Full Text of HB5868 96th General Assembly
HB5868sam001 96TH GENERAL ASSEMBLY
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Sen. Terry Link
Filed: 4/15/2010
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LRB096 18123 ASK 39968 a |
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| AMENDMENT TO HOUSE BILL 5868
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| AMENDMENT NO. ______. Amend House Bill 5868 on page 2, by | 3 |
| replacing lines 3 through 14 with the following: | 4 |
| " "Appraisal company" means any individual, corporation, | 5 |
| partnership, sole proprietorship, limited liability | 6 |
| partnership, limited liability company, subsidiary, unit, or | 7 |
| other business entity that (i) administers networks of either | 8 |
| employee or independent contractor appraisers to perform real | 9 |
| estate appraisal services for clients; (ii) recruits, | 10 |
| qualifies, verifies the licensing of, and negotiates fees and | 11 |
| service level expectations with a network of third-party | 12 |
| appraisers; (iii) provides administrative duties like order | 13 |
| entry and assignment, tracking and status updates, | 14 |
| pre-delivery quality control, and preliminary and hard copy | 15 |
| report delivery; (iv) involves ongoing quality control, | 16 |
| accounts payable and receivable, market value dispute | 17 |
| resolution, warranty administration, and record retention; (v) | 18 |
| receives requests for real estate appraisal services from |
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| clients and enters into an agreement with one or more | 2 |
| independent contractor appraisers to perform the real estate | 3 |
| appraisal services contained in the request; or (vi) otherwise | 4 |
| serves as a third-party broker of appraisal services between | 5 |
| clients and appraisers. "; and
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| by deleting lines 19 through 26 on page 2; and | 7 |
| by deleting lines 1 through 5 on page 3; and | 8 |
| on page 3, by replacing lines 24 and 25 with the following:
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| "appraisals. "Appraiser" does not mean an appraisal company. "; | 10 |
| and | 11 |
| on page 5, line 19, by replacing " appraiser " with " entity "; and | 12 |
| on page 7, line 12, by deleting " or "turn time" "; and | 13 |
| on page 10, line 21, by replacing " to conduct an appraisal | 14 |
| business " with " as an appraisal company "; and | 15 |
| on page 10, by replacing line 25 with " corporation, limited | 16 |
| liability company, or partnership. "; and | 17 |
| on page 12, by replacing lines 5 through 8 with the following: | 18 |
| " (1) the appraisal company is legally conducting an |
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| appraisal company business in
either its state of domicile | 2 |
| or the state in which it has its principal office. | 3 |
| (2) the appraisal company maintains an office in its | 4 |
| state of domicile or the state in which it has its | 5 |
| principal office; and "; and | 6 |
| on page 13, line 4, by replacing " appraiser or representative " | 7 |
| with " appraisal company "; and | 8 |
| on page 15, by replacing lines 13 and 14 with the following: | 9 |
| " (i) This Section shall not apply to appraisal companies | 10 |
| that contract, in the aggregate, with independent appraisers "; | 11 |
| and | 12 |
| on page 15, by replacing lines 18 through 25 with the | 13 |
| following: | 14 |
| "(225 ILCS 458/5-20.3 new) | 15 |
| Sec. 5-20.3. Licensure of appraisal company. | 16 |
| (a) It is unlawful for a person to directly or indirectly | 17 |
| engage or attempt to engage in business as an appraisal | 18 |
| company, to directly or indirectly engage or attempt to perform | 19 |
| appraisal company services, or to advertise or hold itself out | 20 |
| as engaging in or conducting business as an appraisal company | 21 |
| without first submitting an application to the Department, on | 22 |
| forms provided by the Department, and obtaining a license |
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| issued by the Secretary under the provisions of this Act. | 2 |
| (b) The license application required by subsection (a) of | 3 |
| this Section shall, at a minimum, include the following | 4 |
| information: | 5 |
| (1) the name of the entity seeking licensure; | 6 |
| (2) the business address of the entity seeking | 7 |
| licensure; | 8 |
| (3) the phone contact information of the entity seeking | 9 |
| licensure; | 10 |
| (4) if the entity is not domiciled in this State, the | 11 |
| name and contact information for the appraisal company's | 12 |
| agent for service of process in this State; | 13 |
| (5) the name, address, and contact information for any | 14 |
| individual, corporation,
partnership, sole proprietorship, | 15 |
| limited liability partnership, limited liability company, | 16 |
| subsidiary, unit, or other business entity that owns 10% or | 17 |
| more of the appraisal company (controlling person); | 18 |
| (6) the name, address, and contact information for one | 19 |
| or more controlling persons; | 20 |
| (7) a certification that the entity has a system and | 21 |
| process in place to verify that a person being added to the | 22 |
| appraiser panel of the appraisal company holds a license in | 23 |
| good standing in this State pursuant to this Act if a | 24 |
| license or certification is required to perform | 25 |
| appraisals, pursuant to this Act; | 26 |
| (8) a certification that the entity has a system in |
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| place to review the work of all appraisers that are | 2 |
| performing real estate appraisal services for the | 3 |
| appraisal company on a periodic basis to ensure that the | 4 |
| real estate appraisal services are being conducted in | 5 |
| accordance with USPAP; | 6 |
| (9) a certification that the entity maintains a record | 7 |
| of each service request that it receives and the appraiser | 8 |
| that performs the real estate appraisal services for the | 9 |
| appraisal company; | 10 |
| (10) an irrevocable Uniform Consent to Service of | 11 |
| Process, pursuant to subsection (b-7) of Section 5-5 of | 12 |
| this Act; and | 13 |
| (11) any other information required by the Secretary. | 14 |
| (c) The application shall be accompanied by a | 15 |
| non-refundable fee of $50.00. Such fee shall be deposited | 16 |
| in the Appraisal Administration Fund. "; and | 17 |
| by deleting lines 1 and 2 on page 16; and | 18 |
| on page 22, immediately below line 8, by inserting the | 19 |
| following: | 20 |
| " (h) No appraisal company shall require an appraiser to | 21 |
| provide it with the appraiser's digital signature or seal. | 22 |
| However, nothing in this Act shall be deemed to prohibit an | 23 |
| appraiser from voluntarily providing his or her digital | 24 |
| signature or seal to another person on an |
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| assignment-by-assignment basis, in accordance with USPAP. | 2 |
| (i) Nothing in this Act shall prohibit an appraisal company | 3 |
| from requesting that an appraiser consider additional | 4 |
| appropriate data, or consider correcting factual errors. ".
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