|
|
||||
| Public Act 095-0318 |
||||
| ||||
| ||||
AN ACT concerning property.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Condominium Property Act is amended by | ||||
adding Section 18.7 as follows: | ||||
(765 ILCS 605/18.7 new) | ||||
Sec. 18.7. Standards for community association managers. | ||||
(a) "Community association" means an association in which | ||||
membership is a condition of ownership or shareholder interest | ||||
of a unit in a condominium, cooperative, townhouse, villa, or | ||||
other residential unit that is part of a residential | ||||
development plan as a master association or common interest | ||||
community and that is authorized to impose an assessment and | ||||
other costs that may become a lien on the unit or lot. | ||||
(b) "Community association manager" means an individual | ||||
who administers for compensation the coordination of | ||||
financial, administrative, maintenance, or other duties called | ||||
for in the management contract, including individuals who are | ||||
direct employees of a community association. A manager does not | ||||
include support staff, such as bookkeepers, administrative | ||||
assistants, secretaries, property inspectors, or customer | ||||
service representatives. | ||||
(c) Requirements. To perform services as a community | ||||
association manager, an individual must meet these | ||
requirements: | ||
(1) shall have attained the age of 21 and be a citizen | ||
or legal permanent resident of the United States; | ||
(2) shall not have been convicted of forgery, | ||
embezzlement, obtaining money under false pretenses, | ||
larceny, extortion, conspiracy to defraud or other similar | ||
offense or offenses; | ||
(3) shall have a working knowledge of the fundamentals | ||
of community association management, including the | ||
Condominium Property Act, the Illinois Not-for-Profit | ||
Corporation Act, and any other laws pertaining to community | ||
association management; and | ||
(4) shall not have engaged in the following activities: | ||
failure to cooperate with any law enforcement agency in the | ||
investigation of a complaint; or failure to produce any | ||
document, book, or record in the possession or control of | ||
the community association manager after a request for | ||
production of that document, book, or record in the course | ||
of an investigation of a complaint. | ||
(d) Access to community association funds. For community | ||
associations of 6 or more units, apartments, townhomes, villas | ||
or other residential units, a community association manager or | ||
the firm with whom the manager is employed shall not solely and | ||
exclusively have access to and disburse funds of a community | ||
association unless: | ||
(1) There is a fidelity bond in place. | ||
(2) The fidelity bond is in an amount not less than all | ||
monies of that association in the custody or control of the | ||
community association manager. | ||
(3) The fidelity bond covers the community association | ||
manager and all partners, officers, and employees of the | ||
firm with whom the community association manager is | ||
employed during the term of the bond, as well as the | ||
community association officers, directors, and employees | ||
of the community association who control or disburse funds. | ||
(4) The insurance company issuing the bond may not | ||
cancel or refuse to renew the bond without giving not less | ||
than 10 days' prior written notice to the community | ||
association. | ||
(5) The community association shall secure and pay for | ||
the bond. | ||
(e) A community association manager who provides community | ||
association management services for more than one community | ||
association shall maintain separate, segregated accounts for | ||
each community association. The funds shall not, in any event, | ||
be commingled with funds of the community association manager, | ||
the firm of the community association manager, or any other | ||
community association. The maintenance of these accounts shall | ||
be custodial, and the accounts shall be in the name of the | ||
respective community association. | ||
(f) Exempt persons. Except as otherwise provided, this | ||
Section does not apply to any person acting as a receiver, | ||
trustee in bankruptcy, administrator, executor, or guardian | ||
acting under a court order or under the authority of a will or | ||
of a trust instrument. | ||
(g) Right of Action. | ||
(1) Nothing in this amendatory Act of the 95th General | ||
Assembly shall create a cause of action by a unit owner, | ||
shareholder, or community association member against a | ||
community association manager or the firm of a community | ||
association manager. | ||
(2) This amendatory Act of the 95th General Assembly | ||
shall not impair any right of action by a unit owner or | ||
shareholder against a community association board of | ||
directors under existing law.
| ||