IL HB2374

Amends the Common Interest Community Association Act to expand the definition of "immediate family" for conflict-of-interest purposes to include siblings, in addition to spouse, parents, and children.

Prohibits board members from entering into contracts with other current board members or entities in which a board member or immediate family member holds 25% or more interest without member notice and approval rights.

Requires the board to notify members within 20 days of deciding to enter a conflicted contract and allows members to petition for an election within 20 days if 20% of membership signs; election must be held within 30 days of petition filing.

Takes effect upon becoming law.