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

Does a New Law Override CC&R Restrictions on “Granny Units? (CA)

Several board members are concerned about changes to the California laws (link is external) that regulate “Accessory Dwelling Units” (sometimes

2016 Arizona Legislative Update: February 22, 2016

three bills which have all passed the House and are now moving swiftly in the Senate

Barking Up the Wrong Tree

Yogi Berra once said “it ain’t over ’till it’s over.” That statement perfectly describes the most recent decision to come