IL HB4841

Prohibits persons from running for or serving on association boards that collect $100,000 or more annually if they have been more than 3 months delinquent on dues/assessments or written 2 or more insufficient funds checks within the preceding 36 months.

Requires board officers and members to exercise fiduciary care and prohibits boards from forbearing payment of assessments or fees by any member or allowing officers/members to unilaterally waive penalties applicable to themselves.

Mandates background checks of all board members for associations collecting $100,000 or more annually when obtaining fidelity bonds and directors and officers liability coverage.

Requires monthly notification to membership through prescribed delivery methods of all delinquencies for dues, fees, and fines by any board member.