IL SB2359

Amends Section 18.4 of the Condominium Property Act to remove the requirement that condominium boards obtain express authorization from the condominium instruments before assigning future income or mortgaging association assets.

Allows the board of managers to assign the right to future income from common expenses or other sources and to mortgage or pledge substantially all remaining assets by majority vote of the entire board.

Permits replacement of common elements to exceed budgetary limits when improvements result from emergency situations or legal mandates, or when improvements exceeding 5% of annual budget are approved by unit owners after a petition is filed.

Requires the board to call a unit owner meeting within 30 days if unit owners holding 20% of votes petition against a proposed improvement expenditure exceeding 5% of the annual budget, with ratification occurring unless a majority votes to reject.

Clarifies that the board's powers and duties include maintaining detailed financial records, obtaining insurance, adopting rules that comply with constitutional rights and religious accommodations, and accepting mechanics lien notices on behalf of unit owners in properties with more than 8 units.