Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1175 - THE BARBER, COSMETOLOGY, ESTHETICS, HAIR BRAIDING, AND NAIL TECHNOLOGY ACT OF 1985 › Subpart K - NAIL TECHNOLOGY SCHOOLS › Section 1175.1150 - Change of Ownership

Current through Register Vol. 48, No. 28, July 12, 2024
a) For
				purposes of this Section, "change of ownership", "sale" or "transfer" of a
				corporation means the transfer of more than 50% of stock during a 14-day
				period. For purposes of this Section, "change of ownership", "sale" or
				"transfer" of a partnership means a change of more than 50% of the partners
				during a 14-day period. For purposes of this Section, "change of ownership",
				"sale" or "transfer" of an LLC means a change of more than 50% of the members
				during a 14-day period. Any change of ownership of a parent business entity
				that owns the school's owner shall not be considered a change of ownership of
				the school.
b) If a licensed school
				is to be sold or otherwise transferred, the new owner must notify the Division
				at least 30 days in advance of the effective date of the transfer of ownership.
				The notification shall include a signed and dated letter from the pre-transfer
				owner acknowledging the planned sale of transfer.
c) Upon filing notice to the Division, the
				new owner may continue to operate the school under the previously issued
				license, provided that the new owner submits an application for licensure with
				the Division within 30 days after the effective date of the transfer of
				ownership by submitting to the Division:
1) A
				signed and completed school application;
2) A detailed 81/2 x 11 inch floor plan that
				is:
A) drawn to scale;
B) shows dimensions;
C) that has all areas labeled;
D) has all fixtures shown; and
E) demonstrates compliance with the
				requirements of Section
				1175.305;
3) A copy of:
A) a lease agreement showing at least a
				1-year commitment to the use of the school site, the address of the school
				site, the name of the lessor, and the name of the lessee; or
B) the certification of school site
				ownership;
4) A copy of
				the enrollment agreement that will be utilized by the new owner;
5) A copy of curricula that will be used by
				the new owner;
6) A sample copy of
				the school's official transcript;
7) A Commitment Statement, as provided in the
				licensure application packet, signed and dated by the school's chief
				administrative officer;
8) List of
				all the names, addresses and current status of all schools in which the
				applicant has previously owned any interest, and a declaration as to whether
				any of these schools were ever denied accreditation or licensing or lost
				accreditation or licensing from any government body or accrediting
				agency;
9) If the new owner is a
				corporation, limited liability company, or partnership, a copy of the
				following:
A) if the owner is a domestic
				corporation, a filed copy of the Articles of Incorporation filed with the
				Secretary of State or, in the case of a foreign corporation, a filed copy of
				the Authority to Transact Business in Illinois accepted by and filed with the
				Secretary of State;
B) if the owner
				is a domestic limited liability company, a copy of the Articles of Organization
				that were filed with the Secretary of State or, if the owner is a foreign
				limited liability company, a copy of the Application for Admission to Transact
				Business as a Foreign Limited Liability Company accepted by and filed with the
				Secretary of State; or
C) if the
				owner is a partnership, a listing of all partners and their
				addresses;
10) If the new
				owner will be conducting business under an assumed name as described in the
				Assumed Business Name Act [ 805 ILCS 405 ], a copy of the application to adopt
				an assumed name filed with the government office responsible for approving the
				assumed name;
11) An official fire
				inspection report by the local fire inspection authority conducted within 6
				months prior to application approving the school site;
12) A financial statement indicating
				sufficient current finances exist to operate the school for at least 3 months.
				The Division will not accept a bank statement as sufficient proof to meet this
				requirement. This financial statement shall include reporting cash assets on
				hand and any liabilities and shall be prepared by either a certified public
				accountant or a person knowledgeable about the finances of the school. Any
				financial statement submitted by a person who is not a certified public
				accountant must contain a signed statement certifying under penalty of perjury
				that the information is true and accurate based upon inspection of the
				financial records of the school;
13) If a name change is to also occur, all
				documents submitted must include the new name, and the new owner must submit a
				sample of the new school seal and a photo of the new school sign; and
14) The required fee set forth in Section
				1175.100.