102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB3434
 
Introduced 1/18/2022, by Sen. Adriane Johnson
 
SYNOPSIS AS INTRODUCED:
 

 
765 ILCS 160/1-26 new
765 ILCS 605/18.4a new

     Amends the Common Interest Community Association  Act and the Condominium Property Act. Beginning in 2023, requires all common interest community association board members and all members of a condominium board of managers to complete, at least annually, a training program that educates the member in the member's role and fiduciary responsibilities as a member of the board. Requires the Department of Financial and Professional Regulation to produce a model training program and make it available online to the public at no cost. Allows the Department to offer training seminars at a reasonable fee. Effective immediately.
  


LRB102 24626 LNS 33864 b

 
 
A BILL FOR
 

  
SB3434LRB102 24626 LNS 33864 b


  
1    AN ACT concerning civil law.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Common Interest Community Association  Act 
5is amended  by adding Section 1-26 as follows:
 
6    (765 ILCS 160/1-26 new)
7    Sec. 1-26. Board training.
8    (a) Beginning in 2023, all board members shall complete, 
9at least annually, a training program that educates the member 
10in the member's role and fiduciary responsibilities as a 
11member of the board. The training shall include, but not be 
12limited to:
13        (1) meetings and elections of the board;
14        (2) fair practices of the Association;
15        (3) rules and regulations governing the Association;
16        (4) insurance and risk management policies;
17        (5) understanding financial, budgetary, and other 
18    reporting requirements of the board; and
19        (6) the fiduciary duties of each individual member of 
20    the board and the board at large.
21    (b) Within 120 days after the effective date of this 
22amendatory act of the 102nd General Assembly, the Department 
23of Financial and Professional Regulation shall produce a model 
 
 
SB3434- 2 -LRB102 24626 LNS 33864 b

1training program in accordance with the requirements of 
2subsection (a). The model training program shall be made 
3available online to the public at no cost. The Department of 
4Financial and Professional Regulation may also offer training 
5seminars in accordance with this Section at a reasonable fee. 
 
6    Section 10. The Condominium Property Act is amended  by 
7adding Section 18.4a as follows:
 
8    (765 ILCS 605/18.4a new)
9    Sec. 18.4a. Board of managers training.
10    (a) Beginning in 2023, all board of managers members shall 
11complete, at least annually, a training program that educates 
12the member in the member's role and fiduciary responsibilities 
13as a member of the board of managers. The training shall 
14include, but not be limited to:
15        (1) meetings and elections of the board of managers;
16        (2) fair practices of the Association;
17        (3) rules and regulations governing the Association;
18        (4) insurance and risk management policies;
19        (5) understanding financial, budgetary, and other 
20    reporting requirements of the board of managers; and
21        (6) the fiduciary duties of each individual member of 
22    the board of managers and the board of managers at large.
23    (b) Within 120 days after the effective date of this 
24amendatory act of the 102nd General Assembly, the Department 
 
 
SB3434- 3 -LRB102 24626 LNS 33864 b

1of Financial and Professional Regulation shall produce a model 
2training program in accordance with the requirements of 
3subsection (a). The model training program shall be made 
4available online to the public at no cost. The Department of 
5Financial and Professional Regulation may also offer training 
6seminars in accordance with this Section at a reasonable fee.
 
 
7    Section 99. Effective date. This Act takes effect upon 
8becoming law.