Ill. Admin. Code tit. 68, § 1452.60 - Designated Controlling Person

a) All registrants shall notify the Division in writing of a change of the designated controlling person within 30 calendar days after the change. A registrant shall report this change to the Division by submitting a new designated controlling person application on a form provided by the Division on which all questions have been answered, in which the designated controlling person accepts responsibility for maintaining the registrant's compliance with the Act and this Part, and that is signed by the new designated controlling person.

b) No person may be the designated controlling person for more than one appraisal management company.

c) Upon written request by a representative of an appraisal management company, within 10 calendar days after the loss of a designated controlling person of an appraisal management company because of the incapacitation, death or termination of employment of that individual, the Division shall issue a Temporary Certificate of Authority allowing the continuing operation of the appraisal management company. No Temporary Certificate of Authority shall be valid for more than 90 calendar days. An extension of an additional 90 calendar days may be granted upon written request by the representative of the appraisal management company. Not more than 2 extensions may be granted to any appraisal management company. No Temporary Certificate of Authority shall be issued for a loss of the designated controlling person because of disciplinary action by the Division related to his or her conduct on behalf of the appraisal management company.

d) A designated controlling person shall report to the Division within 30 calendar days after any change related to his or her criminal history, professional licensure, military or government employment status, or delinquency regarding student loans, state taxes or child support payments as reported in the registrant's original application, subsequent renewal applications, or a new designated controlling person application.

Notes

Ill. Admin. Code tit. 68, § 1452.60