Illinois Compiled Statutes 225 ILCS 427/50 – Community association management firm
Current as of: 2024 | Check for updates
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(a) No corporation, partnership, limited liability company, or other legal entity shall provide or offer to provide community association management services, unless it has applied in writing on the prescribed forms and has paid the required nonrefundable fees and provided evidence to the Department that the firm has designated a licensed community association manager to supervise and manage the firm. Having a designated community association manager shall be a continuing requirement of firm licensure.
(b) Any corporation, partnership, limited liability company, or other legal entity that is providing, or offering to provide, community association management services and is not in compliance with this Section and other provisions of this Act shall be subject to the civil penalties, injunctions, cease and desist provisions, and penalties provided for in Sections 90, 92, and 155 of this Act.
(c) No community association manager may be the designated community association manager for more than one firm, corporation, limited liability company, partnership, or other legal entity. The designated community association manager shall supervise and manage all licensed and unlicensed employees acting on behalf of the community association management firm. The designated community association manager shall supervise and manage all independent contractors providing community association management services on behalf of the community association management firm. The community association management firm and the designated community association manager shall be responsible for all actions of which they had knowledge taken on behalf of the community association management firm.
(d) The Department may adopt rules and set all necessary requirements for the implementation of this Section.
(b) Any corporation, partnership, limited liability company, or other legal entity that is providing, or offering to provide, community association management services and is not in compliance with this Section and other provisions of this Act shall be subject to the civil penalties, injunctions, cease and desist provisions, and penalties provided for in Sections 90, 92, and 155 of this Act.
Terms Used In Illinois Compiled Statutes 225 ILCS 427/50
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(c) No community association manager may be the designated community association manager for more than one firm, corporation, limited liability company, partnership, or other legal entity. The designated community association manager shall supervise and manage all licensed and unlicensed employees acting on behalf of the community association management firm. The designated community association manager shall supervise and manage all independent contractors providing community association management services on behalf of the community association management firm. The community association management firm and the designated community association manager shall be responsible for all actions of which they had knowledge taken on behalf of the community association management firm.
(d) The Department may adopt rules and set all necessary requirements for the implementation of this Section.