On May 22nd, the IL Senate approved Senate Bill 2664.  This legislation proposes to change the IL Condo Act in a way that will limit the amounts that condominium associations can recover from foreclosed units when they are re-sold to new owners.

Currently, associations who have taken legal collection action against a defaulting unit can collect 6 months of unpaid assessments, plus legal fees for collection action and any amounts spent to rent a unit under possession, as well as Special Assessments, Late Fees and Fines.

SB 2664 will amend the IL Condo Act to limit associations to collecting an amount equal to 9 months of unpaid REGULAR assessments ONLY.  Associations will not recover any legal fees or costs to rent out a unit if they have taken those steps to address a delinquency, nor Special Assessments, Late Fees or Fines.  

Foreclosure timelines can be unpredictable, and 9 months of unpaid assessments is not sufficient compensation to associations who have taken steps to address delinquencies that accumulate throughout a foreclosure.  We urge condominium owners in Illinois to contact Governor Quinn by email and ask him to VETO SB 2664. Or call his office at 312-814-2121.

Search Articles...

Membership Plans

Subscribe to the Chicago Condo Resource to access our Members Only Content.

Subscribe to Newsletter

Seminars & Events

Tue Sep 17 @ 6:30PM - 07:30PM
KSN Seminar Series: "Legal Updates"
August 2019
1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 31