IL SB3527

Requires condominium and common interest community associations in Illinois to adopt written policies and procedures for collecting unpaid assessments before taking any legal action against delinquent unit owners

Collection policies must specify payment due dates, delinquency definitions, late fees, interest charges, returned-check fees, and the timeline before accounts are referred to attorneys

Policies must outline circumstances under which unit owners may enter payment plans, minimum payment plan terms, and how payments are applied to delinquent accounts

Associations must make their collection policy available to prospective purchasers during unit resales, added to the list of required disclosure documents

Applies to both holders and assignees of association debt, whether entities or natural persons, prohibiting legal collection action without a compliant written policy in place