IL HB0050

Amends the Condominium Property Act to establish requirements for community association management contracts, including specification of services, costs, frequency of performance, minimum personnel, and disclosure of financial interests.

Requires community association managers and firms with sole access to association funds to maintain a fidelity bond covering all funds in their custody, with the bond amount not less than total association monies and covering all relevant parties.

Mandates separate, segregated accounts for each community association managed by the same manager, with funds kept in the association's name on a custodial basis.

Prohibits maintenance or management service contractors and their officers or board members from purchasing foreclosed units or taking deeds in lieu of foreclosure, and allows contract cancellation by majority vote of unit owners if the contractor owns 50% or more of condominium units.

Excludes from requirements contracts for convenience services such as coin-operated laundry, food and beverage vendors, cable television, or retail operators made available to unit owners by lessees or licensees.