application for registration. Full cooperation includes, but is not necessarily limited to, providing to the Department, within 30 days after its request, a complete answer to any written interrogatory or request for clarification submitted to a registrant or employee of the registrant.
e) The bond required by Section 50 of the Act shall be maintained by each registrant and for each renewal thereafter. This provision does not prohibit the registrant from maintaining a continuing bond during any registration term. Failure to maintain the bond and to provide the Department with written proof of the bond, upon request, shall result in cancellation of the license without hearing.
f) All Department administrative hearings pursuant to this Act and Part shall be conducted in accordance with the Rules of Practice in Administrative Hearings as provided for in 68 Ill. Adm. Code 1110.
(Source: Amended at 50 Ill. Reg. 686, effective January 5, 2026) |