IL HB2673

Amends Section 9 of the Condominium Property Act to establish procedures for handling year-end fiscal surpluses in condominium associations.

Allows board of managers to dispose of surpluses (amounts exceeding actual expenses and budgeted reserve contributions) by: contributing to reserve fund, crediting unit owners' assessments, issuing direct payments to unit owners, or maintaining funds in operating account as a credit toward next year's budget.

Requires board to call a meeting within 30 days if 20% of unit owners petition against the board's surplus disposal decision within 14 days of notice.

Permits unit owners at the meeting to vote for a different option than the board selected, but the board's decision is ratified unless a majority of total unit owner votes are cast to reject it and select an alternative.