HB 3955

Abstract

Amends the Condominium Property Act. Provides that a meeting of a board of managers or board of a master association is a gathering of a quorum of board members to conduct business, provided that conducting board business means acting or voting on, not simply discussing, matters (instead of to conduct business). Provides that upon filing an action to foreclose a lien on a condominium unit, the mortgagee shall be responsible for all assessments accruing beginning with the month after the action was filed up to the date of the judicial foreclosure sale and, unless the sale purchaser is a person other than the mortgagee, the mortgagee’s responsibility continues until the unit’s title is transferred (instead of the sale purchaser, other than the mortgagee, is responsible for paying assessments which would have been due in the 6 months prior to an action to collect assessments). Provides that if a unit owner (1) obtains a written opinion from an Illinois attorney that the owner, based on a set of facts, has a colorable claim against a board and gives a claim notice to the board based on those facts at least 60 days before filing a civil action and (2) prevails, by clear and convincing evidence that the board’s wrongful actions were willful and wanton and without legal justification, in an action to enforce the Act or the condominium instruments, the owner shall recover attorneys fees, costs, and damages of not less than $1,000, which damages shall be trebled by the court. Provides that the board shall annually, within 120 days of the close of the fiscal year, provide (instead of annually provide) an itemized accounting of expenses, which for associations with 30 or more units shall include a balance sheet and income statement (instead of an itemized accounting of expenses). Deletes provision limiting the term of office of a board member or officer to no more than 2 years. Provides that if an owner submits specified financial questions to the board, the board shall respond within 30 days. Provides for a developer to place in escrow an amount equal to 20% of the aggregate initial sale prices of all units to address common element deficiencies. Makes other changes. Effective immediately.