Current through Register Vol. 48, No. 38, September 20, 2024
a) For
purposes of this Section, "change of ownership", "sale" or "transfer" of a
corporation means the transfer of more than 50% of stock during a 14-day
period. For purposes of this Section, "change of ownership", "sale" or
"transfer" of a partnership means a change of more than 50% of the partners
during a 14-day period. For purposes of this Section, "change of ownership",
"sale" or "transfer" of an LLC means a change of more than 50% of the members
during a 14-day period. Any change of ownership of a parent business entity
that owns the school's owner shall not be considered a change of ownership of
the school.
b) If a licensed school
is to be sold or otherwise transferred, the new owner must notify the Division
at least 30 days in advance of the effective date of the transfer of ownership.
The notification shall include a signed and dated letter from the pre-transfer
owner acknowledging the planned sale or transfer.
c) Upon filing notice to the Division, the
new owner may continue to operate the school under the previously issued
license, provided that the new owner submits an application for licensure with
the Division within 30 days after the effective date of the transfer of
ownership by mailing to the Division:
1) A
signed and completed school application;
2) A detailed 81/2 x 11 inch floor plan that
is:
A) drawn to scale;
B) shows dimensions;
C) has all areas labeled;
D) has all fixtures shown; and
E) demonstrates compliance with the
requirements of Section
1175.305,
if any expansion is to be done by the new owner;
3) A copy of:
A) a lease agreement showing at least a 1
year commitment to the use of the school site, the name of the lessor and the
name of the lessee; or
B) the
certification of proposed school site ownership;
4) A copy of the enrollment agreement that
will be utilized by the new owner;
5) If the new owner is a corporation, limited
liability company, or partnership a copy of the following:;
A) if the owner is a domestic corporation, a
filed copy of the Articles of Incorporation filed with the Secretary of State
or, in the case of a foreign corporation, a filed copy of the Authority to
Transact Business in Illinois accepted by and filed with the Secretary of
State;
B) if the owner is a
domestic limited liability company, a copy of the Articles of Organization that
were filed with the Secretary of State, or if the owner is a foreign limited
liability company, a copy of the Application for Admission to Transact Business
as a Foreign Limited Liability Company accepted by and filed with the Secretary
of State; or
C) if the owner is a
partnership, a listing of all partners and their addresses;
6) A copy of curricula that will
be used by the new owner;
7) A
sample copy of the school's official transcript;
8) A Commitment Statement, as provided in the
licensure application packet, signed and dated by the school's chief
administrative officer;
9) List of
all the names, addresses and current status of all schools in which the
applicant has previously owned any interest, and a declaration as to whether
any of these schools were ever denied accreditation or licensing or lost
accreditation or licensing from any government body or accrediting
agency;
10) An official inspection
report by the local fire inspection authority within 6 months after application
approving the school site;
11) A
financial statement indicating sufficient current finances exist to operate the
school for at least 3 months. The Division will not accept a bank statement as
sufficient proof to meet this requirement. This financial statement shall
include reporting cash assets on hand and any liabilities and shall be prepared
by either a certified public accountant or a person knowledgeable about the
finances of the school. Any financial statement submitted by a person who is
not a certified public accountant must contain a signed statement certifying
under penalty of perjury that the information is true and accurate based upon
inspection of the financial records of the school;
12) If a name change is to also occur, all
documents submitted must include the new name; and
13) The required fee set forth in Section
1175.100.
d) Once the items listed in
subsection (c) have been received, the Division shall conduct an inspection
prior to approval of the change of ownership. Approval will be granted if the
requirements of Subpart C have been met.
e) If the new owner fails to submit a new
application within 30 days, or if the Division does not approve the school, the
school shall remain closed until final Division approval is received.
f) The new owner is responsible for ensuring
that the school is in compliance with all current provisions of the Act and
this Part.
