Section 1452.60  Designated Controlling Person

a)         All registrants shall notify the Division in writing of a change of the designated controlling person within 30 calendar days after the change. A registrant shall report this change to the Division by submitting a new designated controlling person application in a manner provided by the Division on which all questions have been answered, in which the designated controlling person accepts responsibility for maintaining the registrant's compliance with the Act and this Part, and that is signed by the new designated controlling person.

b)         Failure to notify the Division in writing of a change of the designated controlling person within 30 calendar days after the change may result in the initiation of disciplinary proceedings pursuant to Section 65 of the Act.

c)         No person may be the designated controlling person for more than one appraisal management company.

d)         Upon written request by a representative of an appraisal management company, and within 10 calendar days after the loss of a designated controlling person of an appraisal management company because of the incapacitation, death, or termination of employment of that individual, the Division may grant the authority to allow the continuing operation of the appraisal management company.

1)         No authority shall be valid for more than 90 calendar days except that extensions of an additional 90 calendar days may be granted upon the written request of the representative of the appraisal management company and for just cause.

2)         No authority shall be issued for a loss of the designated controlling person because of disciplinary action by the Department related to the designated controlling person's conduct on behalf of the appraisal management company.

e)         A designated controlling person shall report to the Department within 30 calendar days after any change related to their criminal history, professional licensure, or delinquency regarding state taxes or child support payments as reported in the registrant's original application, subsequent renewal applications, or a new designated controlling person application.

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