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#1849851 - 09/09/13 02:14 PM Appraisal Management Company Registration Act
manimal Offline
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manimal
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We received communication from one of our appraisers regarding this IL law, and they referenced a rule going into effect 9/1/13. Upon searching the IDFPR all I can find is the original rule that went into effect in 2011 (http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=3386&ChapterID=24)... then some activity in early 2013 but it doesn't look like anything was passed into law (http://www.ilga.gov/legislation/BillStat...ID=84&GA=97).

Has anyone else heard from their appraisers recently regarding this? Or know if there is something that went into effect on 9/1/13? Thanks!
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#1850785 - 09/10/13 09:22 PM Re: Appraisal Management Company Registration Act manimal
MyScamper Offline
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The only thing I found in the Illinois Register is from the 3/8/13 Issue 10, page 2649. But this was effective 3/4/13. I'm not sure what new duties it imposes on the appraiser.

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#1850982 - 09/11/13 04:02 PM Re: Appraisal Management Company Registration Act manimal
manimal Offline
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Thank you for replying! We are thinking that 'date' may be their registration date or internal policy date or something. The rule is clearly not new. They did say that the larger multi-state Appraisal companies, or those that are publicly owned/traded are fighting IL on this rule. Many smaller banks don't want to do the full due diligence on AMCs (us included). So they are losing our business for now.
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