Illinois HB5079 expands the Department of Financial and Professional Regulation's oversight authority over condominium and common interest community.
HB5079 amends the Common Interest Community Association Act and the Condominium Property Act to authorize the Department of Financial and Professional Regulation to investigate, make findings, or make recommendations for enforcement on behalf of unit owners. This includes cases where the rights of unit owners have been violated by the governing board under Illinois law or the board's governing documents. The bill also adds several new duties to the Division of Financial Institutions, including administering and enforcing various financial acts. The changes take effect July 1, 2027.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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