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

Reston’s Shadowood condominiums make new Va. case law, can’t impose fees on rule violators

The Shadowood condominium complex, on South Lakes Drive in Reston, has been ordered to stop charging fees for rules violations

Does the First Amendment Apply to Condominiums? (FL)

A common question asked by our clients is what can be done to stop unit owners from publishing false, negative,

New Hoarding Ordinance in Houston: What this means for you and your Texas HOA

Hoarding—If your Texas HOA hasn’t had to deal with it yet, you’ve probably seen a glimpse of it on some