Ill. Admin. Code tit. 68 § 1452.100

Current through Register Vol. 48, No. 49, December 6, 2024

Section 1452.100 - Payment Policies

a) The registrant shall provide a written, comprehensive payment policy to each approved appraiser vendor. The payment policy may be part of a vendor agreement, assignment order or service request, and shall include, but is not limited to, the following:

1) The agreed date or period by which the appraiser should expect to receive compensation at the conclusion of an assignment;

2) Total completed assignment compensation;

3) Any conditions that delay or void payment;

4) By what method compensation will be received by the appraiser;

5) Registrant's required turn time;

6) Partial compensation, if any, for the following:

A) Completed assignment;

B) Registrant's or end-user client delays, holds and/or cancellations; or

C) Property owner or agent access delays and/or cancellations, including when an individual responsible for providing access to a property fails to appear at the scheduled time;

7) Any and all fees and charges charged to an Illinois appraiser, including but not limited to fees and charges for:

A) Portal and/or EDI access or maintenance;

B) Systems access;

C) Technology applications and proprietary software usage;

D) Background and/or credit checks;

E) Review of assignments or samples; and

F) Application for panel approval.

b) The registrant shall maintain records of all changes to written payment policies.

Ill. Admin. Code tit. 68, § 1452.100