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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB2664 Introduced , by Rep. Robert Rita SYNOPSIS AS INTRODUCED: |
| 30 ILCS 105/5.866 new | | 225 ILCS 459/55 | | 225 ILCS 459/56 new | | 225 ILCS 459/57 new | |
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Amends the State Finance Act. Establishes the Appraisal Management Company Recovery Fund. Amends the Appraisal Management Company Registration Act. Provides that the Real Estate Appraisal Administration Disciplinary Board may charge a fee, not to exceed $800, to be paid at the time of submission of an original application and each renewal application, for a license as an appraisal management company. Provides that such fees shall be deposited in the Appraisal Management Company Recovery Fund. Provides that the Board shall administer the fund for the purpose of providing restitution to certified general and residential real estate appraisers who have suffered pecuniary loss due to appraisal management companies ceasing to be registered with the Board. Provides that the amount paid to an appraiser shall equal the actual amount of appraisal fees proven to be owed to the appraiser by the relevant appraisal management company, and any reasonable and appropriate court costs associated with determining the final judgment in favor of the appraiser. Provides that any monies remaining in the fund at the close of the fiscal year shall not lapse, but shall be carried forward into the succeeding fiscal year. Provides that the fund is not subject to sweeps, administrative charge-backs, or any other fiscal or budgetary maneuver that would transfer any amounts from the fund into any other fund of the State. Authorizes the Department of Financial and Professional Responsibility to adopt rules ensuring that the balance of the fund shall not fall below $900,000, and suspend imposing fees when the balance of the fund is $900,000. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB2664 | | LRB099 08628 HAF 28792 b |
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1 | | AN ACT concerning regulation.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The State Finance Act is amended by adding |
5 | | Section 5.866 as follows: |
6 | | (30 ILCS 105/5.866 new) |
7 | | Sec. 5.866. The Appraisal Management Company Recovery |
8 | | Fund. |
9 | | Section 10. The Appraisal Management Company Registration |
10 | | Act is amended by adding Sections 55, 56 and 57 as follows: |
11 | | (225 ILCS 459/55)
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12 | | Sec. 55. Fees. |
13 | | (a) The fees for the administration and enforcement of this |
14 | | Act, including, but not limited to, original registration, |
15 | | renewal, and restoration fees, shall be set by the Department |
16 | | by rule. The fees shall not be refundable. |
17 | | (b) All fees and other moneys collected under this Act |
18 | | shall be deposited in the Appraisal Administration Fund , except |
19 | | as provided by Section 56 of this Act .
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20 | | (Source: P.A. 97-602, eff. 8-26-11.) |