HB 2726

Abstract

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.