IL SB3407

Amends the Condominium Property Act to prohibit condominium associations from impairing or restricting unit owners' rights to secure reverse mortgages or similar financing, provided the financing does not adversely affect the association's ability to collect assessments.

Prevents associations from refusing to cooperate with lenders, comply with lender regulations and procedures, cooperate with federal programs, or comply with federal program procedures regarding loans, loan guarantees, or refinancing.

Requires associations to allow examination and copying of documents concerning the association's budget, financial statement, and tax identification number.

Prohibits associations from levying fees for paperwork necessary to process or close on reverse mortgage or other similar financing transactions.

Defines "reverse mortgage" according to Section 6.1 of the Illinois Banking Act.