2017 IL Condo Act Amendment to Allow Condo Boards Exclusive Vote on Loans

On January 1, 2017, the Condominium Property Act will be amended. Language will be taken out that previously allowed an association’s declaration to require an owner vote to assign the association’s right to future income.  Since associations do not hold physical property, the right to future assessments is given to a bank as collateral for any loan extended to the association. This protects the interests of the bank. Currently, if a board wanted to take out a loan on behalf of the association they would potentially have to hold an owner vote to make this decision, if required by the declaration.    Read the article…………..


Related Articles

City, Castner agree to stay in judge’s order (AK)

The city of Homer and Ken Castner have agreed to a stay of a judge’s order enforcing a decision in

U.S. Supreme Court’s Decision Legalizing Same-Sex Marriage Impacts all Ohio Community Associations

The U.S. Supreme Court ruled Friday that same-sex couples have the right to marry nationwide. The decision of the High

Real estate agents grapple with Illinois’ new gun law

At homes listed for sale this spring, a prospective buyer may notice the manicured lawn, the pot of flowers by