Updated Legal Disclosure Requirements for Illinois Condominium and Community Associations
The Illinois Legislature recently approved two statutes that amend the Illinois Condominium Ownership Act (“ICPA”) and Community Common Interest Associations Act (“CICAA”) and update the disclosure requirements for condominiums and community associations. If these pieces of legislation are signed by the Governor or not vetoed by the Governor by June 6, 2022 (which is do not should be), these changes to the ICPA and CICAA will be effective as of January 1, 2023 and are summarized below.
Bill No. 4158
House Bill No. 4158 (“HB 4158”) adds “any reserve studyto the list of documents that must be made available to unit owners for inspection under ICPA Section 19 or CICAA Section 1-30(l). Thus, from the January 1, 2023Illinois condominium associations and community associations that are subject to the CICAA must make a copy of the reserve study available to unit owners upon request.
Additionally, HB 4158 extends the requirement for corporations to comply with the Condominium and Community Interest Ombudsman Act through January 1, 2024. Click here for our article on the Ombudsman Act condominiums and common interests. The text of HB 4158 is available here.
Internal Bill No. 5246
House Bill 5246 (“HB 5246”) reduces the time for condo corporations to provide certain information under ICPA Section 22.1 (unit resales) from 30 days to 10 days. Business days. HB 5246 also caps filing fees under CAPI Section 22.1 at $375 (with annual adjustments based on the “consumer price index-u”) and allows additional fees of $100 “for urgent service performed within 72 hours”. As noted above, this change to the ICPA is effective as of January 1, 2023. The text of HB 5246 is available here.
Condominiums and Community Associations should keep in mind the above changes to the ICPA and CICAA to ensure compliance with updated disclosure requirements that come into effect from 2023.