IL HB5783 | 2017-2018 | 100th General Assembly

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 16 2018 - 25% progression
Action: 2018-04-13 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Condominium Property Act. Provides that an association subject to the Act that consists of 200 (instead of 100) or more units shall use generally accepted accounting principles in fulfilling any accounting obligations under the Act. Provides that by no later than January 1, 2019, an association that consists of not less than 176 and not more than 199 units shall use generally accepted accounting principles. Provides that by no later than January 1, 2020, an association that consists of not less than 136 and not more than 175 units shall use generally accepted accounting principles. Provides that by no later than January 1, 2021, an association that consists of not less than 101 and not more than 135 units shall use generally accepted accounting principles. Effective immediately.

Tracking Information

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Title

CONDO ACT-ACCOUNTING PRACTICES

Sponsors


History

DateChamberAction
2018-04-13HouseRule 19(a) / Re-referred to Rules Committee
2018-03-23HouseTo Civil Procedure Subcommittee
2018-03-21HouseAssigned to Judiciary - Civil Committee
2018-02-16HouseReferred to Rules Committee
2018-02-16HouseFirst Reading
2018-02-16HouseFiled with the Clerk by Rep. Natalie A. Manley

Code Citations

ChapterArticleSectionCitation TypeStatute Text
76560518.10Amended CodeCitation Text

Illinois State Sources


Bill Comments

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