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ICAP Bill HB3333 Passed The Illinois House of Representatives

On May 31, 2016 a bill that makes it possible for appraisers to collect payment from Appraisal Management Companies (AMC) that declare bankruptcy passed Illinois House of Representatives.  The bill will be sent to the Governor within 30 days. The Governor then has 60 calendar days to sign it, or to return it with his veto.

Drafted by ICAP and sponsored by Representative Robert Rita of Illinois 28th District, the Bill amends Illinois Appraisal Management Company Registration Act to create an Appraisal Management Company Recovery Fund.
The Appraisal Management Company Recovery Fund will be used to provide restitution to each State-certified general real estate or residential real estate appraiser who has suffered monetary loss in certain circumstances.

The amount to be paid to the appraiser shall equal the actual amount of appraisal fees that are proven to be owed to the appraiser by the relevant appraisal management company and any reasonable and appropriate court costs associated with determining the final judgment in favor of the appraiser.

The bill also amends the Real Estate License Act of 2000 regarding a statement that must be contained in a broker price opinion or comparative market analysis, provides that the broker price opinion or comparative market analysis was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser.

Thanks to everyone, epically to ICAP’s legislative team, and ICAP's immediate past president Rick Hiton, IFAS all of their hard work that was put into this bill.  

Click on the link below to view Bill.