Full Text of HB3333 99th General Assembly
HB3333sam001 99TH GENERAL ASSEMBLY | Sen. William R. Haine Filed: 5/6/2015
| | 09900HB3333sam001 | | LRB099 08627 MLM 35207 a |
|
| 1 | | AMENDMENT TO HOUSE BILL 3333
| 2 | | AMENDMENT NO. ______. Amend House Bill 3333 by replacing | 3 | | everything after the enacting clause with the following:
| 4 | | "Section 5. The State Finance Act is amended by adding | 5 | | Section 5.866 as follows: | 6 | | (30 ILCS 105/5.866 new) | 7 | | Sec. 5.866. The Appraisal Management Company Recovery | 8 | | Fund. | 9 | | Section 10. The Real Estate License Act of 2000 is amended | 10 | | by changing Section 10-45 as follows: | 11 | | (225 ILCS 454/10-45) | 12 | | (Section scheduled to be repealed on January 1, 2020) | 13 | | Sec. 10-45. Broker price opinions and comparative market | 14 | | analyses. |
| | | 09900HB3333sam001 | - 2 - | LRB099 08627 MLM 35207 a |
|
| 1 | | (a) A broker price opinion or comparative market analysis | 2 | | may be prepared or provided by a real estate broker or managing | 3 | | broker for any of the following: | 4 | | (1) an existing or potential buyer or seller of an | 5 | | interest in real estate; | 6 | | (2) an existing or potential lessor or lessee of an | 7 | | interest in real estate; | 8 | | (3) a third party making decisions or performing due | 9 | | diligence related to the potential listing, offering, | 10 | | sale, option, lease, or acquisition price of an interest in | 11 | | real estate; or | 12 | | (4) an existing or potential lienholder or other third | 13 | | party for any purpose other than as the primary basis to | 14 | | determine the market value of an interest in real estate | 15 | | for the purpose of a mortgage loan origination by a | 16 | | financial institution secured by such real estate. | 17 | | (b) A broker price opinion or comparative market analysis | 18 | | shall be in writing either on paper or electronically and shall | 19 | | include the following provisions: | 20 | | (1) a statement of the intended purpose of the broker | 21 | | price opinion or comparative market analysis; | 22 | | (2) a brief description of the interest in real estate | 23 | | that is the subject of the broker price opinion or | 24 | | comparative market analysis; | 25 | | (3) a brief description of the methodology used to | 26 | | develop the broker price opinion or comparative market |
| | | 09900HB3333sam001 | - 3 - | LRB099 08627 MLM 35207 a |
|
| 1 | | analysis; | 2 | | (4) any assumptions or limiting conditions; | 3 | | (5) a disclosure of any existing or contemplated | 4 | | interest of the broker or managing broker in the interest | 5 | | in real estate that is the subject of the broker price | 6 | | opinion or comparative market analysis; | 7 | | (6) the name, license number, and signature of the | 8 | | broker or managing broker that developed the broker price | 9 | | opinion or comparative market analysis; | 10 | | (7) a statement in substantially the following form: | 11 | | "This is a broker price opinion/comparative market | 12 | | analysis, not an appraisal of the market value of the real | 13 | | estate, and was prepared by a licensed real estate broker | 14 | | or managing broker who was , not acting as by a State | 15 | | certified real estate appraiser."; and | 16 | | (8) such other items as the broker or managing broker | 17 | | may deem appropriate.
| 18 | | (Source: P.A. 98-1109, eff. 1-1-15 .) | 19 | | Section 15. The Appraisal Management Company Registration | 20 | | Act is amended by changing Sections 55 and 65 and by adding | 21 | | Sections 56 and 57 as follows: | 22 | | (225 ILCS 459/55)
| 23 | | Sec. 55. Fees. | 24 | | (a) The fees for the administration and enforcement of this |
| | | 09900HB3333sam001 | - 4 - | LRB099 08627 MLM 35207 a |
|
| 1 | | Act, including, but not limited to, original registration, | 2 | | renewal, and restoration fees, shall be set by the Department | 3 | | by rule. The fees shall not be refundable. | 4 | | (b) All fees and other moneys collected under this Act | 5 | | shall be deposited in the Appraisal Administration Fund , except | 6 | | as provided by Section 56 of this Act .
