Changes Eyed to Illinois AMC Law

The Illinois Coalition of Appraisal Professionals has started to draft legislation that would correct some unintended consequences that resulted from a 2011 law regulating the state’s appraisal management companies.

ICAP hopes to resolve problems where AMC registration and oversight requirements are being applied to appraisal firms using independent contractor or employee appraisers but that are not fully owned by Illinois certified appraisers. The law has been interpreted to apply to some large commercial appraisal firms that are located outside of the state, as well as to some small appraisal companies that have ownership structures that may not include certified appraisers exclusively.

The legislation that ICAP will propose will attempt to clarify that appraisal firms that exclusively employ appraisers are exempt from registration and oversight requirements regardless of their ownership structure.  This legislation likely will be introduced in the Illinois General Assembly in 2014.