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Are there any Illinois laws related to appraisal management companies? – IBA Compliance Connection

IBA Compliance Connection

Your go to source for compliance!

Are there any Illinois laws related to appraisal management companies?

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Yes, the Illinois Appraisal Management Company Registration Act requires appraisal management companies (AMCs) to obtain licenses and comply with rules promulgated by the Illinois Department of Financial and Professional Regulation (IDFPR).

In addition, legislation was introduced last spring to establish an Appraisal Management Company Recovery Fund, which would reimburse appraisers who are owed fees by a failed AMC, among other provisions. It has not yet moved out of the legislative gridlock.

For resources related to our guidance, please see:

  • Appraisal Management Company Registration Act, 225 ILCS 459