Illinois Appraisal Management Company Registration Act. (P.A. 097-0602)

"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."

“Sec. 40. 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 registration;

       (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;