Sec. 480.40 - Organizations and Activities Exempt from Registration

ยง 480.40. Organizations and Activities Exempt from Registration

a) Trustees who hold property with a value of less than $4,000 are not required to register with the Attorney General provided that, if assets exceed $4,000 during any 12 month period, no exemption is available and registration is required.

b) The Federal, state and local governments and their duly authorized agencies and subdivisons are exempt from the registration requirements of the Act.

c) Religious organizations, their agencies or affiliates directly supervised by such religious organizations are exempt from the registration requirements of the Act for exclusively religious activities.

d) Individual officers and directors of religious bodies who hold property in their official capacity are exempt from registration under the Act.

e) Trustees who hold property for the purpose of and who are exclusively operating schools or hospitals are exempt from the registration requirements of the Act.

f) Trustees engaged in any of the above exempt activities, if engaged in non-exempt activities, must still register and account for all non-exempt activities.

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Amended at 24 Ill. Reg. 14665, effective September 21, 2000

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