Section 1452.70  Change of Business Entity or Ownership

a)         No later than 30 calendar days after the effective date of a change in the legal structure 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.  Pursuant to Section 37 of the Act, a registration is not transferable or assignable.

b)         Change of ownership is defined as, but not limited to:

1)         When a business entity acquires more than 50% ownership or ownership interest of the appraisal management company; or

2)         The equity purchase of one AMC by another AMC in which the purchasing AMC acquires ownership of the business entity.  The purchase can include assets and liabilities.

c)         Change of legal structure is defined as, but is not limited to:

1)         When the business entity changes organization type (e.g., from a sole proprietorship to a corporation); or

2)         When a business entity is dissolved or terminated and the owners revert to an individual/sole proprietor or create a different legal business structure.

d)         Failure to file a new application within 30 days after a change in the legal structure or ownership may result in the initiation of disciplinary proceedings pursuant to Section 65 of the Act.

e)         Any entity that is not authorized to conduct business in Illinois shall be prohibited from engaging in any licensed activities until proof of authorization to conduct business in Illinois from the Secretary of State is provided.

f)         An appraisal management company must submit a new application when there is a change in the legal structure or ownership of the business entity that may require a change in the Federal Employer Identification Number (FEIN).

g)         If the appraisal management company changes only its legal name or its assumed name, it need not submit a new application but must notify the Division within 14 calendar days after the change, and, if applicable, provide their registration under the Assumed Business Name Act [805 ILCS 405].

h)         Upon receipt of the required documents and review of the application, the Department shall issue a license authorizing the entity to practice or shall notify the applicant of the reason for any deficiency.

(Source:  Amended at 50 Ill. Reg. 686, effective January 5, 2026)