AMC Bill Passes both Illinois Houses 5/29/2011

AMC Bill Passes both Illinois Houses 5/29/2011.

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.

The Illinois Coalition of Appraisal Professionals (ICAP) Announces Its 2011 Seminar Schedule And On-Line Registration

ICAP is pleased to announce its 2011 seminar schedule and on-line registration.  “We are extremely excited about the seminars this year” said Randy Neff, seminar chair-“we are particularly excited about our new seminar offering in Godfrey, IL which qualifies for an addition seven hours of continuing education”.  The locations, dates, and speakers for ICAP’s summer seminars are as follows: 

Springfield (July 19^th-Crown Plaza Hotel) and Lisle* (August 1^st-Wyndham Hotel) Seminars:

• Brian Weaver, IDFPR appraisal coordinator-Keynote Speaker will discuss Illinois compliance updates;
• Jed Smith, Managing Director of Quantitative Research for the National Association of Realtors will discuss current economic and market conditions (Lisle seminar only);
• Scott Dibiasio, State and Industry Affairs for the Appraisal Institute (Springfield seminar only);
• Wayne Pugh, 2008 Appraisal Institute President and Valuation Magazine’s “Cool Tools” columnist will discuss technology for real estate appraisers; and
• Charlie Franklin, a defense attorney who specializes in real estate appraiser disciplinary and litigation matters will give a presentation on limiting appraisers liability.

*ICAP’s Lisle seminar will feature a Vendor Showcase where attendees will receive in-depth information on real estate appraisal products and services.

Godfrey Seminar (August 12^th-Lewis and Clark Community College):

• Mr. Larry Disney, Kentucky Real Estate Board Director-will discuss Dodd-Frank, Truth in Lending, UAD & USPAP Compliance.
• Randy Neff, SRA will discuss Interagency Guidelines,
• Brian Weaver, IDFPR appraisal coordinator will discuss Illinois compliance updates; and
• The Federal Bureau of Investigation (FBI) will discuss mortgage fraud.

Appraisers can register for the seminars at www.icapweb.com or by clicking the following link:

ICAP’S annual seminars are industry recognized educational events dedicated to inform and positively impact the appraisal profession while bringing appraisal and appraisal service providers together.

For more information please e-mail Randy Neff, SRA at rneff@neffvaluation.com or call 309.691.7223.