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IL HB5783

Bill

Official Source

Status

Failed

1/8/2019

Primary Sponsor

Natalie Manley

Click for details

Origin

House of Representatives

100th General Assembly

AI Summary

HB5783 Summary

  • Amends the Condominium Property Act to raise the threshold for mandatory generally accepted accounting principles (GAAP) from 100 units to 200 units for condominium associations.

  • Requires associations with 176-199 units to adopt GAAP by January 1, 2019.

  • Requires associations with 136-175 units to adopt GAAP by January 1, 2020.

  • Requires associations with 101-135 units to adopt GAAP by January 1, 2021.

  • Takes effect immediately upon becoming law.

Legislative Description

CONDO ACT-ACCOUNTING PRACTICES

Last Action

Session Sine Die

1/8/2019

Committee Referrals

Rules4/13/2018
Civil Procedure3/23/2018
Judiciary - Civil3/21/2018
Rules2/16/2018

Full Bill Text

No bill text available