SB 928 — CICAA-NOTICE OF ASSESSMENTS

*LRB10005359HEP15903b* SB0928 100THEngrossed GENERALLRB100 ASSEMBLY05359 StateHEP of15903 Illinoisb andAN 2018ACT SB0928concerning Introducedcivil 2/7/2017,law. by Sen.

Jennifer Bertino-Tarrant SYNOPSIS AS INTRODUCED:

ILCS 160/1-37 new Amends the Common Interest Community Association Act.

Provides that an owner who intends to convey any interest in property subject to assessments under this Act shall notify the board that the owner intends to convey the property.

Provides that upon receiving such a notice from the owner, the board shall provide each person to whom an interest in the property is conveyed with written documentation detailing the assessment structure of the association.

Provides that the written documentation must include the penalties for failure to pay the assessments required by the association.

owner and each person to whom the property is conveyed to indicate bythe signature or initial that the written documentation has been provided to and reviewed by the person to whom the property is conveyed.

Provides that the board shall be provided with and keep a copy of the signed or initialed documentation.

LRB100 05359 HEP 15903 b A BILL FOR SB0928 LRB100 05359 HEP 15903 b AN ACT concerning civil law.

The Common Interest Community Association Act is amended by addingchanging Section 1-371-35 as follows:

(765 ILCS 160/1-37160/1-35) new) Sec.

1-37.1-35.

NoticeMember ofpowers, assessmentduties, schedule.and obligations.

An(a) ownerThe whoprovisions intendsof tothis conveyAct, anythe interestdeclaration, inbylaws, propertyother subjectcommunity toinstruments, assessmentsand underrules thisand Actregulations shallthat notifyrelate to the boarduse thatof an individual unit or the ownercommon intendsareas shall be applicable to conveyany person leasing a unit and shall be deemed to be incorporated in any lease executed or renewed on or after the property.effective date of this Act.

UponUnless receivingotherwise suchprovided ain noticethe fromcommunity instruments, with regard to any lease entered into subsequent to the owner,effective date of this Act, the boardunit owner leasing the unit shall providedeliver eacha personcopy of the signed lease to whomthe anassociation interestor inif the propertylease is conveyedoral, witha writtenmemorandum documentationof detailing the assessmentlease, structurenot later than the date of occupancy or 10 days after the association.lease is signed, whichever occurs first.

The(b) writtenIf documentationthere mustare includemultiple owners of a single unit, only one of the penaltiesmultiple forowners failureshall be eligible to payserve as a member of the assessmentsboard requiredat byany one time, unless the association.unit owner owns another unit independently.

TheSB0928 writtenEngrossed documentation- shall2 provide- spaceLRB100 for05359 bothHEP the15903 ownerb and(c) eachTwo-thirds personof to whom the propertymembership ismay conveyedremove toa indicateboard bymember signatureas ora initialdirector thatat thea writtenduly documentationcalled hasspecial beenmeeting. provided to and reviewed by the person to whom the property is conveyed.

The(d) boardIn shallthe beevent providedof withany andresale keepof a copyunit ofin thea signedcommon interest community association by a member or initialedunit documentation.owner other than the developer, the board shall make available for inspection to the prospective purchaser, upon demand, the following:

(1) A copy of the declaration, other instruments, and any rules and regulations, and any adopted common expense collection policies.

(2) A statement of any liens, including a statement of the account of the unit setting forth the amounts of unpaid assessments and other charges due and owing.

(3) A statement of any capital expenditures anticipated by the association within the current or succeeding 2 fiscal years.

(4) A statement of the status and amount of any reserve or replacement fund and any other fund specifically designated for association projects.

(5) A copy of the statement of financial condition of the association for the last fiscal year for which such a statement is available.

(6) A statement of the status of any pending suits or judgments in which the association is a party.

(7) A statement setting forth what insurance coverage is provided for all members or unit owners by the SB0928 Engrossed - 3 - LRB100 05359 HEP 15903 b association for common properties.

(8) A statement setting forth the current assessment obligations, including any special assessments or other common expenses.

(9) A statement setting forth the current late fees or interest that may be charged on an unpaid balance, if any.

The principal officer of the board, or such other officer as is specifically designated, or agent for the association shall disclose furnish the above information within 30 days after receiving a written request for such information.

A reasonable fee covering the direct out-of-pocket cost of copying and providing such information may be charged by the association or the board to the unit seller for providing the information.

(Source:

P.A.

97-605, eff.

8-26-11;

97-1090, eff.

8-24-12;

98-842, eff.

1-1-15.)