IL HB3627

Requires common interest community associations with 1,000 or more units to use generally accepted accounting principles (GAAP) when fulfilling accounting obligations under the Common Interest Community Association Act.

Requires condominium associations with 1,000 or more units to use generally accepted accounting principles (GAAP) when fulfilling accounting obligations under the Condominium Property Act.

Applies the GAAP requirement to both the Common Interest Community Association Act (by amending Section 1-45) and the Condominium Property Act (by adding new Section 18.10).