Illinois General Assembly - Bill Status for SB 1539

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.

Replaces everything after the enacting clause. Reinserts the introduced bill with changes. Provides a definition for "appraisal firm". Removes a provision concerning an exemption for a real estate broker or real estate managing broker. Provides that in the event that the Final Interim Rule of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act provides that an appraisal management company is a subsidiary owned and controlled by a financial institution regulated by a federal financial institution's regulatory agency and is exempt from State appraisal management company registration requirements, the Department, shall, by rule, provide for the implementation of such an exemption. Makes a corresponding change in the provision concerning business practice provisions and standards of practice. Effective immediately.

Adds an exemption to this Act for any person acting as an agent of the Illinois Department of Transportation in the acquisition or relinquishment of land for transportation issues to the extent of their contract scope.

Replaces everything after the enacting clause with the engrossed bill with changes to provisions concerning definitions; exemptions; and business practice provisions, standards of practice. Makes a change to the definition of "valuation". Provides an exemption from the Act to a design professional entity when the appraisal is not used for mortgage purposes and the end user client is an agency of State government or a unit of local government. Provides that to the extent permitted by federal law or regulation, the Department shall formulate rules pertaining to customary and reasonable rates of compensation for fee appraisers. Removes language that the Department may not adopt rules or policies that contradict or change the presumptions of compliance as established under the Final Interim Rule of the federal Frank-Dodd Wall Street Reform and Consumer Protection Act. Amends the Real Estate Appraiser Licensing Act of 2002. Makes changes to the definitions. Provides that it is unlawful for a person to solicit clients or enter into an appraisal engagement with clients without either a certified residential real estate appraiser license or a certified general real estate appraiser license issued under the Act. Amends a provision to exempt any Illinois Department of Transportation employee doing eminent domain work from the Act. Provides that when an appraisal obtained through an appraisal management company is used for loan purposes, the borrower or loan applicant shall be provided with a written disclosure of the total compensation to the appraiser or appraisal firm within the certification of the appraisal report and it shall not be redacted or otherwise obscured. Creates a provision that the Department or its designee shall conduct a survey of fees for appraisal services for certain residential properties, and the fee survey shall exclude assignments ordered by known appraisal management companies and complex assignments. Requires a licensee of this Act to retain records as required by the most recent version of the USPAP and as further defined by rule. Permits the Department to disclose information and documents related to an examination or investigation of a licensee or applicant only to law enforcement officials, other regulatory agencies that have an appropriate regulatory interest as determined by the Secretary, or a party presenting a lawful subpoena to the Department. Provides that any formal complaint against a licensee filed with the Department or an order issued by the Department against a licensee or applicant shall be a public record. Authorizes the Coordinator of Real Estate Appraisal to investigate and determine the facts of a complaint, to interview witnesses, the complainant, and any licensees involved in the alleged matter, and to make a recommendation as to the findings of fact. Makes other changes. Amends the Regulatory Sunset Act to extend the Real Estate Appraiser Licensing Act of 2002 from January 1, 2012 to January 1, 2022. Effective immediately.

Creates a provision that the following types of valuations are not appraisals and may not be represented to be appraisals, and a license is not required under this Act to perform such valuations if the valuations are performed by an employee of the Illinois Department of Transportation or an employee of a county: (1) a valuation waiver in an amount not to exceed $10,000 prepared pursuant to the federal Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970, as amended, or (2) a valuation waiver in an amount not to exceed $10,000 prepared pursuant to the federal Uniform Relocation Assistance and Real Property Acquisition for Federal and Federally-Assisted Programs regulations.

