Bill Text: IL HB4620 | 2023-2024 | 103rd General Assembly | Introduced
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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1 | AN ACT concerning civil law.
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2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Common Interest Community Association Act | |||||||||||||||||||
5 | is amended by changing Section 1-45 as follows:
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6 | (765 ILCS 160/1-45) | |||||||||||||||||||
7 | Sec. 1-45. Finances. | |||||||||||||||||||
8 | (a) Each member shall receive through a prescribed | |||||||||||||||||||
9 | delivery method, at least 30 days but not more than 60 days | |||||||||||||||||||
10 | prior to the adoption thereof by the board, a copy of the | |||||||||||||||||||
11 | proposed annual budget together with an indication of which | |||||||||||||||||||
12 | portions are intended for reserves, capital expenditures or | |||||||||||||||||||
13 | repairs or payment of real estate taxes. | |||||||||||||||||||
14 | (b) The board shall provide all members with a reasonably | |||||||||||||||||||
15 | detailed summary of the receipts, common expenses, and | |||||||||||||||||||
16 | reserves for the preceding budget year. The board shall (i) | |||||||||||||||||||
17 | make available for review to all members an itemized | |||||||||||||||||||
18 | accounting of the common expenses for the preceding year | |||||||||||||||||||
19 | actually incurred or paid, together with an indication of | |||||||||||||||||||
20 | which portions were for reserves, capital expenditures or | |||||||||||||||||||
21 | repairs or payment of real estate taxes and with a tabulation | |||||||||||||||||||
22 | of the amounts collected pursuant to the budget or assessment, | |||||||||||||||||||
23 | and showing the net excess or deficit of income over |
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1 | expenditures plus reserves or (ii) provide a consolidated | ||||||
2 | annual independent audit report of the financial status of all | ||||||
3 | fund accounts within the association. | ||||||
4 | (c) No If an adopted budget or any separate assessment | ||||||
5 | adopted by the board shall would result in the sum of all | ||||||
6 | regular and separate assessments payable in the current fiscal | ||||||
7 | year exceeding 105% 115% of the sum of all regular and separate | ||||||
8 | assessments payable during the preceding fiscal year , the | ||||||
9 | common interest community association, upon written petition | ||||||
10 | by members with 20% of the votes of the association delivered | ||||||
11 | to the board within 14 days of the board action, shall call a | ||||||
12 | meeting of the members within 30 days of the date of delivery | ||||||
13 | of the petition to consider the budget or separate assessment; | ||||||
14 | unless a majority of the total votes of the members are cast at | ||||||
15 | the meeting to reject the budget or separate assessment, it | ||||||
16 | shall be deemed ratified . | ||||||
17 | (d) If total common expenses exceed the total amount of | ||||||
18 | the approved and adopted budget, the common interest community | ||||||
19 | association shall disclose this variance to all its members | ||||||
20 | and specifically identify the subsequent assessments needed to | ||||||
21 | offset this variance in future budgets. | ||||||
22 | (e) Separate assessments for expenditures relating to | ||||||
23 | emergencies or mandated by law may be adopted by the board | ||||||
24 | without being subject to member approval or the provisions of | ||||||
25 | subsection (c) or (f) of this Section. As used herein, | ||||||
26 | "emergency" means a danger to or a compromise of the |
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