Commercial Banking, Collections, and Bankruptcy

(Silverstein, D-Chicago; Mautino, D-Spring Valley) is a cleanup of the statutes that authorize organizing as a business entity under Illinois law. (1) It provides consistency between the various business entity acts by authorizing filings previously missing from the Acts, particularly the Uniform Partnership Act and Uniform Limited Partnership Act and by standardizing the filing fees. (2) Allows for electronic filing of documents and reports. (3) Establishes procedures for reinstatement of limited liability partnership status. (4) Provides the manner for resignation as agent for service of process and the method of service. (5) Revises the manner by which administrative dissolution, revocation, and reinstatement is accomplished. Effective July 20, 2012.

(Yarbrough, D-Maywood; Althoff, R-Crystal Lake) allows recorders in counties of less than 500,000 inhabitants to electronically store recorded documents. They can do so now only if authorized by the county board. Effective July 6, 2012.

(Haine, D-Alton; Cross, R-Oswego) makes a number of changes to this Act including the following. (1) Prohibits an action to incorporate a common interest community as a municipality until two-thirds of the members sign an incorporation document. (2) Requires elections to the board must be held at least once every 24 months, eliminates voting by proxy, and prohibits a term of office as a board member or officer for more than four years. (3) If the total common expenses exceed the budget, the board must disclose this variance to all members and identify subsequent assessments that will be made to offset this in future budgets. (4) Assessments for additions and alterations to common areas or to association-owned property not in the annual budget must be separately assessed and are subject to approval of a simple majority (instead of two-thirds) of the total members at a meeting called for that purpose. Passed both chambers; effective immediately if the Governor signs it.

(Maloney, D-Chicago; Thapedi, D-Chicago) amends the Community Association Manager Licensing and Disciplinary Act. It requires all community associations pay to the Department of Financial and Professional Regulation an annual fee of $50 plus an additional $1 per unit not to exceed an annual fee of $1,000 if they (1) have 10 or more units, (2) retain an individual to provide services as a community association manager for compensation, (3) are not master associations, or (4) are registered in the State as a not-for-profit corporation. Passed both chambers; effective immediately if the Governor signs it.