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Illinois Vetoes AMC Legislation / AMC Recovery Fund For Restitution To Appraisers

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Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Illinois Vetoes AMC Legislation
Illinois Gov. Bruce Rauner on Aug. 12 vetoed HB 3333, which would have created the Appraisal Management Company Recovery Fund to provide restitution to state-certified residential and general appraisers who suffered monetary loss as a result of an appraisal management company ceasing operations in Illinois or determined to be bankrupt.

In his veto message, Rauner stated, “The bill would add another state-imposed fee to an industry that is already regulated and required to pay annual fees. We must be sensitive to the burdens we are placing on Illinois businesses in this economic climate.” He also noted, “The bill would place the state in the position of managing private-sector risks for a specific industry, while eliminating surety bond protection for the state.”

The bill was strongly supported by the Illinois Coalition of Appraisal Professionals. It also was supported by many AMCs, which felt that making payments to the recovery fund would have been easy to manage and would have stopped once the fund reached $500,000. The bill would have provided the same protections to the state as the surety bond by allowing the state to make a claim to the recovery fund in the event an AMC left the state without paying any fees, fines and costs imposed upon it. Interestingly, Illinois already has several similar recovery funds, including the Real Estate Recovery Fund and the Dealer Recovery Trust Fund.

ICAP currently is meeting with legislators and representatives of the Illinois Department of Financial and Professional Regulation, which would have administered the fund, to resolve some of Rauner’s concerns. They hope to reintroduce a similar bill in a future legislative session.

View a copy of HB 3333. View Gov. Rauner’s veto message.
 
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