(Mulroe, D-Chicago; Martwick, D-Chicago) allows a board of managers to assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all of the remaining assets of the association by a majority vote of the entire board. Passed both chambers.
(Mulroe, D-Chicago; Martwick, D-Chicago) provides that any assignment of a developer’s interest in the property is not effective until the successor obtains the assignment in writing and records it. Passed both chambers.
(Haine, D-Alton; Martwick, D-Chicago) allows a board to close any portion of a noticed meeting or meet separately from a noticed meeting to do the following: (1) “Discuss” instead of “consider” appointment, employment, engagement, or dismissal of an employee, independent contractor, agent, or other provider of goods and services. (2) Interview a potential employee, independent contractor, agent, or other provider of goods and services. (3) Consult with the association’s legal counsel. Passed both chambers.
Dist. Ct. did not err in granting defendant’s motion for summary judgment in action alleging that defendant breached agreement that called for defendant to pay Fannie Mae $15 for each time it used Fannie Mae’s Desktop Originator System and also required plaintiff, as defendant’s sponsoring lender, to pay Fannie Mae between $20 and $28 for each time defendant used said System, where record showed that over three-year period after plaintiff had terminated all relationships with defendant, Fannie Mae billed plaintiff and plaintiff paid $278,000 in fees for defendant’s use of said System. Plaintiff could not recover said fees from defendant under either breach of contract or unjust enrichment theory since: (1) record showed that defendant had no reason to think during relevant three-year period that plaintiff was being held liable for instant fees generated by its use of System; and (2) plaintiff had no excuse for failing to inform Fannie Mae at beginning of instant three-year period that it was no longer sponsoring defendant’s use of System.
(Mulroe, D-Chicago; Martwick, D-Chicago) deletes the ability of condominium instruments to supersede a majority vote of the entire board of managers to do the following: assign the right of the association to future income from common expenses or other sources and to mortgage or pledge substantially all of the remaining assets of the association. Passed both chambers.
(Mulroe, D-Chicago; Martwick, D-Chicago) provides that any assignment of a developer’s interest in the property is not effective until the successor obtains the assignment in writing and records it. Passed both chambers.
Bankruptcy Ct. erred in denying Chapter 13 Trustee’s motion to modify previously confirmed repayment plan, where Trustee had claimed that debtor’s income had increased $50,000 since confirmation date, and where Bankruptcy Ct. based denial on erroneous belief that Bankruptcy Code did not contain provision that would allow for modification of confirmed Chapter 13 plan for reasons cited by Trustee. Modification of confirmed Chapter 13 plan is permissible under 11 USC section 1329(a), where, as here, purpose of modification was to increase payments to unsecured creditors, and where proposed modification would not result in payments for more than five-year period of time. Remand, though, was required for Dist. Ct. to determine whether debtors’ financial circumstances had sufficiently changed so that it would be equitable to require proposed higher payments.
(Court opinion corrected 6/22/16.) Parties entered into "Interlocking Guaranty", in which one Defendant agreed to be a guarantor for any then-existing or future debt which another Defendant owed to Plaintiff financial corporation. Commercial loan provision in guaranty pertained only to specific transaction between Plaintiff and other defendant and did not operate to terminate continuing guaranty between guarantor and Plaintiff. Plain meaning of language of guaranty shows that parties entered into a continuing guaranty. Plaintiff's motion to add fees and costs to judgment was collateral and incidental to summary judgment ruling that guarantor appealed, and trial court thus had jurisdiction to address Plaintiff's motion. (KNECHT and HOLDER WHITE, concurring.)
(Nekritz, D-Buffalo Grove; Steans, D-Chicago) makes a number of changes to this Act. (1) Exempts from FOIA any information collected by the Department of Financial and Professional Regulation. This exemption does not extend to educational, training, and outreach material, statistical data, or operational information maintained by the Department in administering the Act. (2) Clarifies that neither the Ombudsperson nor the Department has the authority to consider matters that may constitute unlawful discrimination under local, State, or federal law. (3) Makes numerous technical changes including deleting the registration requirement by an entity. (4) Pushes back the repeal date of the entire Act by one year to July 1, 2022. Passed both chambers.
(Althoff, R-Crystal Lake; Tryon, R-Crystal Lake) requires a copy of a lis pendens for a residential mortgage foreclosure in the program area to be filed electronically with the Department of Financial and Professional Regulation after July 1, 2016. Passed both chambers.