Q: I heard there are changes to the law regulating community
association managers and firms, what are the changes?
A: The new law requires firms to be licensed by the Department of
Financial and Professional Regulation, and requires firms to designate one
person to be a Supervising Community Association Manager. Supervising managers
are required to take an additional 10 hours of course work on community
association management, this is in addition to the 20 hours of pre-licensure
course work required to be a community association manager. There are new
conditions of the law that require Supervising Managers and/or firms to have
fidelity insurance that have drawn some concerns in compliance, so CAI’s IL-LAC
is working with the sponsor on corrections.
Q: What is required of me or my firm at this time?
A: At this time, you and your company should review the changes to the law
to have a complete understanding of its requirements. You may also check the
manager
licensing resource page on CAI’s website for updates as they
become available. CAI will work with its Illinois Chapter and Legislative Action
Committee to provide CAI members with updates on compliance with the law.
Q: When will the new law and requirements go into
effect?
A: The new law went into effect January 1, 2014; however, the Licensing
and Disciplinary Board and the Department of Financial and Professional
Regulation must adopt rules to implement the additional guidelines based on the
new law. These guidelines include fees, forms, and other specifics. The time to
develop the rules will ranges. Expect spring
2016.
Q: How does the new law affect my firm?
A: Under the new law, firms must be issued a firm license by the
department, and designate at least one Supervising Community Association
Manager. Applications for the licensing of your firm are not available at this
time and will not be made available until the board and department adopt the
regulatory guidelines. Expect spring 2016. There are new conditions of the law
that require Supervising Managers and/or firms to have fidelity insurance that
have drawn some concerns in compliance, so CAI’s IL-LAC is working with the
sponsor on corrections.
Q: What are the requirements if I plan to be my firm’s Supervising
Manager?
A: There are additional requirements to be a Supervising Community
Association Manager. You must have been licensed at least one out of the past
two years as a manager. You must also complete an additional ten (10) hours of
community association management courses within one year after filing the
application, and pass an examination authorized by the department. We recommend
those seeking to be Supervising Managers follow CAI’s Professional Management
Development Program and participate in CAI Illinois Chapter
education classes. There are new conditions of the law that require Supervising
Managers and/or firms to have fidelity insurance that have drawn some concerns
in compliance, so CAI’s IL-LAC is working with the sponsor on corrections.
Additionally, a Supervising Manager may not be the Supervising Manager of more
than one firm. Managers practicing for seven (7) or more years that apply for a
license within the first six months are exempt from the educational and exam
requirements for a supervising license.
Q: How much will this cost?
A: The fees have yet to be established, and will be done so during
regulatory development.
Q: Do I have to recertify my community association manager
license?
A: Yes. All managers were to recertify the community association manager
license by August 31, 2017. At this time there are no continuing education
requirements. The fee to renew the license is $150 per year, or $300 for the two
year period. If you have yet to do so, please go to the department’s site and
renew by clicking here:
http://www.idfpr.com/profs/info/cam.aspQ: How do I keep up to date on the implementation of the new law and
rules?
A: CAI and CAI’s Illinois Chapter will provide alerts to CAI members on
developments in the implementation of the Act. You can also follow
this page.