House Bill 189 (Thapedi, D-Chicago) is a major rewrite of parts of the Illinois Condominium Property Act and Common Interest Association Act. Parts of the bill may help condo owners access homeowner’s association documents and records, especially those pertaining to a HOA’s financial activities, much easier to retrieve.
The Omnibus Condominium Bill passed April 27 and is expected to pass the Illinois Senate as well. Furthermore, HB 189 provides that large associations consisting of 100 or more units must use general acceptable accounting principles (GAAP).
GAAP provides the set of foundational guidelines for professionals. GAAP is the accounting standards developed and established by the FAF’s standard-setting boards—the Financial Accounting Standards Board and the Governmental Accounting Standards Board—are the rules that determine how that language is written. Those rules are known collectively as U.S. Generally Accepted Accounting Principles—or U.S. GAAP. (Financial Accounting Foundation http://www.accountingfoundation.org)
Ten years of HOA records, including association declarations, bylaws, plat of survey, meeting minutes, rules and regulations, articles of incorporation, and insurance policy information must be available within ten days from date of request.
Names, addresses, email addresses, and telephone numbers of all condominium owners must also be made available (must not be used for commercial purposes).
“Proper” purposes, is no longer required when requesting documents. Any instances or reasons related to the association will allow such information to be made available within 10 days.
Sherwin L. Sucaldito, REALTOR®, GREEN, ABR, CRPM
The Institute of Luxury Home Marketing
Green REsource Council, GREEN
Accredited Buyer’s Representative , ABR
Certified Residential Property Manager, CRPM