Illinois General Assembly - Bill Status for HB2956

Creates the Appraisal Management Company Registration Act. Provides for registration of appraisal management companies with the Department of Financial and Professional Regulation. Beginning January 1, 2012, provides that 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 management company without first obtaining a certificate of registration issued by the Department under this Act. Includes provisions concerning exemption from the Act. Provides that persons practicing as an appraisal management company in Illinois on the effective date of the Act may continue to practice until the Department has adopted rules implementing the Act. Provides that persons shall apply for registration within 180 days after the effective date of the rules and the person may continue to practice until the Department acts to grant or deny registration. Provides that each entity registered under this Act shall designate a controlling person who is responsible to assure that the company operates in compliance with this Act. Sets forth the powers and duties of the Department, registration qualifications, grounds for discipline, civil and criminal penalties, and administrative procedure. Sets forth provisions concerning standards of practice and prohibited activities. Preempts home rule. Effective immediately.

Replaces everything after the enacting clause. Reinserts the introduced bill with changes. Provides a definition for "appraisal firm". Removes a provision concerning an exemption for a real estate broker or real estate managing broker. Provides that in the event that the Final Interim Rule of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act provides that an appraisal management company is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution's regulatory agency and is exempt from State appraisal management company registration requirements, the Department, shall, by rule, provide for the implementation of such an exemption. Makes a corresponding change in the provision concerning business practice provisions and standards of practice. Effective immediately.

Adds an exemption to this Act for any person acting as an agent of the Illinois Department of Transportation in the acquisition or relinquishment of land for transportation issues to the extent of their contract scope.

Makes changes to the business practice provisions, standards of practice. Provides that to the extent permitted by federal law or regulation, the Department shall formulate rules pertaining to customary and reasonable rates of compensation for fee appraisers. Removes language that the Department may not adopt rules or policies that contradict or change the presumptions of compliance as established under the Final Interim Rule of the federal Frank-Dodd Wall Street Reform and Consumer Protection Act.

Replaces everything after the enacting clause. Amends the Child Care Act of 1969. Makes a technical change in a Section concerning the short title.

Replaces everything after the enacting clause. Amends the Counties Code. Provides that for every new wireless telecommunications facility in Lake County requiring a new tower structure, a telecommunications carrier shall provide the county with documentation consisting of the proposed location, a site plan, and an elevation that sufficiently describes a proposed wireless facility location. Sets forth procedures concerning the review of the proposal, meetings to propose alternative site locations, and the selection of any alternative locations. Sets forth exceptions to the approval process. Effective immediately.

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