SB3527 mandates collection policies for unpaid assessments in Illinois condominiums and common interest communities.
SB3527 requires associations managing Illinois condominiums and common interest communities to adopt written policies for collecting unpaid assessments. These policies must specify when assessments are due, late fees, returned-check charges, payment plan terms, and legal actions for delinquent accounts. The bill also mandates that associations provide detailed financial summaries to members and allows for electronic delivery of notices. It ensures responsible governance by detailing the board's duties, including maintenance, insurance, and legal actions on behalf of unit owners.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.