Firm Licensing and Designated CAM
• NEW: Al licensed
• • All CAM Firms must be
Applications are open and Firms should apply now
Initial licenses issued before 8/31/2023 will expire 8/31/2025
• Application fee of $650 NEW • • • NEW W: License App Application o
Requirements for Firms Is firm custodian of Association Accounts?
Average number of Association Accounts per year?
Is there crime/fidelity insurance to cover Association Accounts?
NEW: Firm DCAM Required Each licensed firm must designate a single licensed leader called a Designated CAM (DCAM)
DCAM shall supervise all licensed/unlicensed firm employees
DCAM is ongoing requirement for firm licensure
NEW: DCAM Responsibilities • Implement and
p Communicate Office Policies
• Oversee compliance Train employees on requirements of federal, state, and local ordinances
• •
Supervise Association Accounts
• Supervise firm advertising
N R
CAM Firm Requirements N W Required AMFirm
NEW:: Req de CAM Fir Procedures
irm
Notify IDFPR of every hire and separation of a CAM from the firm or change in DCAM within 14 days Maintain fidelity/crime, general liability and E&O insurance Unless directed otherwise, all Association Accounts at FDIC insured depositories
N W NEW:
EW:: Firms required to have Written Policies covering: • Firm is responsible for Act compliance
e • •
CAM firm will maintain Association Accounts in compliance with Act
Licensees must now be referred to as "Community Association Managers"
NEW N NEW:: Firm Transitions
• Unless otherwise stated in management agreement, CAM firm shall transition all accounts, funds,
ledgers and statements and/or respond to Board of Directors record
requests within 10 days NEW
NEW:: IDFPR Audits of Records
f Firm • Department may audit m
accounts to ensure compliance with separate, segregated accounts for each association and ensure no commingling of funds among associations
firm
NEW: Course Providers CE sponsor must be approved by IDFPR through application
• •
Must verify attendance and issue certificates
• NEW N
Continuing Education Requirements
NEW:: Continuing Education • To renew CAM license, 12 continuing education credit hours will be required each renewal period
•
Due by August 31, 2025 for first renewal cycle and each 2-year period thereafter
NEW N
NEW:: CE Courses that Count • CE credits may be earned for attendance or participation in courses by CAI that maintain CMCA, AMS, or PCAM
•
Courses offered by CAI, CAMICB, ABOMA, IREM, ACTHA and State sexual harassment training counts
NEW: Course Providers Only courses provided by sponsors who have certified their programs through the State of Illinois will count toward CE requirements
•
NEW •
• • • • • • •
Unpr
Unprofessiona l C
professi aofessio e
rofessiona Conduct
NEW: Unprofessional Conduct Failure to comply with governing docs
Misrepresenting facts, making inaccurate statements, or acting in fraudulent manner
Providing legal advice without license
Failing to disclose conflict of interest
Violating fiduciary duty to Association
Failing to abide by management agreement and the law
Failing to maintain or improper use of confidential information
Failure to provide notice and production of documentsf
to
unit owners (as required by State statute or legal documents)
•
Failing to disclose affiliation agreements and the terms thereof binding on a client association
• •
Aiding or assisting a licensee or unlicensed individual to violate Act
Obstructing an inspection, audit, investigation, examination, or disciplinary proceeding
Failing to return association documents and property within 30 days following termination
•
Charging fees not disclosed in management agreement
This document is provided for information purposes only. It is not legal advice. It is not comprehensive and does not include all changes in law and administrative rules applicable to CAMs. You should always refer to the statutory language and administrative rules and consult with an attorney to ensure compliance.
www.cai-illinois.org • 847.301.7505 | 41
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