(Thapedi, D-Chicago; Raoul, D-Chicago) makes numerous changes affecting community associations and condos. Among those changes is the requirement that associations and condos that have 100 or more units to use generally accepted accounting principles in fulfilling their accounting obligations.
House Bill 189 also changes some parts of the statute governing the examination of a condo association’s records. It authorizes reasonable attorney’s fees and costs to a unit member who prevails in an enforcement action if seeking to examine or copy (1) all contracts to which the association is a party or under which it or the unit owners have obligations; and (2) the books and records for the association’s current fiscal year and the last 10 fiscal years. It also reduces the time in which an association must make these records available from 30 business days to 10 business days or it will be considered a denial of the request.
It also amends the right to examine and copy the ballot and proxy information and current listing of the names, addresses, email addresses, telephone numbers, and weighted vote of all voting members. A member must have a purpose that relates to the association to exercise this right, and the board may ask for the member to so certify. The member may not seek these records for a “commercial purpose” that is defined as use in any form for sale, resale, or solicitation or advertisement for sales or services. House Bill 189 makes it discretionary instead of mandatory on whether the association must charge for the retrieval or copying of these records.
Passed both chambers; effective January 1, 2018 if the Governor signs the bill.