| 7 | | (Source: P.A. 97-602, eff. 8-26-11.) | 8 | | (225 ILCS 459/56 new) | 9 | | Sec. 56. Appraisal Management Company Recovery Fund. | 10 | | (a) In addition to any other fee provided for under this | 11 | | Act, the Secretary, upon the recommendation of the Board, may | 12 | | charge a fee not to exceed $500 to be paid at the time of | 13 | | submission of an original application and each renewal | 14 | | application to register as an appraisal management company. | 15 | | These fees shall be deposited in the Appraisal Management | 16 | | Company Recovery Fund. | 17 | | (b) Any moneys remaining in the Appraisal Management | 18 | | Company Recovery Fund at the close of the fiscal year shall not | 19 | | lapse, but shall be carried forward into the succeeding fiscal | 20 | | year. | 21 | | (c) Notwithstanding any other law to the contrary, the | 22 | | Appraisal Management Company Recovery Fund is not subject to | 23 | | sweeps, administrative charge-backs, or any other fiscal or | 24 | | budgetary maneuver that would in any way transfer any amounts | 25 | | from the Appraisal Management Company Recovery Fund into any |
| | | 09900HB3333sam001 | - 5 - | LRB099 08627 MLM 35207 a |
|
| 1 | | other fund of the State. | 2 | | (225 ILCS 459/57 new) | 3 | | Sec. 57. Administration of the Appraisal Management | 4 | | Company Recovery Fund. | 5 | | (a) The Department, with the assistance of the Board, | 6 | | shall, subject to appropriation, administer the Appraisal | 7 | | Management Company Recovery Fund solely to provide restitution | 8 | | to each State-certified general real estate appraiser or | 9 | | State-certified residential real estate appraiser who has | 10 | | suffered pecuniary loss as provided in subsection (b) of this | 11 | | Section or to award the Department expenses, fines, or fees: | 12 | | (1) as a result of an appraisal management company | 13 | | ceasing to be
registered with the Department, either | 14 | | voluntarily or involuntarily or having been determined as | 15 | | being bankrupt by a federal bankruptcy court; | 16 | | (2) if an appraiser has received a final judgment from | 17 | | a court of competent jurisdiction or a federal bankruptcy | 18 | | court has discharged the debt in a bankruptcy proceeding; | 19 | | (3) the unpaid appraisal fee was for an appraisal of | 20 | | real estate located in the State of Illinois; and | 21 | | (4) if no viable alternative for full restitution is | 22 | | available, as determined by the Board. | 23 | | If a federal bankruptcy court has discharged debts for | 24 | | expenses, fines, or fees due to or levied by the Department in | 25 | | accordance with this Act, the Board shall, prior to making a |
| | | 09900HB3333sam001 | - 6 - | LRB099 08627 MLM 35207 a |
|
| 1 | | recommendation to award any State-certified general real | 2 | | estate appraiser or State-certified residential real estate | 3 | | appraiser any funds, recommend awarding the Department | 4 | | sufficient funds from the Appraisal Management Company | 5 | | Recovery Fund to pay expenses, fines, or fees due the | 6 | | Department from the bankrupt appraisal management company. The | 7 | | award shall not exceed $25,000, except as provided in this | 8 | | Section. | 9 | | No funds shall be paid without the approval, in writing, of | 10 | | the Secretary. | 11 | | (b) Each fund distribution for restitution shall be made | 12 | | payable to the appropriate
Illinois resident appraiser as | 13 | | approved by the Secretary after consideration of the | 14 | | recommendation of the Board. The amount to be paid to the | 15 | | appraiser shall equal the actual amount of appraisal fees that | 16 | | are proven to be owed to the appraiser by the relevant | 17 | | appraisal management company and any reasonable and | 18 | | appropriate court costs associated with determining the final | 19 | | judgment in favor of the appraiser. If the amount of | 20 | | restitution to be paid to any one or more appraisers at any one | 21 | | time exceeds the balance in the Appraisal Management Company | 22 | | Recovery Fund, the Board, in making its recommendation, shall: | 23 | | (1) distribute as much of the restitution amount as | 24 | | possible, which shall be deemed to satisfy in full any | 25 | | claim the relevant appraisers have on payments from the | 26 | | Appraisal Management Company Recovery Fund; and |
| | | 09900HB3333sam001 | - 7 - | LRB099 08627 MLM 35207 a |
|
