elements) by petition signed by owners with twenty percent (20%) of the votes of the Association within 14 days of the action. The change increases the amount of time to file such petition to 21 days.
that any association with 100 or more units use “generally accepted accounting principles (GAAP)” in fulfilling any statutory accounting obligations.
availability for examination” of the Act. The amendment is an attempt to permit owners greater access to records of an association. Importantly records of an association must be made available within “10 business days” of the amendment removed the portion of the statute the inspection of owners’ email addresses and phone any member examining or copying records related to other owners’ information to certify that such information
amendment authorizes the board of directors to fine a member who violates the certification.
provides that approval or consent of a mortgage holder can be implied if the mortgagee or lienholder receives notice of the proposed amendment and fails to respond after 60 days. This change will allow associations whose membership has approved of an amendment to pass their agreed upon changes without being limited by lack of response from mortgagees or lienholders.
(subdivision or combination of units) of the Act to define “combination of units.” Importantly the new language use of limited common elements or common elements consent of all owners.
Inland Bank offers competitive financial services to the homeowner association industry. We provide common element repair loans, reserve investments, and treasury management services to associations located in the Chicagoland area.
If your association is in need of improvements, please contact Tim Haviland at 630.908.6708 or
thaviland@inlandbank.com
inlandbank.com The Inland name and logo are registered trademarks being used under license. Subject to credit approval. |
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