Business Advice and Financial Planning

(Currie, D-Chicago) amends the Code of Civil Procedure to provide that every individual is entitled to an estate of homestead to the extent in value of $150,000 (instead of $15,000) of his or her interest in real property occupied by him or her as a residence.

Provides that if two or more individuals own property that is exempt as a homestead, the value of the exemption of each individual may not exceed his or her proportionate share of $200,000 (instead of $30,000) based upon percentage of ownership. Scheduled for hearing in House Judiciary Committee next Tuesday and for a subject-matter hearing tomorrow in House Judiciary Committee. 
 

(Demmer, R-Dixon) urges the ARDC to look into further amending Supreme Court Rule 756 to require Illinois attorneys to disclose to prospective and current clients if and when the attorney's malpractice insurance has lapsed. This is a legislative resolution. It has just been introduced. 

is the federal tax bill that in conference committee that the federal House and Senate are now in agreement.  I'm advised that includes the repeal of the  alimony/maintenance deduction that begins on page 96, and is effective on 1/1/19 for taxable year 2019 and thereafter. 

(Martwick, D-Chicago; Collins, D-Chicago) expands last year's original Unclaimed Life Insurance Benefit Act that required insurance companies to perform a check of policies in force (not lapsed) as of January 1, 2017 against the Social Security Death Master File. Insurance companies must now check all policies that are currently in force or were in force as of January 1, 2000, unless the company shows proof that they did not keep electronic records, in which case they must check all current policies and all policies in effect as of January 1, 2012. 

Governor issued an amendatory veto of this bill, and the General Assembly may override it or accept in the fall veto session. 

(Thapedi, D-Chicago; Raoul, D-Chicago) makes numerous changes affecting community associations and condos. Among other changes, it amends the statute governing the examination of a condo association's records. In addition, 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," which is defined as use in any form for sale, resale, or solicitation or advertisement for sales or services.

A member may recover attorney's fees and costs only if a court finds the board of directors acted in bad faith in denying the request. It also makes it discretionary instead of mandatory whether the association must charge for the retrieval or copying of these records.

Effective January 1, 2018.

(Koehler, D-Peoria; Gordon-Booth, D-Peoria) creates the Installment Sales Contract Act. It will require that sales of residential real estate by installment contract conform to the Act and that vendors in installment real estate contracts foreclose using Illinois foreclosure law. "Residential real estate" means real estate with a dwelling structure excluding property that is sold as a part of a tract of land consisting of four acres or more that is zoned for agricultural purposes.

It applies to sellers that enter into an installment sale contract more than three times during a 12-month period to sell residential real estate. Within 10 days of the date of sale the seller must record the contract or a memorandum of the contract with the recorder of deeds. It prohibits the installment sale contract from forbidding the buyer to record the contract or a memorandum of the contract. It makes it a violation of the Consumer Fraud and Deceptive Business Practices Act to knowingly violate the Installment Sales Contract.

Effective January 1, 2018.

(Sims, D-Chicago; Hastings, D-Frankfort) deletes the phrase "forcible entry and detainer" and replaces it with the word "eviction." Also requires the use of a standardized residential eviction form as determined by the Illinois Supreme Court.

Effective January 1, 2018.