IL HB0800

Amends the Condominium Property Act to require community association managers to disclose any agreements for payment or commission with service providers to the board of managers before entering into such agreements.

Establishes requirements for community association managers including age 21 minimum, U.S. citizenship or legal permanent residency, prohibition on certain felony convictions, and working knowledge of relevant laws.

Requires fidelity bonds covering all association funds in the manager's custody, with bond amount equal to all monies under their control, for associations with 6 or more units.

Mandates separate, segregated accounts for each community association managed, prohibiting commingling of funds with the manager's firm or other associations.

Exempts persons acting as court-appointed receivers, trustees in bankruptcy, administrators, executors, or guardians from these requirements.