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Jan 1, 2023 · Until one year after September 21, 1985 (the effective date of Public Act 84-722), if a condominium association has reserves plus assessments in excess of $250,000 and cannot reasonably obtain 100% fidelity bond coverage for such amount, then it must obtain a fidelity bond coverage of $250,000.
People also ask
Are all Illinois condominium associations subject to the Illinois Condominium Property Act?
What is the Illinois Condominium Property Act (ICPA)?
Where can I find the Illinois Condominium Property Act?
Can a condominium association be a non-profit corporation in Illinois?
The Illinois Condominium Property Act provides the framework for the creation and governance of condominium associations. Condominium associations may choose to incorporate as Illinois not-for-profit corporations, pursuant to Section 18.1 of the Act, but are not required to do so.
Jul 24, 2024 · Corresponding changes were made to the Illinois Condominium Property Act (765 ILCS 605/1) and the Common Interest Community Association Act (765 ILCS 160/1-1). Copies of all three Acts may be found in the Illinois (State) Law section below.
Illinois Condominium Associations are governed by the following laws: The Condominium Property Act. Condo Unit Owners Rights and Responsibilities Handbook. Illinois Condominium and Common Interest Community Ombudsperson Act. Illinois Community Association Manager Licensing and Disciplinary Act.
What is the Illinois Condominium Property Act, and how does it affect your community association? Use our quick find index to find key information you are looking for. Our reference guide breaks down the most important sections of the act, so it's easy to find!
ICPA is the governing Illinois statute for condominium owner associations (“COA”). Condo Owner Associations manage the daily operations of the condominium development. They are responsible for maintaining common elements such as lobbies, hallways, elevators, and outdoor spaces.
The Illinois Condominium Property Act (ICPA) is a state law that governs the creation, management, and operation of condo associations in Illinois. Understanding the ICPA is essential for Chicago condo owners, board members, and property managers to ensure compliance and enable them to navigate legal requirements effectively.
