Real Estate Law

(Tyron, R-Crystal Lake; Althoff, R-Crystal Lake) requires that complaints must be filed on or before 30 calendar days after the date of publication of the assessment list. Under current law those complaints must be filed on or before the 10th day of August in counties with less than 150,000 inhabitants and on or before the 10th day of September in counties with 150,000 or more but less than three million inhabitants). Effective July 13, 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.

(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. Passed both chambers.

(Barickman, R-Pontiac; LaHood, R-Dunlap) amends the Security Deposit Return Act to allow a lessor of five or more units to send an itemized statement of damage and repair costs to the lessee by electronic mail to a verified electronic mail address provided by the lessee. Passed both chambers.