Illinois General Assembly - Bill Status for HB2962
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 Bill Status of HB2962  101st General Assembly


House Sponsors
Rep. Robert Rita

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
30 ILCS 105/5.891 new
225 ILCS 459/55
225 ILCS 459/56 new
225 ILCS 459/57 new
225 ILCS 459/65
225 ILCS 459/50 rep.

Synopsis As Introduced
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.

DateChamber Action
  2/14/2019HouseFiled with the Clerk by Rep. Robert Rita
  2/14/2019HouseFirst Reading
  2/14/2019HouseReferred to Rules Committee
  2/26/2019HouseAssigned to Labor & Commerce Committee
  3/27/2019HouseDo Pass / Short Debate Labor & Commerce Committee; 018-008-000
  3/29/2019HousePlaced on Calendar 2nd Reading - Short Debate
  4/10/2019HouseSecond Reading - Short Debate
  4/10/2019HouseHeld on Calendar Order of Second Reading - Short Debate
  4/12/2019HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2021HouseSession Sine Die

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