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HB 2962

  • Illinois House Bill
  • 101st Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Appraisal Mgmt Co Recover Fund


Amends the Appraisal Management Company Registration Act. Creates the Appraisal Management Company Recovery Fund. Provides that upon recommendation of the Board, the Secretary of Financial and Professional Regulation may charge a fee no greater than $500 to be paid at the time of submission of an original application and each renewal application to register as an appraisal management company, and directs those fee to be deposited in the Appraisal Management Company Recovery Fund (AMCRF). Provides that any money remaining in the in the AMCRF at the close of the fiscal year will not lapse, but it shall be carried forward into the succeeding fiscal year. Provides that notwithstanding any other law to the contrary, the AMCRF is not subject to sweeps, administrative charge-backs, or any other fiscal budgetary maneuver that would in any way transfer any amounts from the AMCRF into any other fund of the State. Requires in writing, the approval of the Secretary prior to any funds being paid. Provides specifications for the use of fund money which will be paid to any appraisal management companies who are owed restitution. Repeals provision that a registrant under the Act must maintain a $25,000 bond that may be used only for the recovery of expenses or the collection of fines or fees due to or levied by the Department of Financial and Professional Regulation. Makes other changes. Effective immediately.

Bill Sponsors (1)

Robert Rita

  • Democratic
  • lower
  • 28


Mar 27, 2019

Labor & Commerce


Apr 12, 2019


Rule 19(a) / Re-referred to Rules Committee

Apr 10, 2019


Held on Calendar Order of Second Reading - Short Debate


Second Reading - Short Debate

Mar 29, 2019


Placed on Calendar 2nd Reading - Short Debate

Mar 27, 2019


Do Pass / Short Debate Labor & Commerce Committee; 018-008-000

Feb 26, 2019


Assigned to Labor & Commerce Committee

Feb 14, 2019


Filed with the Clerk by Rep. Robert Rita


Referred to Rules Committee


First Reading

Bill Text

Bill Text Versions Format
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Related Documents

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