Current through Register Vol. 48, No. 12, March 22, 2024
a) It shall be unlawful for persons to render
community association management services in this State in the form of a
corporation, limited liability company, partnership, limited partnership or
limited liability partnership in accordance with Section 50 of the Act unless
the person holds a community association management firm license. A Community
Association Management Firm seeking a license shall file an application with
the Department, on forms provided by the Department, together with the
following:
1) If an assumed name is to be
used, a certified copy of the assumed name certificate, pursuant to the Assumed
Business Name Act [805 ILCS 405 ];
2) A Federal Employer Identification Number
(FEIN);
3) A properly completed
Community Association Management Firm information form;
4) The fee required by Section
1445.100(a)(3);
and
5) Evidence that the Community
Association Management Firm has a licensed and designated Community Association
Manager.
6) The application form
prescribed by the Department for initial licensure and renewal of licensure
will require all applicants to provide the following information:
A) whether the applicant is custodian of
Association Accounts;
B) the
average number of Association Accounts the applicant handles as a custodian
during the most recent calendar year; and
C) whether the applicant maintains
crime/fidelity insurance for such Association Accounts the applicant handles as
custodian.
7) If a
Community Association Management Firm maintains multiple offices under a single
Community Association Management Firm license, the address of record and email
address of record for all offices so maintained and a certification that the
Community Association Management Firm's designated Community Association
Manager shall assume all responsibilities and perform all duties required of a
designated Community Association Manager for all offices maintained by the
Community Association Management Firm.
b) All requirements for a licensee to
practice as a Community Association Management Firm shall be met within one
year after the date of original application or the application shall be denied,
and the fee forfeited. Thereafter, to be considered for licensure, the
applicant shall file a new application with the required fee.
c) Corporations, in addition to the items
listed in subsection (a), shall submit the following:
1) The name of the corporation, its
registered address, a list of all officers and the license number for each
officer who is licensed as a Community Association Manager; and
2) A copy of the Articles of Incorporation
bearing the seal of the office, in the jurisdiction in which the corporation is
organized, whose duty it is to register corporations under the laws of that
jurisdiction. If it is a foreign corporation, a copy of the certificate of
authority to transact business in this State is also required.
d) Limited liability companies, in
addition to the items listed in subsection (a), shall submit the following:
1) The name of the limited liability company,
its registered address, if member-managed, a list of all members and the
license number for each member who is licensed as a Community Association
Manager, or if manager-managed, a list of all managers and the license number
for each manager who is licensed as a Community Association Manager. If a
member or manager of the limited liability company is an entity, the applicant
shall provide the name and license number for any Community Association
Managers who are owners, officers, managers, members, or partners of the
entity; and
2) A copy of the
Articles of Organization filed with the Illinois Secretary of State or, if it
is a foreign limited liability company, a copy of the application for admission
endorsed by the Illinois Secretary of State.
e) Partnerships, in addition to the items
listed in subsection (a), shall submit the following:
1) The name of the partnership, its business
address, the names of all general partners and the license number for each
general partner who is licensed as a Community Association Manager;
and
2) An affidavit stating that
the partnership has been legally formed.
f) Limited partnerships or limited liability
partnerships, in addition to the items listed in subsection (a), shall submit
the following:
1) The name of the limited
partnership or limited liability partnership, its business address, the names
of all limited partners or limited liability partners and the license number
for each limited partner or limited liability partner who is licensed as a
Community Association Manager. If a limited partner or limited liability
partner is an entity, the applicant shall provide the name and license number
for any Community Association Managers who are owners, officers, managers,
members, or partners of the entity; and
2) A letter of authority from the Illinois
Secretary of State's Limited Liability Division or, if it is a foreign limited
partnership or limited liability partnership, a copy of the application for
admission endorsed by the Illinois Secretary of State.
g) Upon receipt of the required documents and
review of the application, the Department shall issue a license authorizing the
corporation, limited liability company, partnership, limited partnership, or
limited liability partnership to practice as a Community Association Management
Firm or shall notify the applicant for the reason for the denial of the
license.
h) Licensees engaging in
licensed activities in the form of a corporation, limited liability company,
partnership, limited partnership, or limited liability partnership must:
1) Remain in active status and in good
standing in accordance with the requirements of the jurisdiction where it is
registered and must be authorized to conduct or transact business;
and
2) Notify the Division, in a
format provided by the Division, within 48 hours of any change to its
status/registration resulting in the inability to conduct or transact business
in the jurisdiction in which it is registered/was authorized to conduct or
transact business; and
3) Be
authorized to conduct or transact business in Illinois. The license of any
business entity that is not in good standing with the Illinois Secretary of
State, or is not authorized to conduct business in Illinois, shall immediately
become inactive and that entity shall be prohibited from engaging in any
licensed activities.