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91_HB4280
LRB9111059ACmg
1 AN ACT to amend the Illinois Public Accounting Act.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Public Accounting Act is amended
5 by changing Sections 5 and 14.2 as follows:
6 (225 ILCS 450/5) (from Ch. 111, par. 5506)
7 Sec. 5. Certification of out-of-State accountants.
8 (a) The Board may issue a certificate as a certified
9 public accountant, without examination, to any applicant who
10 holds a valid unrevoked certificate as a certified public
11 accountant issued under the laws of any other state or
12 territory of the United States or the District of Columbia,
13 provided:
14 (1) that the state that issued the certificate has
15 certification requirements that have been determined by
16 the Board to be substantially equivalent to the
17 certification requirements of Illinois and grants similar
18 rights to those that Illinois grants to certificate
19 holders;
20 (2) that the state that issued the certificate has
21 certification requirements that the Board Department has
22 determined not to be substantially equivalent to the
23 certification requirements of Illinois or does not grant
24 similar rights to Illinois certificate holders, but the
25 Board determines that the individual applicant possesses
26 personal qualifications substantially equivalent to
27 Illinois' certification requirements; or
28 (3) that the applicant does not qualify under
29 subsections (1) or (2) above, but the following
30 conditions are met:
31 (A) the certificate was granted to the
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1 applicant on the basis of the Uniform Certified
2 Public Accountant examination; and
3 (B) the educational qualifications of the
4 applicant for a certificate, at the time of the
5 written examination, were equivalent to the
6 educational qualifications then required of
7 applicants for admission to the Illinois examination
8 for certified public accountant or, the applicant
9 has, after passing the examination upon which his or
10 her certificate was based, not less than 5 years of
11 experience in the practice of public accounting
12 within the 10 years immediately preceding this
13 application, otherwise reasonably considered
14 acceptable by the Board.
15 (b) In determining the substantial equivalency of the
16 requirements for certification or the rights granted to
17 certificate holders pursuant to this Section, the Board may
18 rely on the determinations of the National Qualification
19 Appraisal Service of the National Association of State Boards
20 of Accountancy or any other qualification appraisal service,
21 as it deems appropriate.
22 (Source: P.A. 91-508, eff. 8-13-99.)
23 (225 ILCS 450/14.2)
24 Sec. 14.2. Licensure by endorsement.
25 (a) The Department shall issue a license as a public
26 accountant to any applicant who holds a certificate as a
27 certified public accountant issued by the Board and who holds
28 a valid unrevoked license or permit to practice as a public
29 accountant issued under the laws of any other state or
30 territory of the United States or the District of Columbia,
31 provided:
32 (1) the individual applicant is determined by the
33 Department to possess personal qualifications
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1 substantially equivalent to this State's current
2 licensing requirements;
3 (2) at the time the applicant received his or her
4 current valid and unrevoked license or permit, the
5 applicant possessed qualifications substantially
6 equivalent to the qualifications for licensure then in
7 effect in this State; or
8 (3) the applicant has, after passing the
9 examination upon which his or her license or other permit
10 to practice was based, not less than 4 years of
11 experience in the practice of public accounting within
12 the 10 years immediately before the application.
13 (b) In determining the substantial equivalency of any
14 state's requirements to Illinois' requirements, the
15 Department may rely on the determinations of the National
16 Qualification Appraisal Service of the National Association
17 of State Boards of Accountancy or such other qualification
18 appraisal service as it deems appropriate.
19 (Source: P.A. 91-508, eff. 8-13-99.)
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.