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.