HB 4560 Summary

• Amends the Common Interest Community Association Act and Condominium Property Act to modify financial disclosure and assessment requirements for associations and their unit owners.

• Changes foreclosure provisions to limit new purchasers' liability for common expenses to those due in the 12 months preceding the foreclosure sale (increased from 6 months), and allows payment of this 12-month amount to extinguish prior owner's liens.

• Adds authority for association boards to impose late payment charges on unit owners' common expense assessments.

• Modifies foreclosure notice requirements to explicitly include attorneys' fees levied against defaulting owners in the notice of sale provided to prospective purchasers.

• Establishes effective date of July 1, 2012.