Bill Text: IL HB4620 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Common Interest Community Association Act. Deletes language governing procedures for the ratification of a budget if the adopted budget or any separate assessment adopted by the board would result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 115% of the sum of all regular and separate assessments payable during the preceding fiscal year. Provides instead that no adopted budget or any separate assessment adopted by the board shall result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 105% of the sum of all regular and separate assessments payable during the preceding fiscal year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-19 - Rule 19(a) / Re-referred to Rules Committee [HB4620 Detail]

Download: Illinois-2023-HB4620-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4620 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
765 ILCS 160/1-45
Amends the Common Interest Community Association Act. Deletes language governing procedures for the ratification of a budget if the adopted budget or any separate assessment adopted by the board would result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 115% of the sum of all regular and separate assessments payable during the preceding fiscal year. Provides instead that no adopted budget or any separate assessment adopted by the board shall result in the sum of all regular and separate assessments payable in the current fiscal year exceeding 105% of the sum of all regular and separate assessments payable during the preceding fiscal year.
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A BILL FOR
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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 1-45 as follows:
(765 ILCS 160/1-45)
Sec. 1-45. Finances.
(a) Each member shall receive through a prescribed
delivery method, at least 30 days but not more than 60 days
prior to the adoption thereof by the board, a copy of the
proposed annual budget together with an indication of which
portions are intended for reserves, capital expenditures or
repairs or payment of real estate taxes.
(b) The board shall provide all members with a reasonably
detailed summary of the receipts, common expenses, and
reserves for the preceding budget year. The board shall (i)
make available for review to all members an itemized
accounting of the common expenses for the preceding year
actually incurred or paid, together with an indication of
which portions were for reserves, capital expenditures or
repairs or payment of real estate taxes and with a tabulation
of the amounts collected pursuant to the budget or assessment,
and showing the net excess or deficit of income over

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expenditures plus reserves or (ii) provide a consolidated
annual independent audit report of the financial status of all
fund accounts within the association.
(c) No If an adopted budget or any separate assessment
adopted by the board shall would result in the sum of all
regular and separate assessments payable in the current fiscal
year exceeding 105% 115% of the sum of all regular and separate
assessments payable during the preceding fiscal year, the
common interest community association, upon written petition
by members with 20% of the votes of the association delivered
to the board within 14 days of the board action, shall call a
meeting of the members within 30 days of the date of delivery
of the petition to consider the budget or separate assessment;
unless a majority of the total votes of the members are cast at
the meeting to reject the budget or separate assessment, it
shall be deemed ratified.
(d) If total common expenses exceed the total amount of
the approved and adopted budget, the common interest community
association shall disclose this variance to all its members
and specifically identify the subsequent assessments needed to
offset this variance in future budgets.
(e) Separate assessments for expenditures relating to
emergencies or mandated by law may be adopted by the board
without being subject to member approval or the provisions of
subsection (c) or (f) of this Section. As used herein,
"emergency" means a danger to or a compromise of the

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