Section 1452.10  Definitions

Unless otherwise clarified by this Part, definitions set forth in the Act also apply for the purposes of this Part.

"AMC National Registry" means the national registry of appraisal management companies that are either registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a federally regulated financial institution maintained by the Appraisal Subcommittee.

"Act" means the Appraisal Management Company Registration Act [225 ILCS 459].

"Applicant" means a person applying for registration under the Act and this Part as an appraisal management company. Any applicant or any person who holds themself out as an applicant is considered a registrant for purposes of enforcement, investigation, hearings and the Illinois Administrative Procedure Act [5 ILCS 100].

"Appraisal management company" or "AMC" means any corporation, limited liability company, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly:

provides appraisal management services to creditors or secondary mortgage market participants, including affiliates;

provides appraisal management services in connection with valuing the consumer's principal dwelling as security for a consumer credit transaction (including consumer credit transactions incorporated into securitizations); and

any appraisal management company that, within a given 12-month period, oversees an appraiser panel of 16 or more State-certified appraisers in Illinois or 25 or more State-certified or State-licensed appraisers in 2 or more jurisdictions.

"Appraisal management company" includes a hybrid entity. [225 ILCS 459/10]

"Appraisal management company national registry fee" means the fee implemented pursuant to Title XI of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 for an appraiser management company's national registry. [225 ILCS 459/10]

"Appraisal practice service" means valuation services performed by an individual acting as an appraiser, including, but not limited to, appraisal or appraisal review. [225 ILCS 459/10]

"Appraisal Subcommittee" or "ASC" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council.

"Appraiser panel" means a network, list, or roster of licensed or certified appraisers approved by the appraisal management company or by the end-user client to perform appraisals as independent contractors for the appraisal management company. "Appraiser panel" includes both appraisers accepted by an appraisal management company for consideration for future appraisal assignments and appraisers engaged by an appraisal management company to perform one or more appraisals.  For the purposes of determining the size of an appraiser panel, only independent contractors of hybrid entities shall be counted towards the appraiser panel. [225 ILCS 459/10]

"Appraiser panel fee" means the amount collected from a registrant that, where applicable, includes an appraisal management company's national registry fee. [225 ILCS 459/10]

"Business entity" means any entity doing business whether organized as a corporation, partnership, sole proprietorship, limited liability company or partnership, or otherwise.

"Client" means the party or parties who engage an appraiser, by employment or contract in a specific appraisal assignment, whether directly or through an agent.  [225 ILCS 459/10]

"Controlling person" means:

an owner, officer, or director of an entity seeking to offer appraisal management services;

an individual employed, appointed, or authorized by an appraisal management company who has the authority to:

enter into a contractual relationship with a client for the performance of an appraisal management service or appraisal practice service; and

enter into an agreement with an appraiser for the performance of a real estate appraisal activity;

an individual who possesses, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company; or

an individual who will act as the sole compliance officer with regard to this Act and any rules adopted under this Act. [225 ILCS 459/10]

"Covered transaction" means a consumer credit transaction secured by a consumer's principal dwelling. [225 ILCS 459/10]

"Department" means the Department of Financial and Professional Regulation.

"Designated controlling person" means a person who meets the definition of Controlling Person who will be the main contact for all communication between the Department and the appraisal management company and is responsible for ensuring that the AMC operates in compliance with state law.

"Director" means the Director of the Department of Financial and Professional Regulation-Division of Real Estate.

"Dissolution" means the voluntary or involuntary termination of the existence of a business entity consistent with the provisions of Illinois business organizations Acts including, but not limited to, 805 ILCS 5 and 805 ILCS 180.

"Division" means the Department of Financial and Professional Regulation-Division of Real Estate.

"Dodd-Frank Wall Street Reform and Consumer Protection Act" means the federal Act (PL 111-203, HR 4173) signed into law on July 22, 2010.

"Federally regulated appraisal management company" means an appraisal management company that is owned and controlled by an insured depository institution, as defined in 12 USC 1813, or an insured credit union, as defined in 12 USC 1752, and regulated by the Office of the Comptroller of the Currency, the Federal Reserve Board, the National Credit Union Association, or the Federal Deposit Insurance Corporation. [225 ILCS 459/10]

"Non-compete clause" or "covenant not to compete" means an agreement between an appraiser engaged by an appraisal management company and the appraisal management company that the appraiser will not provide appraisal services on behalf of themself or for a competing appraisal management company for a specified period of time or in a specific geographic location.

"Portal" means a single point of access for data delivery through the internet.

"Quality control review" means a review of an appraisal report for compliance and completeness, including grammatical, typographical, or other similar errors, unrelated to developing an opinion of value. [225 ILCS 459/10]

"Registrant" means a person who has been issued a registration under the Act and this Part. Anyone who holds themself out as a registrant or who is accused of unregistered practice is considered a registrant for purposes of enforcement, investigation, hearings, and the Illinois Administrative Procedure Act.

"Secretary" means the Secretary of the Department of Financial and Professional Regulation.

"Service request" means any appraisal practice service.

"Turn time" means an established period of time between the appraiser's acceptance of an assignment and their final delivery of a completed assignment to the appraisal management company.

"USPAP" means the Uniform Standards of Professional Appraisal Practice as adopted by the Appraisal Standards Board under Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) and by rule (effective January 1, 2024, no later amendments or editions) [225 ILCS 459/10]

(Source:  Amended at 50 Ill. Reg. 686, effective January 5, 2026)