Illinois HB5495 amends the Common Interest Community Association Act and the Condominium Property Act to enhance transparency and dispute resolution.
Illinois HB5495 amends the Common Interest Community Association Act to require associations to make financial records for the last seven years available to unit owners upon request. It also mandates that certain records, such as financial statements and meeting minutes, be maintained and accessible. The bill establishes an Ombudsperson within the Department of Financial and Professional Regulation to assist unit owners in resolving disputes with their associations. The Ombudsperson can investigate complaints and issue binding determinations.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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