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 registry of State-registered AMCs and federally-regulated AMCs 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 himself or herself 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;

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);

within a given year, oversees an appraiser panel of any size of State-certified appraisers in Illinois; and

any appraisal management company that, within a given year, 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]

An "AMC" shall be subject to the appraisal management company national registry fee in addition to the appraiser panel fee.

"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, appraisal review, or appraisal consulting. [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 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. [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]

"Client" means the party or parties who engage an appraiser, by employment or contract, in a specific assignment.  [225 ILCS 459/10]  If an appraisal management company is the party engaging the appraiser, the appraisal management company is considered the client.

"Comparable property" means any property that has physical, functional and locational similarity to the property under appraisement.

"Covered transaction" means any consumer credit transaction secured by the consumer's principal dwelling.

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

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

"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.

"EDI" is the acronym for Electronic Data Interchange.

"Factual error" means an omission of a detail or a communication of an erroneous detail that is objective as opposed to subjective in nature.

"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 and an appraisal management company that the appraiser will not provide appraisal services on behalf of himself or herself or for a competitor appraisal management company for a specified period of time or in a specific geographic location.

"Original registration" means a first-time application to the Division for a registration.

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

"Prior written notice" means a period of not less than 30 days in which an appraisal management company must notify an appraiser that he or she has been removed from an appraisal management company's list of approved vendors.

"Registrant" means a person who has been issued a registration under the Act and this Part. Anyone who holds himself or herself 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.

"System in place" means a documented procedure that details how a specific task is carried out.

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

"USPAP" is the acronym for the Uniform Standards of Professional Appraisal Practice promulgated by the Appraisal Standards Board pursuant to Title XI of the Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 USC 3331 et seq.).

"Webform" means a web page that allows a user to enter data that is sent to a server for processing.

(Source:  Amended at 45 Ill. Reg. 4273, effective March 18, 2021)