IL HB0722

Prohibits appraisal management companies from requiring appraisers to pay the federal Appraisal Subcommittee national registry fee under 12 U.S.C. 3338 for certified appraisers on their panel.

Prohibits appraisal management companies from requiring appraisers to pay any fees or reimburse company costs as a condition for being added to an appraiser panel or receiving appraisal orders.

Prohibits appraisal management companies from deducting company costs, fees, or expenses from the reasonable and customary fees paid to appraisers.

Allows appraisal management companies to request appraisers consider additional property information, provide further substantiation for value conclusions, or correct factual errors in reports.