Bill Summary: SB2617

• Amends the Real Estate Appraiser Licensing Act of 2002 and the Appraisal Management Company Registration Act to allow use of a third-party multi-state licensing system for applications, renewals, and fee payments.

• Redefines "appraisal management company" to clarify which entities must register, including those overseeing appraiser panels of 16+ state-certified appraisers in Illinois or 25+ appraisers across 2+ jurisdictions, and requires payment of national registry fees consistent with federal Title XI requirements.

• Expands discipline grounds to include failure to pay appraiser panel fees or national registry fees, and prohibits companies from registering if owned by persons with revoked appraiser licenses under the same or equivalent grounds.

• Requires criminal background checks for applicants and controlling persons, establishes annual reporting requirements for appraisal management companies, and creates new provisions for appraiser panel size calculation and estate succession of company ownership.

• Adds provisions addressing appraiser independence standards, value dispute procedures, controlling person designations, and good moral character determinations for registration applicants.