This is one of a series of articles regarding changes in the IL Condo Act that will become effective in 2018.

There are five changes to Section 18 of the Illinois Condominium Property Act:

  1. Section 18(a)8(i) permits owners to object to increases in assessments more than 115% of the prior year’s assessments, by submitting a petition to the Board signed by 20% of the Association owners. The amendment increases the amount of time to submit the petition from within 14 days, to within 21 days, of the Board action.
  2. Section 18(a) (16) permits unit owners to object to any contract entered into with a current Board member, the Board member’s family, or a company which the Board member or their family has 25% or more interest in, by filing a petition. This amendment increases the amount of time to file the petition from within 20 days of entering the contract, to 30 days.
  3. Section 18(b) (9) (c) provides that if the Board adopts a rule permitting electronic voting or mail-in absentee ballots for Board elections, the unit owners may object by filing a petition to the Board. The amendment increases the amount of time to submit the petition to the Board, from within 14 days of the rule’s adoption, to within 30 days of the rule’s adoption.
  4. Section 18.4(a) provides that unit owners may file a petition, signed by 20% of owners, to contest capital improvement projects approved by the Board costing more than 5% of the annual budget. The amendment increases the amount of time to submit the petition from within 14 days of the Board approving the expenditure, to within 21 days.
  5. Section 18.10 is new and states that Associations with 100 or more units should use generally accepted accounting principles (GAAP).

Search Articles...

Membership Plans

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

Subscribe to Newsletter

Seminars & Events

No events
October 2017
S M T W T F S
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