Real Estate Law

(Martwick, D-Chicago; Haine, D-Alton) requires insurers to periodically use the federal Death Master File to determine if a policyholder has died but the death benefits have not been made. If a match is found but the beneficiaries do not file a claim within 120 days, the insurer is required to make a good-faith effort to locate them. This Act will apply to all policies, annuity contracts, and retained asset accounts in force on after January 1, 2017. Passed both chambers. 

(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. Passed both chambers. 

(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. 

(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.