Business Advice and Financial Planning

(Collins, D-Chicago; Johnson, D-Waukegan) allows a person who has been convicted of a felony to act as an executor if: (1) the testator names that person as an executor and expressly acknowledges in the will that the testator is aware that the person has been convicted of a felony before the execution of the will or codicil; (2) the person is not prohibited by law from receiving a share of the testator’s estate; (3) the person was not previously convicted of financial exploitation of an elderly person or a person with a disability, financial identity theft, or a similar crime in another state or in federal court; and (4) the person is not incarcerated in a state or federal prison. Passed both chambers. 

(Guzzardi, D-Chicago; Halpin, D-Rock Island) creates the Consumer Contract Reciprocal Attorney’s Fees Act. If a consumer contract allows for the recovery of attorney’s fees in an action brought by a “commercial party,” the court may award reasonable attorney’s fees to the defendant if he or she prevails in the action. This bill applies to any action filed on or after Jan. 1, 2024. Exemptions include if the commercial party doesn’t request attorney’s fees in its complaint or each party to the consumer contract was represented by counsel in the negotiation of the consumer contract. Passed both chambers. 

(Greg Harris, D-Chicago; Gillespie, D-Arlington Heights) starts the process of aligning Illinois law with the maximum federal allowance for a community spouse. A “community spouse” is the spouse of an individual who is receiving Medicaid-funded, long-term care in an institutional setting. 

First, it immediately increases the monthly allowance for the community spouse from $2,739 per month to the maximum amount allowed under federal law that is now $3,435. This is the income allowance for the community spouse for living expenses such as dental work, medical bills, etc.  

Second, it begins increasing at the rate of 2.5% per year for the next ten years Illinois’ Community Spouse Resource Allowance. This is the amount of resources a community spouse can keep of the couple’s own resources without affecting the nursing home spouse’s Medicaid application. At the end of the ten years Illinois’ allowance will be pegged to the maximum federal allowance for future increases.  

Third, it also allows community spouses to receive any additional increases in the community spouse resource allowance that is permitted under federal law during these ten years. Effective June 2, 2022.
 

(Davis, D-East Hazel Crest; Napoleon Harris III, D-Dolton) requires that a guardian of the person appointed in Cook County to complete a training program created under the Guardianship and Advocacy Act. Guardians in Cook County are currently exempt from this requirement. Effective Jan. 1, 2023.

(Gong-Gershowitz, D-Glenview; Fine, D-Glenview) allows an agent to present an electronic device displaying an electronic copy of an executed form as proof of the health care agency. Health care providers must accept the executed form as well. Effective Jan. 1, 2023. 

(Croke, D-Chicago; Feigenholtz, D-Chicago) adds a reserve study to the list of records that boards must provide to their homeowners upon request. It also extends the repeal date of Condominium and Common Interest Community Ombudsperson Act to January 1, 2024 (rather than July 1, 2022). Passed both chambers. 

Wheeler, R-North Aurora; Cappel, D-Plainfield) changes the law on providing of information to a prospective buyer by a unit owner. It requires that the principal officer of the unit owner’s association or other designated officer to provide the information specified in Section 22.1 within 10 business days, rather than 30 days, of the request by the prospective purchaser. It changes the fee to be imposed on the unit owner from “a reasonable fee” to “a reasonable fee not to exceed $375” covering the direct out-of-pocket cost of providing and copying the information. An association may charge an additional $100 for rush service completed within 72 hours. Passed both chambers. 

(Ford, D-Chicago; Villivalam, D-Chicago) amends the Illinois Human Rights Act to declare Illinois’ public policy is to prevent discrimination based on source of income in real estate transactions. Defines “source of income” as the lawful manner by which an individual is supported and their dependents are supported. Makes it a civil rights violation for specified discriminatory actions because of an individual’s source of income. Passed both chambers.  

(Tarver, D-Chicago; Sims, D-Chicago) is the first major update of the Residential Real Estate Disclosure Act since its enactment in 1994. Among its many changes include the following: allowing for electronic delivery and notice of the disclosure and harmonizes this Act with the newer Illinois Trust Code and the Transfer on Death Instrument Act. It also clarifies that a seller does not waive being exempt if a disclosure report is nevertheless delivered. It also includes additional consumer protections for the buyer. Passed both chambers. 

(Reick, R-Woodstock; Barickman, R-Bloomington) creates a statutory form for special warranty deeds to standardize the most common form of deed used in commercial real estate practice. Passed both chambers.