Condo owners and HOA managers in the Land of Lincoln should take note. Illinois House Bill 189 was signed by Governor Bruce Rauner on August 24. The law adds several requirements to the Illinois Condominium Property Act and while the law doesn't take effect until January 1, 2018, it's best to get prepared now. Here are a few of the changes and how FRONTSTEPS HOA software can help you stay compliant.
Document Inspection Unit owners have the right to request certain documents which includes all active association contracts and 10 years of financial books and records (declaration and bylaws, financial and business records and rules and regulations, for example). Requested documents must be provided within 10 business days. Previously, HOAs had 30 calendar days and 30 business days, depending on what records were requested. And the new law states that the owner who is requesting the docs doesn't have to say why they want them, but they can't use them for commercial purposes. In other words, you can't request documents under the auspices of HOA and then do something nefarious with the information. This portion has teeth. If an HOA doesn't produce items including contracts or other records promptly AND the requesting owner files a lawsuit over the docs and wins, the HOA has to fork over the attorney's fees.
Unit Owner List Unit owners name, snail mail address, email addresses and telephone numbers must now be furnished to a unit owner who requests them. Finances Condominium associations with 100 or more units have to follow Generally accepted accounting principles (GAAP) for financial reporting. WHEW! There are more changes to the law which you can read about here. FRONTSTEPS software makes it easy for you to stay compliant with these laws. How? FRONTSTEPS HOA websites can host an unlimited amount of documents and records so when unit owners request information, it's readily available.
Plus, our directory option is simple to add to your solution, if you don't have it, and with it, you can store all unit owners relevant information.