| 1 | | (2) in the case of distributions to more than one | 2 | | appraiser, provide for a pro rata distribution of the | 3 | | available fund balance, which shall be deemed to satisfy in | 4 | | full any claim the relevant appraisers have on payments | 5 | | from the Appraisal Management Company Recovery Fund. | 6 | | If, after payment of restitution is made as provided in | 7 | | this subsection (b), any funds remain, the Department shall be | 8 | | entitled to an award of any amounts remaining owed to the | 9 | | Department after payment of the initial $25,000 provided for in | 10 | | subsection (a) of this Section. | 11 | | (c) Whenever restitution or an award is paid by the | 12 | | Appraisal Management Company Recovery Fund, the Fund shall be | 13 | | subrogated to the amount of the restitution or award. | 14 | | (d) The Department shall adopt rules in accordance with the | 15 | | Illinois Administrative Procedure Act that impose the fees | 16 | | assessed on appraisal management companies under
Section 56 of | 17 | | this Act whenever the balance of the Fund is less than $500,000 | 18 | | and shall suspend imposing fees when the balance of the Fund is | 19 | | $500,000 or more. | 20 | | (225 ILCS 459/65)
| 21 | | Sec. 65. Disciplinary actions. | 22 | | (a) The Department may refuse to issue or renew, or may | 23 | | revoke, suspend, place on probation, reprimand, or take other | 24 | | disciplinary or non-disciplinary action as the Department may | 25 | | deem appropriate, including imposing fines not to exceed |
| | | 09900HB3333sam001 | - 8 - | LRB099 08627 MLM 35207 a |
|
| 1 | | $25,000 for each violation, with regard to any registration for | 2 | | any one or combination of the following: | 3 | | (1) Material misstatement in furnishing information to | 4 | | the Department. | 5 | | (2) Violations of this Act, or of the rules adopted | 6 | | under this Act. | 7 | | (3) Conviction of, or entry of a plea of guilty or nolo | 8 | | contendere to any crime that is a felony under the laws of | 9 | | the United States or any state or territory thereof or that | 10 | | is a misdemeanor of which an essential element is | 11 | | dishonesty, or any crime that is directly related to the | 12 | | practice of the profession. | 13 | | (4) Making any misrepresentation for the purpose of | 14 | | obtaining registration or violating any provision of this | 15 | | Act or the rules adopted under this Act pertaining to | 16 | | advertising. | 17 | | (5) Professional incompetence. | 18 | | (6) Gross malpractice. | 19 | | (7) Aiding or assisting another person in violating any | 20 | | provision of this Act or rules adopted under this Act. | 21 | | (8) Failing, within 30 days after requested, to provide | 22 | | information in response to a written request made by the | 23 | | Department. | 24 | | (9) Engaging in dishonorable, unethical, or | 25 | | unprofessional conduct of a character likely to deceive, | 26 | | defraud, or harm the public. |
| | | 09900HB3333sam001 | - 9 - | LRB099 08627 MLM 35207 a |
|
| 1 | | (10) Discipline by another state, District of | 2 | | Columbia, territory, or foreign nation, if at least one of | 3 | | the grounds for the discipline is the same or substantially | 4 | | equivalent to those set forth in this Section. | 5 | | (11) A finding by the Department that the registrant, | 6 | | after having his or her registration placed on probationary | 7 | | status, has violated the terms of probation. | 8 | | (12) Willfully making or filing false records or | 9 | | reports in his or her practice, including, but not limited | 10 | | to, false records filed with State agencies or departments. | 11 | | (13) Filing false statements for collection of fees for | 12 | | which services are not rendered. | 13 | | (14) Practicing under a false or, except as provided by | 14 | | law, an assumed name. | 15 | | (15) Fraud or misrepresentation in applying for, or | 16 | | procuring, a registration under this Act or in connection | 17 | | with applying for renewal of a registration under this Act. | 18 | | (16) Being adjudicated liable in a civil proceeding for | 19 | | violation of a state or federal fair housing law. | 20 | | (17) (Blank). Failure to obtain or maintain the bond | 21 | | required under Section 50 of this Act. | 22 | | (b) The Department may refuse to issue or may suspend | 23 | | without hearing as provided for in the Civil Administrative | 24 | | Code the registration of any person who fails to file a return, | 25 | | or to pay the tax, penalty or interest shown in a filed return, | 26 | | or to pay any final assessment of the tax, penalty, or interest |
| | | 09900HB3333sam001 | - 10 - | LRB099 08627 MLM 35207 a |
|
| 1 | | as required by any tax Act administered by the Illinois | 2 | | Department of Revenue, until such time as the requirements of | 3 | | any such tax Act are satisfied.
| 4 | | (Source: P.A. 97-602, eff. 8-26-11.) | 5 | | (225 ILCS 459/50 rep.) | 6 | | Section 20. The Appraisal Management Company Registration | 7 | | Act is amended by repealing Section 50.
| 8 | | Section 99. Effective date. This Act takes effect upon | 9 | | becoming law.".
|
|