 The
legislation was sponsored in the House by Rep. Elaine Nekritz,
D-Des Plaines."The need for this legislation became clear when I
heard from condominium owners and board members who were concerned
about the quality of services from a manager or, worse yet, been
victimized by a dishonest manager," Nekritz said. "I'm pleased that
the Illinois Department of Financial and Professional Regulation
will be working to protect condominium owners."
The law mandates that individuals paid to manage community
associations -- by preparing budgets or other financial documents
for the community association; assisting in the conduct of community
association meetings; maintaining association records; and
administering association contracts -- must complete 20 hours of
pre-license class work and pass an examination approved by the
Department of Financial and Professional Regulation.
There are currently two authorized exams. The National Board of
Certification for Community Association Managers, or NBC-CAM, offers
the Certified Manager of Community Associations examination, known
as the CMCA exam; and the Institute of Real Estate Management, or
IREM, offers the Common Interest Developments: Managing Condominium
Association Properties course and exam, or CID201.
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In order to be in compliance with the new law, community association
managers must file completed applications as soon as possible in
order to be processed by the Oct. 1 deadline. Penalties for
unlicensed practice include fines of as much as $10,000 per
violation and refusal to issue licenses in the future.
The new regulations and the application are posted at
www.idfpr.com.
[Text from
Illinois
Department of Financial and Professional Regulation
file received from
the
Illinois Office of
Communication and Information] |
