Replaces everything after the enacting clause. Amends the Common Interest Community Association Act. Provides that if the community instruments require approval of any mortgagee or lienholder of record and the mortgagee or lienholder of record receives a request to approve or consent to the amendment to the community instruments, the mortgagee or lienholder of record is deemed to have approved or consented to the request unless the mortgagee or lienholder of record delivers a negative response to the requesting party within 60 days after the mailing of the request. Provides that a request to approve or consent to an amendment to the community instruments that is required to be sent to a mortgagee or lienholder of record shall be sent by certified mail. Provides that an association subject to the Act that consists of 100 or more units shall use generally accepted accounting principles in fulfilling any accounting obligations under the Act. Makes the same change in the Condominium Property Act. Further amends the Condominium Property Act. Makes changes in provisions governing: sharing of expenses; sale of property; contents of bylaws; powers and duties of the board of managers; records of the association; availability of records for examination; amendments to the condominium instruments or bylaws; and subdivision or combination of units.
House Floor Amendment No. 5 Changes time limits for unit owners to file certain petitions from 21 days (as set forth in House Amendment No. 3) to 30 days.