The Illinois General Assembly recently sent HB 3333 to Governor Bruce Rauner for consideration, which would create an Appraisal Management Company Recover Fund to be used in lieu of the existing surety bond, among other things.
According to the Illinois General Assembly’s website, HB 3333 would:
- Amend the Real Estate License Act of 2000.
- Amend the State Finance Act.
- Create the Appraisal Management Company Recovery Fund as a special fund in the State Treasury.
- Amend the Appraisal Management Company Registration Act.
- Provide that the Secretary of Financial and Professional Regulation, upon recommendation of the Real Estate Appraisal Administration and Disciplinary Board, may charge a fee not to exceed $500 to be paid at the time of submission of an original or renewal application to register as an appraisal management company (AMC).
- Provide that the fee shall be deposited in the Appraisal Management Company Recovery Fund.
- Provide that the Fund shall be used to provide restitution of each state-certified general real estate or residential real estate appraiser who has suffered pecuniary loss, and to award to the Department of Financial and Professional Regulation expenses, fines, or fees that have gone unpaid to the Department in certain circumstances.
- Establish when payouts from the Fund may be made.
- Repeal provisions concerning bonds or registrants, and make conforming changes.
For more information, or to view HB 3333 in its entirety, click here.