Ill. Admin. Code tit. 68, § 1452.70 - Change of Ownership
a) No
later than 30 calendar days after the effective date of a change of ownership
of an appraisal management company registered under the Act, a new application
shall be filed with the Division in accordance with Section
1452.20.
b) Change of ownership is defined as, but not
limited to:
1) When an unaffiliated person,
partnership, corporation, limited liability company or other legal entity comes
to obtain 51% ownership or ownership interest of the appraisal management
company after initial registration; or
2) Change in the legal form under which the
controlling entity is organized.
Notes
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