(a) The Secretary of State shall issue a certificate of adoption of transparency and sustainability standards to any entity if the Secretary of State shall have determined that the following conditions have been satisfied:
(1) Such entity shall have executed and acknowledged, and delivered to the Secretary of State, a standards statement;
(2) Such entity shall have paid all fees and costs assessed by the Secretary of State; and
(3) Such entity remains a reporting entity, and if such entity is registered or formed with the Secretary of State, it is in good standing upon the records of the Secretary of State.
(b) Each reporting entity shall, for all purposes of the laws of this State, be authorized and permitted to disclose, publicly or privately, that it is a reporting entity.