Did you or someone you know experience any delays for an appraisal? Appraisals came to a screeching halt on May 8, 2015 as the State of Illinois cancelled Appraisal Management Company (AMC) registrations for over 70 of the 170+ companies effective immediately due to non-compliance with the AMC Act regarding bond requirements.
The bond required by Section 50 of the Act shall be for a term concurrent with the term of the registration, commencing with registrations issued by the Division with an expiration date of December 31, 2014 and concurrent with the 2-year term of each renewed registration thereafter. This provision does not prohibit the registrant from maintaining a continuing bond during any registration term. Failure to maintain the bond and to provide the Department with written proof of the bond, upon request, shall result in cancellation of the license without hearing.
The Illinois Coalition of Appraisal Professionals (ICAP) were first to notify appraisers that they cannot accept work from an unregistered AMC and provided appraisers with the list of current registered AMCs which was posted on the states website.
The state was allowing appraisers to complete any appraisal assignments received from an AMC that was removed from the list up through May 8th.
In the wake of the cancellations AMCs scrambled to comply with the bonding requirements, which prompted an update on May 12, 2015 from the State of Illinois.
“Given that most of the AMCs have been overnighting packages with original documentation to Springfield, we will be repopulating and re-posting the List as AMC entities are verified as compliant.
The License Look-up shows ALL 170+ AMCs as active and appraisers are free to receive and work their assignments.”
Although there’s no question the cancellations had a ripple effect in the market it is good to know the issue has been resolved and things can resume to the normal course of business. Click here for a current list of AMCs.
Did I leave anything out or do you want to join the conversation? Let me know in the comments below.
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