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 Bill Status of SB0899  100th General Assembly


Short Description:  ACCOUNTANTS-EQUIVALENCY

Senate Sponsors
Sen. Pamela J. Althoff

House Sponsors
(Rep. Robert Rita - David B. Reis - Patricia R. Bellock)

Last Action
DateChamber Action
  8/25/2017SenatePublic Act . . . . . . . . . 100-0419

Statutes Amended In Order of Appearance
225 ILCS 450/0.03from Ch. 111, par. 5500.03
225 ILCS 450/5.2
225 ILCS 450/13from Ch. 111, par. 5514
225 ILCS 450/16from Ch. 111, par. 5517


Synopsis As Introduced
Amends the Illinois Public Accounting Act. Allows a certified public accountant (CPA) firm whose principal place of business is not in this State to have all the privileges of a CPA firm licensed under the Act without the need to obtain a license from the Department of Financial and Professional Regulation or to file notice with the Department if the CPA firm complies with specified substantial equivalency requirements; makes conforming changes. Provides that firms that do not meet the certain requirements but offer or render services in the State must hold a license issued under the Act. Provides that every application for renewal of a license by a licensed CPA who has been licensed under the Act for 3 years of more shall be accompanied or supported by evidence showing the completion of professional education as prescribed by Department rule (rather than showing the completion of 120 hours of continuing professional education each 3 years as prescribed by Department rule) and makes related changes. Effective immediately.

House Floor Amendment No. 1
Adds reference to:
225 ILCS 450/14.5 new

Further amends the Illinois Public Accounting Act. Provides for the appointment of a CPA Coordinator and provides the duties and responsibilities for the role. Provides that a CPA firm or sole practitioner shall comply with Department of Financial and Professional Regulation rules and notify the Peer Review Administrator within 30 days after accepting an engagement for services requiring a license and to undergo a peer review within 18 months after the end of the period covered by the engagement (rather than undergo its first peer review during the first full renewal cycle after it is granted its initial license).

Actions 
DateChamber Action
  2/7/2017SenateFiled with Secretary by Sen. Pamela J. Althoff
  2/7/2017SenateFirst Reading
  2/7/2017SenateReferred to Assignments
  2/15/2017SenateAssigned to Licensed Activities and Pensions
  3/1/2017SenateDo Pass Licensed Activities and Pensions; 011-000-000
  3/1/2017SenatePlaced on Calendar Order of 2nd Reading March 2, 2017
  3/15/2017SenateSecond Reading
  3/15/2017SenatePlaced on Calendar Order of 3rd Reading March 16, 2017
  4/26/2017SenateThird Reading - Passed; 055-000-000
  4/26/2017HouseArrived in House
  4/26/2017HouseChief House Sponsor Rep. Robert Rita
  4/26/2017HouseFirst Reading
  4/26/2017HouseReferred to Rules Committee
  5/3/2017HouseAssigned to Business & Occupational Licenses Committee
  5/10/2017HouseDo Pass / Short Debate Business & Occupational Licenses Committee; 005-000-000
  5/11/2017HousePlaced on Calendar 2nd Reading - Short Debate
  5/11/2017HouseHouse Floor Amendment No. 1 Filed with Clerk by Rep. Robert Rita
  5/11/2017HouseHouse Floor Amendment No. 1 Referred to Rules Committee
  5/15/2017HouseHouse Floor Amendment No. 1 Rules Refers to Business & Occupational Licenses Committee
  5/17/2017HouseHouse Floor Amendment No. 1 Recommends Be Adopted Business & Occupational Licenses Committee; 005-000-000
  5/18/2017HouseAdded Alternate Chief Co-Sponsor Rep. David B. Reis
  5/24/2017HouseSecond Reading - Short Debate
  5/24/2017HouseHouse Floor Amendment No. 1 Adopted
  5/24/2017HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/26/2017HouseAdded Alternate Chief Co-Sponsor Rep. Patricia R. Bellock
  5/26/2017HouseFinal Action Deadline Extended-9(b) May 31, 2017
  5/28/2017HouseThird Reading - Short Debate - Passed 087-022-000
  5/29/2017SenateSecretary's Desk - Concurrence House Amendment(s) 1
  5/29/2017SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1 - May 30, 2017
  5/29/2017SenateHouse Floor Amendment No. 1 Motion to Concur Filed with Secretary Sen. Pamela J. Althoff
  5/29/2017SenateHouse Floor Amendment No. 1 Motion to Concur Referred to Assignments
  5/30/2017SenateHouse Floor Amendment No. 1 Motion to Concur Assignments Referred to Licensed Activities and Pensions
  5/30/2017SenateHouse Floor Amendment No. 1 Motion To Concur Recommended Do Adopt Licensed Activities and Pensions; 010-000-000
  5/31/2017SenateHouse Floor Amendment No. 1 Senate Concurs 053-000-000
  5/31/2017SenateSenate Concurs
  5/31/2017SenatePassed Both Houses
  6/29/2017SenateSent to the Governor
  8/25/2017SenateGovernor Approved
  8/25/2017SenateEffective Date August 25, 2017
  8/25/2017SenatePublic Act . . . . . . . . . 100-0419

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