Sec. 47. Report; investigation; costs.
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/il/chapter-225/act-459/47A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 47. Report; investigation; costs. Each registrant shall provide information as the Secretary may reasonably require concerning, and for the purpose of examination for compliance with federal and State regulations, the business and operations of each registered appraisal management company conducted by the registrant within the State. The Secretary may, at any time, examine the books and records of an appraisal management company operating in the State and require the appraisal management company to submit reports, information and documents.
The Secretary may, at any time, investigate a registrant and every person, partnership, association, limited liability company, corporation, or other business entity who or which is engaged in the business of operating an appraisal management company. For that purpose, the Secretary shall have free access to the offices and places of business and to records of all persons, firms, partnerships, associations, limited liability companies and members thereof, and corporations and to the officers and directors thereof that relate to the appraisal management company.
The investigation may be conducted in conjunction with representatives of other State agencies or agencies of another state or of the United States as determined by the Secretary. The Secretary may require by subpoena the attendance of and examine under oath all persons whose testimony the Secretary may require relative to the appraisal management company, and, in those cases, the Secretary, or a designee of the Secretary, may administer oaths to all persons called as witnesses, and the Secretary, or a representative of the Secretary, may conduct an audit, and there shall be paid to the Secretary for each audit a fee, to be established by rule, for each day or part thereof for each representative designated and required to conduct the audit.