Bill Title: Amends the Condominium Property Act. Defines "regular monthly assessments". Provides that following a foreclosure sale, consent foreclosure, common law strict foreclosure, or the delivery of a deed in lieu of foreclosure, the mortgagee shall have the duty to pay to the association all moneys due to satisfy the lien held by the association, except for the 9 months of unpaid regular monthly assessments and associated attorney's fees which may be collected from the purchaser. Provides that the amount due from the purchaser may include any attorney's fees and court costs, but may not exceed 9 months of regular assessments due over the same 9-month period. Deletes language providing that the purchaser shall have the duty to pay the proportionate share, if any, of the common expenses for the unit which would have become due in the absence of any assessment acceleration for the 6 months immediately preceding the institution of an action to enforce the collection of assessments, and which remain unpaid. Deletes language providing that if the outstanding assessments are paid at any time during an action to enforce the collection of assessments, the purchaser shall have no obligation to pay any assessments which accrued before he or she acquired title. Provides that the notice of a foreclosure sale of a condominium unit shall state that a purchaser, other than a mortgagee, shall pay to the association any unpaid monthly assessments for the 9-month period preceding the sale, including attorney's fees and court costs. Provides that each notice of a judicial sale of a condominium unit and each disclosure statement issued to a prospective purchaser shall list the required fees. Provides that in certain situations, the Board of Managers (instead of the owner) of a condominium unit must make specified information available within 21 days of the request if the association is self-managed, and within 14 days if managed by a community association management firm or a community association manager as those terms are defined in the Community Association Manager Licensing and Disciplinary Act (instead of "upon demand") and may do so either electronically or in writing. Makes other changes. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB0486 Detail]

Text: Latest bill text (Introduced) [HTML]

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