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…………..