Bill Status of SB 2617   100th General Assembly

Short Description:  APPRAISAL MANAGEMENT-FED REG

Senate Sponsors
Sen. Pamela J. Althoff

House Sponsors
(Rep. Michael J. Zalewski)


Last Action  View All Actions

DateChamber Action
  7/13/2018SenatePublic Act . . . . . . . . . 100-0604

Statutes Amended In Order of Appearance
225 ILCS 459/10
225 ILCS 459/15
225 ILCS 459/17 new
225 ILCS 459/20
225 ILCS 459/25
225 ILCS 459/37 new
225 ILCS 459/40
225 ILCS 459/43 new
225 ILCS 459/47 new
225 ILCS 459/55
225 ILCS 459/65
225 ILCS 459/67 new
225 ILCS 459/68 new
225 ILCS 459/160
225 ILCS 459/163 new
225 ILCS 459/177 new

Synopsis As Introduced
Amends the Appraisal Management Company Registration Act. Makes changes to definitions. Provides that federally regulated appraisal management companies shall register with the Department of Financial and Professional Regulation and pay all fees associated with registering a federally regulated appraisal management company. Requires a registration to state the name of the registrant and the address of the principal office and provides that such registration is not transferable or assignable. Requires that each registrant file an annual report with the Secretary of Financial and Professional Regulation that gives relevant information regarding compliance with federal and State rules. Allows the Secretary to investigate an appraisal management company at any time. Allows the Department to set fees for appraiser panels and the national registry. Allows the Department to take disciplinary action for failure to pay appraiser panel fees or national registry fees. Allows the Department to consider an applicant's moral character when granting or denying a registration. Excludes an appraisal management company from being registered or included on the national registry list if the company is owned by a person who has had his or her appraiser license or certificate refused, denied, canceled, surrendered in lieu of revocation, or revoked. Requires that an applicant shall submit his or her fingerprints to the Department of State Police and pay all fees associated with a criminal history records background check. Allows an administrator, executor, or guardian of an appraisal management company to apply for a registration. Makes other changes. Effective immediately.

House Floor Amendment No. 1
Adds reference to:
225 ILCS 458/1-10
225 ILCS 458/5-7 new
225 ILCS 458/5-10
225 ILCS 458/5-15
225 ILCS 458/5-20
225 ILCS 458/5-22
225 ILCS 458/5-25
225 ILCS 458/5-55
225 ILCS 458/20-5
225 ILCS 458/20-10
225 ILCS 459/5
225 ILCS 459/32 new
225 ILCS 459/35

Replaces everything after the enacting clause. Reinserts the provisions of the engrossed bill with the following changes: Amends the Real Estate Appraiser Licensing Act of 2002 and Appraisal Management Company Registration Act. Makes changes to the definition of "appraisal management company". Defines "multi-state licensing system". Provides that the Secretary of Financial and Professional Regulation may require participation in a third-party, multi-state licensing system for the licensing of certified general real estate appraisers, certified residential real estate appraisers, associate real estate trainee appraisers, and real estate appraiser education providers; and registration of appraisal management companies. Makes corresponding changes in both Acts. Provides that the multi-state licensing system may charge an applicant an administration fee that shall be paid directly to the system. In the provisions of the Real Estate Appraiser Licensing Act of 2002 concerning criminal history record checks, provides that the Secretary may designate a multi-state licensing system to perform the checks. In the Appraisal Management Company Registration Act, reinserts the definition of "appraisal firm". Provides that the Act does not apply to an appraiser firm whose ownership is appropriately certified under the Real Estate Appraiser Licensing Act of 2002 or an appraiser management company solely engaged in non-residential appraisal management services. Provides that federally regulated appraisal management companies shall register with the Department of Financial and Professional Regulation solely for specified purposes and are otherwise exempt from other provisions of the Act. Makes other changes. Effective immediately.

House Floor Amendment No. 2
In the Appraisal Management Company Registration Act, provides that collecting compensation from creditors, underwriters (rather than appraisers), or secondary market participants for services provided is included in the definition of "appraisal management services".

Actions 
DateChamber Action
  2/7/2018SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/7/2018SenateFirst Reading
  2/7/2018SenateReferred to Assignments
  2/14/2018SenateAssigned to Licensed Activities and Pensions
  2/21/2018SenateDo Pass Licensed Activities and Pensions; 010-000-000
  2/21/2018SenatePlaced on Calendar Order of 2nd Reading February 22, 2018
  3/1/2018SenateSecond Reading
  3/1/2018SenatePlaced on Calendar Order of 3rd Reading March 13, 2018
  4/25/2018SenateThird Reading - Passed; 056-000-000
  4/25/2018HouseArrived in House
  4/25/2018HouseChief House Sponsor Rep. Michael J. Zalewski
  4/26/2018HouseFirst Reading
  4/26/2018HouseReferred to Rules Committee
  5/7/2018HouseAssigned to Business & Occupational Licenses Committee
  5/16/2018HouseDo Pass / Short Debate Business & Occupational Licenses Committee; 008-000-000
  5/18/2018HousePlaced on Calendar 2nd Reading - Short Debate
  5/23/2018HouseSecond Reading - Short Debate
  5/23/2018HouseHeld on Calendar Order of Second Reading - Short Debate
  5/24/2018HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Michael J. Zalewski
  5/24/2018HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/24/2018HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Michael J. Zalewski
  5/24/2018HouseHouse Floor Amendment No. 2 Referred to Rules Committee
  5/25/2018HouseFinal Action Deadline Extended-9(b) May 31, 2018
  5/28/2018HouseHouse Floor Amendment No. 1 Rules Refers to Business & Occupational Licenses Committee
  5/28/2018HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000
  5/29/2018HouseHouse Floor Amendment No. 1 Recommends Be Adopted Business & Occupational Licenses Committee; 005-000-000
  5/30/2018HouseHouse Floor Amendment No. 1 Adopted
  5/30/2018HouseHouse Floor Amendment No. 2 Adopted
  5/30/2018HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/30/2018HouseThird Reading - Short Debate - Passed 116-000-000
  5/30/2018SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2
  5/30/2018SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 30, 2018
  5/30/2018SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/30/2018SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/30/2018SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/30/2018SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments
  5/31/2018SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/31/2018SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/31/2018SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 007-000-000
  5/31/2018SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 007-000-000
  5/31/2018SenateHouse Floor Amendment No. 1 Senate Concurs 053-000-000
  5/31/2018SenateHouse Floor Amendment No. 2 Senate Concurs 053-000-000
  5/31/2018SenateSenate Concurs
  5/31/2018SenatePassed Both Houses
  6/29/2018SenateSent to the Governor
  7/13/2018SenateGovernor Approved
  7/13/2018SenateEffective Date July 13, 2018
  7/13/2018SenatePublic Act . . . . . . . . . 100-0604

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