Commercial Banking, Collections, and Bankruptcy

(Cassidy, D-Chicago; Mulroe, D-Chicago) redefines “acceptable technological means” to mean any generally available technology that, by rule of the association, is deemed to provide reasonable security, reliability, identification, and verifiability. Allows acceptable technological means to be used to conduct association business such as a notice required to be sent or received; signature, vote, consent, or approval required to be obtained; and the performance of obligations or exercise of rights. It does not apply to any notices required under the Forcible Entry and Detainer Article or in connection with foreclosure proceedings in enforcement of any lien rights under the Acts.

Effective January 1, 2017.

(Williams, D-Chicago; Hastings, D-Matteson) provides that the rights of a beneficial owner may not be impaired in any way by the change of trustees if the identity of the trustee of a land trust has been changed by virtue of sale, assignment, appointment, or otherwise, but the beneficial owner or owners of the land trust remain unchanged. Provides that a change of trustees by a sale, acquisition, or appointment governed by the Corporate Fiduciaries Act is not a bar or defense to any court action filed by or in the name of either the previous trustee or the new trustee, regardless of whether the court action was originally filed in a representative capacity on behalf of the beneficial owner or owners.

Effective January 1, 2017.

(Haine, D-Alton; Beiser, D-Alton) allows an association to correct an error, omission, or inconsistency in the community instruments of the association by an amendment adopted by vote of two-thirds of the board of directors without a membership vote. This applies to correct an omission, error, or inconsistency so that the community instruments conform to the Act or to another applicable law. Effective January 1, 2017.

(Link, D-Gurnee; Jackson, D- E. St. Louis) reduces from seven to five years before unclaimed property held by the government or court is considered to be abandoned. Effective January 1, 2017. 

(Hernandez, D-Cicero; Martinez, D-Chicago) increases the amount of civil penalties for civil rights violations in real estate transactions. Effective January 1, 2017. 

(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. Effective January 1, 2017. 

(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. Effective January 1, 2017.