IL HB2962

Creates the Appraisal Management Company Recovery Fund (AMCRF) funded by fees not to exceed $500 charged to appraisal management companies at original application and each renewal.

Fund moneys do not lapse at fiscal year end and cannot be subject to state budget sweeps, charge-backs, or transfers to other state funds.

AMCRF provides restitution to Illinois-certified appraisers who suffered pecuniary losses from appraisal management companies ceasing registration, becoming bankrupt, or owing unpaid appraisal fees, with awards up to $25,000 per company.

Establishes pro rata distribution procedures when fund balance is insufficient to cover all claims, with remaining funds after appraiser restitution going to the Department for unpaid expenses and fines.

Repeals requirement that appraisal management companies maintain a $25,000 bond and adds authority for Department to suspend fees when fund balance reaches $500,000 or more.