IL SB1817

Repeals the Appraisal Management Company Registration Act entirely.

Removes the requirement that borrowers or loan applicants receive written disclosure of total compensation paid to appraisers or appraisal firms when appraisals are obtained through appraisal management companies.

Adds an exemption to the Real Estate Appraiser Licensing Act allowing corporations, limited liability companies, partnerships, and other business entities to perform appraisal management services (administering appraiser networks, brokering appraisal requests) without requiring state licensing or registration.

Takes effect immediately upon becoming law.