"The General Assembly finds that: It is the intent of the General Assembly that this Act provide for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as appraisal management companies and to ensure appraisal independence in the determination of real estate valuations."
Qualifications for registration.
(a) The Department may issue a certification of registration to practice under this Act to any applicant who applies to the Department on forms provided by the Department, pays the required non-refundable fee, and who provides the following:
(1) the business name of the applicant seeking
(2) the business address or addresses and contact
information of the applicant seeking registration;
(3) if the business applicant is not a corporation
that is domiciled in this State, then the name and contact information for the company's agent for service of process in this State;
(4) the name, address, and contact information for
any individual or any corporation, partnership, limited liability company, association, or other business applicant that owns 10% or more of the appraisal management company
(5) the name, address, and contact information for a
designated controlling person;
(6) a certification that the applicant will utilize
Illinois licensed appraisers to provide appraisal services within the State of Illinois;
(7) a certification that the applicant has a system
in place utilizing a licensed Illinois appraiser to review the work of all employed and independent appraisers that are performing real estate appraisal services in Illinois for the appraisal management company on a periodic basis, except for a quality control review, to verify that the real estate appraisal assignments are being conducted in accordance with USPAP;
(8) a certification that the applicant maintains a
detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company;
(9) a certification that the employees of the
appraisal management company working on behalf of the appraisal management company directly involved in providing appraisal management services, will be appropriately trained and familiar with the appraisal process to completely provide appraisal management services;
Process, under rule; and
(11) a certification that the applicant shall comply
with all other requirements of this Act and rules established for the implementation of this Act.(b) Applicants have 3 years from the date of application to complete the application process. If the process has not been completed in 3 years, the application shall be denied, the fee shall be forfeited, and the applicant must reapply and meet the requirements in effect at the time of reapplication.
(Source: P.A. 97-602, eff. 8-26-11.)"
The rest of the Appraisal Management Company Registration Act can be found here: http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3386&ChapterID=24