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IL HB5495
Bill
Status
Introduced
2/6/2026
Primary Sponsor
Margaret DeLaRosa
Click for details
AI Summary
- Requires common interest community associations to make 7 years of financial records available to current and prospective unit owners, including income statements, balance sheets, check registers, budgets, reserve account details, and tax returns
- Grants the Condominium and Common Interest Community Ombudsperson authority to investigate complaints when dispute resolution fails, with the Department of Financial and Professional Regulation required to examine issues and issue binding written determinations
- Imposes penalties up to $5,000 per violation per day against associations that fail to comply with Department determinations within 7 days of receiving notice
- Extends record inspection rights to prospective unit owners and members, not just current owners, under both the Common Interest Community Association Act and Condominium Property Act
- Requires respondents to comply with violation notices within 7 days or face administrative penalties if no hearing is requested
Legislative Description
CONDO-CI ASSN-OMBUDSPERSON
Last Action
Referred to Rules Committee
2/13/2026
Committee Referrals
Rules2/13/2026
Full Bill Text
No bill text available