Bill Text: IL HB4597 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Common Interest Community Association Act. Makes a technical change in a Section concerning fidelity insurance.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2016-01-28 - Referred to Rules Committee [HB4597 Detail]

Download: Illinois-2015-HB4597-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB4597 Introduced , by Rep. Robert F. Martwick SYNOPSIS AS INTRODUCED:
765 ILCS 160/1-55
Amends the Common Interest Community Association Act. Makes a technical change in a Section concerning fidelity insurance.
LRB099 16666 HEP 41004 b
A BILL FOR
HB4597 LRB099 16666 HEP 41004 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Common Interest Community Association Act is
amended by changing Section 1-55 as follows:
(765 ILCS 160/1-55)
Sec. 1-55. Fidelity insurance. An association with 30 or
more units shall obtain and and maintain fidelity insurance
covering persons who control or disburse funds of the
association for the maximum amount of coverage that is
commercially available or reasonably required to protect funds
in the custody or control of the association. All management
companies which are responsible for the funds held or
administered by the association shall maintain and furnish to
the association a fidelity bond for the maximum amount of
coverage that is commercially available or reasonably required
to protect funds in the custody of the management company at
any time. The association shall bear the cost of the fidelity
insurance and fidelity bond, unless otherwise provided by
contract between the association and a management company.