Date	Chamber	Action
8/26/2011	Senate	Public Act . . . . . . . . . 97-0602

Date	Chamber	Action
2/9/2011	Senate	Filed with Secretary by Sen. Iris Y. Martinez
2/9/2011	Senate	First Reading
2/9/2011	Senate	Referred to Assignments
2/23/2011	Senate	Assigned to Licensed Activities
3/3/2011	Senate	Postponed - Licensed Activities
3/14/2011	Senate	Senate Committee Amendment No. 1 Filed with Secretary by Sen. Iris Y. Martinez
3/14/2011	Senate	Senate Committee Amendment No. 1 Referred to Assignments
3/15/2011	Senate	Senate Committee Amendment No. 1 Assignments Refers to Licensed Activities
3/15/2011	Senate	Senate Committee Amendment No. 2 Filed with Secretary by Sen. Iris Y. Martinez
3/15/2011	Senate	Senate Committee Amendment No. 2 Referred to Assignments
3/16/2011	Senate	Senate Committee Amendment No. 2 Assignments Refers to Licensed Activities
3/16/2011	Senate	Senate Committee Amendment No. 1 Adopted
3/17/2011	Senate	Senate Committee Amendment No. 2 Tabled in Licensed Activities; Martinez
3/17/2011	Senate	Do Pass as Amended Licensed Activities; 009-000-000
3/17/2011	Senate	Placed on Calendar Order of 2nd Reading March 17, 2011
3/29/2011	Senate	Second Reading
3/29/2011	Senate	Placed on Calendar Order of 3rd Reading March 30, 2011
3/29/2011	Senate	Senate Floor Amendment No. 3 Filed with Secretary by Sen. Iris Y. Martinez
3/29/2011	Senate	Senate Floor Amendment No. 3 Referred to Assignments
3/30/2011	Senate	Senate Floor Amendment No. 3 Assignments Refers to Licensed Activities
4/6/2011	Senate	Senate Floor Amendment No. 3 Recommend Do Adopt Licensed Activities; 011-000-000
4/13/2011	Senate	Recalled to Second Reading
4/13/2011	Senate	Senate Floor Amendment No. 3 Adopted; Martinez
4/13/2011	Senate	Placed on Calendar Order of 3rd Reading
4/13/2011	Senate	Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
4/13/2011	Senate	Third Reading - Passed; 043-010-002
4/14/2011	House	Arrived in House
4/14/2011	House	Placed on Calendar Order of First Reading
4/14/2011	House	Chief House Sponsor Rep. David Reis
4/14/2011	House	Alternate Chief Sponsor Changed to Rep. Angelo Saviano
4/14/2011	House	First Reading
4/14/2011	House	Referred to Rules Committee
4/21/2011	House	Assigned to Business & Occupational Licenses Committee
5/3/2011	House	Added Alternate Chief Co-Sponsor Rep. Robert Rita
5/10/2011	House	House Committee Amendment No. 1 Filed with Clerk by Rep. Angelo Saviano
5/10/2011	House	House Committee Amendment No. 1 Referred to Rules Committee
5/10/2011	House	House Committee Amendment No. 2 Filed with Clerk by Rep. Angelo Saviano
5/10/2011	House	House Committee Amendment No. 2 Referred to Rules Committee
5/10/2011	House	House Committee Amendment No. 3 Filed with Clerk by Rep. Angelo Saviano
5/10/2011	House	House Committee Amendment No. 3 Referred to Rules Committee
5/11/2011	House	Recommends Do Pass Subcommittee/ Business & Occupational Licenses Committee; 002-000-000
5/11/2011	House	Remains in Business & Occupational Licenses Committee
5/11/2011	House	Do Pass / Short Debate Business & Occupational Licenses Committee; 006-000-000
5/12/2011	House	Placed on Calendar 2nd Reading - Short Debate
5/12/2011	House	House Committee Amendment No. 1 Tabled Pursuant to Rule 40
5/12/2011	House	House Committee Amendment No. 2 Tabled Pursuant to Rule 40
5/12/2011	House	House Committee Amendment No. 3 Tabled Pursuant to Rule 40
5/12/2011	House	House Floor Amendment No. 4 Filed with Clerk by Rep. Angelo Saviano
5/12/2011	House	House Floor Amendment No. 4 Referred to Rules Committee
5/16/2011	House	House Floor Amendment No. 4 Rules Refers to Business & Occupational Licenses Committee
5/17/2011	House	Second Reading - Short Debate
5/17/2011	House	Held on Calendar Order of Second Reading - Short Debate
5/19/2011	House	House Floor Amendment No. 5 Filed with Clerk by Rep. Angelo Saviano
5/19/2011	House	House Floor Amendment No. 5 Referred to Rules Committee
5/19/2011	House	House Floor Amendment No. 4 Recommends Be Adopted Business & Occupational Licenses Committee; 007-000-000
5/20/2011	House	House Floor Amendment No. 5 Rules Refers to Business & Occupational Licenses Committee
5/25/2011	House	House Floor Amendment No. 5 Recommends Be Adopted Business & Occupational Licenses Committee; 007-000-000
5/26/2011	House	House Floor Amendment No. 4 Adopted by Voice Vote
5/26/2011	House	House Floor Amendment No. 5 Adopted by Voice Vote
5/26/2011	House	Placed on Calendar Order of 3rd Reading - Short Debate
5/27/2011	House	Third Reading - Short Debate - Passed 086-029-001
5/27/2011	Senate	Secretary's Desk - Concurrence House Amendment(s) 4, 5
5/27/2011	Senate	Placed on Calendar Order of Concurrence House Amendment(s) 4, 5 - May 28, 2011
5/28/2011	Senate	House Floor Amendment No. 4 Motion to Concur Filed with Secretary Sen. Iris Y. Martinez
5/28/2011	Senate	House Floor Amendment No. 4 Motion to Concur Referred to Assignments
5/28/2011	Senate	House Floor Amendment No. 5 Motion to Concur Filed with Secretary Sen. Iris Y. Martinez
5/28/2011	Senate	House Floor Amendment No. 5 Motion to Concur Referred to Assignments
5/28/2011	Senate	House Floor Amendment No. 4 Motion to Concur Assignments Referred to Licensed Activities
5/28/2011	Senate	House Floor Amendment No. 5 Motion to Concur Assignments Referred to Licensed Activities
5/29/2011	Senate	House Floor Amendment No. 4 Motion To Concur Recommended Do Adopt Licensed Activities; 008-000-000
5/29/2011	Senate	House Floor Amendment No. 5 Motion To Concur Recommended Do Adopt Licensed Activities; 008-000-000
5/29/2011	Senate	Added as Chief Co-Sponsor Sen. Mattie Hunter
5/29/2011	Senate	House Floor Amendment No. 4 Senate Concurs 046-004-000
5/29/2011	Senate	House Floor Amendment No. 5 Senate Concurs 046-004-000
5/29/2011	Senate	Passed Both Houses
6/27/2011	Senate	Sent to the Governor
8/26/2011	Senate	Governor Approved
8/26/2011	Senate	Effective Date August 26, 2011
8/26/2011	Senate	Public Act . . . . . . . . . 97-0602

	Adds reference to:
	5 ILCS 80/4.22