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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.

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