SB 3731

  • Illinois Senate Bill
  • 101st Regular Session
  • Introduced in Senate
  • Senate
  • House
  • Governor

Condominiums-Sale Of Property

Abstract

Amends the Condominium Property Act. Provides that to sell a condominium property, there shall be the following percentage of affirmative votes of the unit owners: 75% for a property with 4 to 6 units (rather than 4 or more units); or 85% for a property with 7 or more units. Provides that an association that has agreed to sell the property shall inform the unit owners that the association may choose outside counsel to represent its interests during the sale process. Provides that it is a violation for a person, partnership, corporation, or other legal entity entitled to transact business on behalf of others, acting on behalf of one seeking to communicate with a unit owner for the purpose of purchasing his or her property once the unit owner has affirmatively requested that such a communication not be made. Provides that the bylaws shall provide that: matters subject to the affirmative vote of not less than 2/3 of the votes of unit owners shall require an independent audit of the votes; and unless a lesser percentage of ownership is provided for in the bylaws, no person, heir assign, family member, affiliate, partnership, corporation, or other legal entity entitled to transact business on behalf of others may own more than 10% of the units for a property containing 30 or more units, more than 15% of the units for a property containing 20 to 29 units, more than 20% for a property containing 5 to 19 units, and no more than a single unit for a property containing fewer than 5 units. Provides that it is a power and duty of the board of managers to: reject any arrangement that establishes an agreement for a buyer to purchase a property; and refrain from investigating an offer to purchase a property without first receiving authorization from the association through an affirmative vote of not less than 75% of unit owners based on the percentage of ownership. Provides that every officer and member of the board who violates, participates in, or permits any of the officers, agents, or assigns of the board to breach his or her fiduciary duty shall be held liable in his or her personal or individual capacity. Makes other changes. Makes a corresponding change in the Common Interest Community Association Act.

Bill Sponsors (3)

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Actions


May 21, 2020

Senate

Added as Chief Co-Sponsor Sen. Iris Y. Martinez

May 15, 2020

Senate

Rule 2-10 Committee/3rd Reading Deadline Established As May 31, 2020

May 07, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 29, 2020

Senate

Rule 2-10 Committee Deadline Established As May 22, 2020

Apr 30, 2020

Senate

Rule 2-10 Committee Deadline Established As May 15, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 22, 2020

Apr 23, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 15, 2020

Senate

Rule 2-10 Committee Deadline Established As May 7, 2020

Apr 16, 2020

Senate

Rule 2-10 Committee Deadline Established As April 30, 2020

Apr 12, 2020

Senate

Pursuant to Senate Rule 3-9(b) / Referred to Assignments

Mar 25, 2020

Senate

Rule 2-10 Third Reading/Passage Deadline Established As May 7, 2020

Senate

Rule 2-10 Committee Deadline Established As April 24, 2020

Mar 18, 2020

Senate

Rule 2-10 Committee Deadline Established As April 2, 2020

Mar 03, 2020

Senate

Assigned to Judiciary

Feb 20, 2020

Senate

Added as Chief Co-Sponsor Sen. Heather A. Steans

Feb 14, 2020

Senate

First Reading

Senate

Referred to Assignments

Senate

Filed with Secretary by Sen. Sara Feigenholtz

Bill Text

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