§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.