Public Act 98-1068 (IL)

Condominium Act – Board of Manager Rights

 

Effective Date: January 1, 2015

New Statute: 765 ILCS 605/18.8

 

The law amends the Condominium Property Act by adding section 18.8. This section provides that any condominium instrument is void as against public policy and ineffective if it limits or restricts the rights of the board of managers in two ways. First, it is void if the instrument requires the prior consent of the unit owners before the board of managers can take any action, including the institution of a lawsuit or demand for a trial by jury. Second, it is void if it requires the board of managers to arbitrate or mediate a dispute with the declarants under the condominium instruments, the developer, or any person not then a unit owner prior to the institution of a lawsuit or demand for a trial by jury.

 

However, the law does allow a provision otherwise void or ineffective under this new section to be enforceable if it is approved by a vote of 75 percent or more of the unit owners, at any time after election of the first unit owner board of managers.

 

Bill Number: 
SB 2730
By: ATG Underwriting Department | Posted on: Fri, 03/06/2015 - 12:54pm