Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1452 - APPRAISAL MANAGEMENT COMPANY REGISTRATION ACT › Section 1452.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Unless otherwise clarified by this Part, definitions set forth
				in the Act also apply for the purposes of this Part.
"AMC National Registry" means the registry of State-registered
				AMCs and federally-regulated AMCs maintained by the Appraisal
				Subcommittee.
"Act" means the Appraisal Management Company Registration Act
				[225 ILCS 459].
"Applicant" means a person applying for registration under the
				Act and this Part as an appraisal management company. Any applicant or any
				person who holds himself or herself out as an applicant is considered a
				registrant for purposes of enforcement, investigation, hearings and the
				Illinois Administrative Procedure Act [5 ILCS 100].
"Appraisal management company"
or "AMC"
means any corporation, limited liability company, partnership, sole
				proprietorship, subsidiary, unit, or other business entity that directly or
				indirectly:
provides appraisal management services to creditors or
				secondary mortgage market participants;
provides appraisal management services in connection
				with valuing the consumer's principal dwelling as security for a consumer
				credit transaction (including consumer credit transactions incorporated into
				securitizations);
within a given year, oversees an appraiser panel of any
				size of State-certified appraisers in Illinois; and
any appraisal management company that, within a given
				year, oversees an appraiser panel of 16 or more State-certified appraisers in
				Illinois or 25 or more State-certified or State-licensed appraisers in 2 or
				more jurisdictions.
"Appraisal management company" includes a hybrid
				entity.
[225 ILCS
				459/10]
An "AMC"
shall be subject to the appraisal management
				company national registry fee in addition to the appraiser panel
				fee.
"Appraisal management company national registry fee"
				means the fee, implemented pursuant to Title XI of the federal Financial
				Institutions Reform, Recovery and Enforcement Act of 1989, for an appraiser
				management company's national registry
. [225 ILCS
				459/10]
"Appraisal practice service" means valuation services
				performed by an individual acting as an appraiser, including, but not limited
				to, appraisal, appraisal review, or appraisal consulting.
[225 ILCS
				459/10]
"Appraisal Subcommittee" or "ASC" means the Appraisal
				Subcommittee of the Federal Financial Institutions Examination Council.
"Appraiser panel" means a network, list, or roster of
				licensed or certified appraisers approved by the appraisal management company
				or by the end-user client to perform appraisals for the appraisal management
				company. "Appraiser panel" includes both appraisers accepted by an appraisal
				management company for consideration for future appraisal assignments and
				appraisers engaged by an appraisal management company to perform one or more
				appraisals.
[225 ILCS
				459/10]
"Appraiser panel fee" means the amount collected from a
				registrant that, where applicable, includes an appraisal management company's
				national registry fee.
[225 ILCS
				459/10]
"Client" means the party or parties who engage an
				appraiser, by employment or contract, in a specific assignment.
[225 ILCS 459/10] If
				an appraisal management company is the party engaging the appraiser, the
				appraisal management company is considered the client.
"Comparable property" means any property that has physical,
				functional and locational similarity to the property under appraisement.
"Covered transaction" means any consumer credit transaction
				secured by the consumer's principal dwelling.
"Department" means the Department of Financial and Professional
				Regulation.
"Director" means the Director of the Department of Financial
				and Professional Regulation-Division of Real Estate.
"Division" means the Department of Financial and Professional
				Regulation-Division of Real Estate.
"Dodd-Frank Wall Street Reform and Consumer Protection Act"
				means the federal Act (PL
				111-203, HR 4173) signed into law on July 22,
				2010.
"EDI" is the acronym for Electronic Data Interchange.
"Factual error" means an omission of a detail or a
				communication of an erroneous detail that is objective as opposed to subjective
				in nature.
"Federally regulated appraisal management company"
				means an appraisal management company that is owned and controlled by an
				insured depository institution, as defined in
				12
				USC 1813, or an insured credit union, as
				defined in
				12
				USC 1752, and regulated by the Office of the
				Comptroller of the Currency, the Federal Reserve Board, the National Credit
				Union Association, or the Federal Deposit Insurance Corporation.
[225 ILCS
				459/10]
"Non-compete clause" or "covenant not to compete" means an
				agreement between an appraiser and an appraisal management company that the
				appraiser will not provide appraisal services on behalf of himself or herself
				or for a competitor appraisal management company for a specified period of time
				or in a specific geographic location.
"Original registration" means a first-time application to the
				Division for a registration.
"Portal" means a point of access for data delivery through the
				internet.
"Prior written notice" means a period of not less than 30 days
				in which an appraisal management company must notify an appraiser that he or
				she has been removed from an appraisal management company's list of approved
				vendors.
"Registrant" means a person who has been issued a registration
				under the Act and this Part. Anyone who holds himself or herself out as a
				registrant or who is accused of unregistered practice is considered a
				registrant for purposes of enforcement, investigation, hearings and the
				Illinois Administrative Procedure Act.
"Secretary" means the Secretary of the Department of Financial
				and Professional Regulation.
"Service request" means any appraisal practice service.
"System in place" means a documented procedure that details how
				a specific task is carried out.
"Turn time" means an established period of time between the
				appraiser's acceptance of an assignment and the final delivery of a completed
				assignment to the appraisal management company.
"USPAP" is the acronym for the Uniform Standards of
				Professional Appraisal Practice promulgated by the Appraisal Standards Board
				pursuant to Title XI of the Federal Financial Institutions Reform, Recovery and
				Enforcement Act of 1989 (12 USC 3331 et
				seq.).
"Webform" means a web page that allows a user to enter data
				that is sent to a server for processing.