Property managers in Illinois have until October 1, 2012 to prove that they have met licensing requirements enabling them to perform the services of a community association manager.
Discussed for many years in the state legislature, new rules requiring licensing of property managers were approved by legislators in 2010 and became law on October 1, 2011. Governed under the Illinois Department of Financial and Professional Regulation (IDFPR), which oversees licensing requirements for more than 60 kinds of professions, this will allow government oversight of CAMs for the first time.
Who, What, When
After the new law was passed in July 2010, the IDFPR created a five-member board of directors, which included five real estate industry pros and two board members, who aren’t involved in the business. From November 2010 through May 2011, the board worked to draft a set of rules for the new licensing requirement. Now, any property manager currently working in the industry had one year (from October 2011) to get his or her state-approved license. Prospective property managers not yet working in the industry have up to three years to complete the process.
According to Lara Anderson, Esq. of the Lake Zurich-based law firm of Fullett Rosenlund Anderson, PC, the law provided that current professionals working as property managers could be “grandfathered in” if they applied for a CAM license under this “grandfather provision” by March 31, 2012.
The grandfather provision would apply if “they practiced as a community association manager for five (5) of the last ten years” or had “achieved/received one of the following designations” from either the Community Associations Institute, the Institute of Real Estate Management or the National Board of Certification for Community Association Managers: CAI Accredited Management Specialist (AMS); CAI Professional Community Association Manager (PCAM); IREM Certified Property Manager (CPM); IREM Accredited Residential Manager (ARM); or NBC-CAM Certified Manager of Community Associations (CMCA).