HB 5125

Abstract

Amends the Condominium Property Act. Provides that if a condominium association's bylaws permit the leasing of an owner's condominium unit and the bylaws are changed to prohibit the leasing of a unit and a unit owner, incorporated under 26 USC 501(c)(3), is leasing the unit at the time that the bylaw goes into effect, then the unit owner may continue to rent the unit until the unit owner voluntarily sells the unit and no fine, fee, dues, or penalty shall be assessed against the unit owner for leasing its unit. Amends the General Not For Profit Corporation Act of 1986. Provides that if a common interest community or homeowners' association that currently permits leasing amends its governing documents to prohibit leasing, that prohibition may not affect a unit owner, incorporated under 26 USC 501(c)(3), then leasing the unit from continuing to rent the unit until the unit owner voluntarily sells the unit and no fine, fee, dues, or penalty shall be assessed against the unit owner for leasing its unit.