Ill. Admin. Code tit. 68, § 1460.11 - Qualifying Party
a) All
licensees shall have a designated qualifying party.
b) At renewal, all licensees will be required
to designate a qualifying party. If a qualifying party was designated as a
licensee's qualifying party on or before July 1, 2003, the qualifying party
will not be required to take and pass the examination set forth in Section
1460.12.
The licensee will be required to restore his or her license in accordance with
Section
1460.50 if, at any
time thereafter, one of the following occurs:
1) A licensee allows his or her license to
lapse;
2) The qualifying party who
was designated on or before July 1, 2003 terminates his or her designation as
the licensee's qualifying party;
3)
The qualifying party's status as the qualifying party is terminated by the
licensee; or
4) The qualifying
party's designation is terminated by the Division.
c) No person shall be named as a qualifying
party for more than one licensee. However, the person may act in the capacity
of the qualifying party for one additional licensee of the same type of
licensure if one of the following conditions exists:
1) There is a common ownership of at least
25% of each licensed entity for which the person acts as a qualifying party;
or
2) The same person acts as a
qualifying party for one licensed entity and its licensed subsidiary.
"Subsidiary" as used in this Section means a corporation of which at least 25%
is owned by another licensee.
d) When a qualifying party is terminated or
is terminating his or her status as a qualifying party of a licensee, the
qualifying party and the licensee shall notify the Division in writing of the
termination within 30 business days.
e) The licensee shall notify the Division in
writing within 30 business days after the termination of a qualifying party and
shall supply the name and address of the newly designated qualifying party. If
the qualifying party has not taken and passed the examination set forth in
Section 1460.12, or the party to be named was not named as a qualifying party
on or before July 1, 2003 by some licensee, the new qualifying party shall
apply for examination pursuant Section 1460.12. The qualifying party will have
7 months to pass the examination. If the qualifying party has not passed the
examination in the 7 months, the licensee shall designate a qualifying party
who has passed the examination.
Notes
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