HB5880 Summary

• Prohibits appraisal management companies from requiring appraisers to pay the national registry fee required by the Appraisal Subcommittee of the Federal Financial Institutions Examination Council if the appraiser is on the company's appraisal panel and certified in Illinois.

• Maintains existing prohibitions on improper influence of appraisals, including withholding payment, threatening removal from panels, conditioning assignments on valuation outcomes, and requesting predetermined values.

• Prohibits altering or modifying completed appraisal reports, including removing appraiser signatures or seals, or adding/removing information to change the value conclusion or property condition.

• Prevents appraisal management companies from requiring appraisers to provide digital signatures or seals, though appraisers may voluntarily provide them on a case-by-case basis.

• Allows appraisal management companies to request appraisers consider additional property information, provide further detail or substantiation for valuations, and correct factual errors in reports.