Tag: Condominium Property Act

NEW LAW: Clarifying Board of Directors’ Ability to Secure Loans

NEW LAW AMENDING THE CONDOMINIUM PROPERTY ACT CLARIFIES A BOARD OF DIRECTORS’ ABILITY TO SECURE LOANS Public Act 099-0849 was signed into law by Governor Rauner on August 19, 2016.  The new law changes the Condominium Property […]

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Insurance Requirement Changes in the Condominium Property Act

IT’S JULY, DO YOU KNOW IF YOUR INSURANCE COMPLIES WITH ILLINOIS LAW? As of June 1, 2015, all condominium associations were required to have insurance consistent with recent changes to Section 12 of the Condominium Property Act. […]

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Which Six Month Rule Applies?

CONDOMINIUMS vs. COMMON INTEREST COMMUNITIES A common source of confusion among property managers, association boards, and even attorneys is how to calculate the amount of charges that must be a paid by a third-party buyer (i.e., […]

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Rules and Regulations: The Basics

RULES AND REGULATIONS: HOW ARE THEY CREATED? HOW ARE THEY ENFORCED? I. What are they? While the adoption of rules and regulations is not required of any community association in Illinois, most find it advantageous to do so. As compared to the […]

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