(a) The Department may issue a certification of registration to practice under this Act to any applicant who is qualified to do business in this State and applies to the Department on forms provided by the Department, or through a multi-state licensing system as designated by the Secretary, pays the required non-refundable fees, is qualified to transact business in this State, and provides the following:
         (1) the business name of the applicant seeking
    
registration;
        (2) the business address or addresses and contact
    
information of the applicant seeking registration;
        (3) if the business applicant is not a corporation
    
that is domiciled in this State, then the name and contact information for the company’s agent for service of process in this State;
        (4) the name, address, and contact information for
    
any individual or any corporation, partnership, limited liability company, association, or other business applicant that owns 10% or more of the appraisal management company;
        (5) the name, address, and contact information for a
    
designated controlling person;
        (6) a certification that the applicant will utilize
    
Illinois licensed appraisers to provide appraisal services within the State of Illinois;
        (7) a certification that the applicant has a system
    
in place utilizing a licensed Illinois appraiser to review the work of all employed and independent appraisers that are performing real estate appraisal services in Illinois for the appraisal management company on a periodic basis, except for a quality control review, to verify that the real estate appraisal assignments are being conducted in accordance with USPAP;
        (8) a certification that the applicant maintains a
    
detailed record of each service request that it receives and the independent appraiser that performs the real estate appraisal services for the appraisal management company;
        (9) a certification that the employees of the
    
appraisal management company working on behalf of the appraisal management company directly involved in providing appraisal management services, will be appropriately trained and familiar with the appraisal process to completely provide appraisal management services;
        (10) an irrevocable Uniform Consent to Service of
    
Process, under rule; and
        (11) a certification that the applicant shall comply
    
with all other requirements of this Act and rules established for the implementation of this Act.
    (b) Applicants have 3 years from the date of application to complete the application process. If the process has not been completed in 3 years, the application shall be denied, the fee shall be forfeited, and the applicant must reapply and meet the requirements in effect at the time of reapplication.

Terms Used In Illinois Compiled Statutes 225 ILCS 459/40

  • Appraisal: A determination of property value.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Service of process: The service of writs or summonses to the appropriate party.
  • State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
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