Bill Text: IL HB2726 | 2013-2014 | 98th General Assembly | Amended

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Illinois Public Accounting Act. Makes changes in provisions concerning definitions, the Board of Examiners, the Public Accountant Registration Committee, the Administrative Procedure Act, licensure, practice, unlicensed practice, accountancy activities, powers and duties of the Department of Financial and Professional Regulation, sharing of information, exemption from the Act, application for licensure, qualifications, foreign accountants, expiration and renewal of licenses, fees, inactive status, discipline, investigations, hearings, summary suspension, administrative review, criminal penalties, injunctions, contributory fault, prohibited practice, home rule, and the Registered Certified Public Accountants' Administration and Disciplinary Fund. Changes references throughout the Act from "certified public accountant" to "CPA". Changes references throughout the Act from "Director" to "Secretary". Creates new provisions concerning accountancy activities, qualifications for licensure as a CPA firm, restoration of license from discipline, findings, and recommendations, summary suspension, and confidentiality. Amends the Regulatory Sunset Act. Extends the repeal of the Illinois Public Accounting Act from January 1, 2014 to January 1, 2024. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Passed) 2013-08-09 - Public Act . . . . . . . . . 98-0254 [HB2726 Detail]

Download: Illinois-2013-HB2726-Amended.html

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Rep. Robert Rita

Filed: 3/21/2013

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AMENDMENT TO HOUSE BILL 2726
AMENDMENT NO. ______. Amend House Bill 2726 on page 25,
lines 10 through 11, by replacing "item (2) of subsection (b)
of Section 14" with "paragraph (1) of Section 14.4 item (2) of
subsection (b) of Section 14"; and
on page 37, line 2, by replacing "subsection (b) of Section 14"
with "Section 14.4 subsection (b) of Section 14"; and
on page 44, line 21, by deleting "of"; and
on page 45, by replacing lines 3 through 26 with the following:
"(f) Any licensed CPA whose license is in inactive status
may use the title "CPA (inactive)" if:
(1) he or she is not performing accountancy activities
outlined in Section 8.05; or
(2) he or she is performing governance functions on a
non-profit volunteer board using his or her accountancy

09800HB2726ham001 - 2 - LRB098 10780 MGM 42349 a
skills and competencies and complies with the following
requirements:
(A) he or she discloses to the non-profit volunteer
board and respective committees that his or her license
is on inactive status; and
(B) he or she is not serving as an audit committee
financial expert as defined in Section 407 of the
federal Sarbanes-Oxley Act of 2002."; and
on page 67, lines 2 and 3, by deleting "have 60 days after
receiving the report to".