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.

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