IL HB2664

Establishes the Appraisal Management Company Recovery Fund to provide restitution to certified general and residential real estate appraisers who suffer financial losses when appraisal management companies cease registration.

Authorizes the Real Estate Appraisal Administration Disciplinary Board to charge a fee not exceeding $800 on original and renewal applications for appraisal management company licenses, with all fees deposited into the Recovery Fund.

Restricts restitution payments to appraisers who have obtained final court judgments and have no viable alternative for full restitution, paying the actual owed appraisal fees plus reasonable court costs.

Prohibits the Recovery Fund from being subject to state budget sweeps, administrative charge-backs, or transfers to other state funds, and requires the fund balance to remain at or above $900,000.

Suspends fee collection when the fund balance reaches $900,000 and resumes collection when it falls below that threshold, as determined by Department of Financial and Professional Responsibility rules.