Condo foreclosure bill passes in House; vote was 64-47-5

Illinois Capitol/Bigstock

A condo foreclosure bill that had been the subject of a series of IAR member calls to action passed the Illinois House Thursday, May 22, 2014, and will now go to Gov. Pat Quinn.

In all, more than 2,000 IAR members contacted legislators to urge passage of SB2664.

SB 2664 would limit the amount prospective buyers would owe and requires that they be given better notice of what their financial obligation will be before they get to closing.

The change targets cases where buyers show up at a closing thinking they would pay one amount, only to find out that there may be a lot more money needed once all the additional assessments and legal costs are added up.

The bill allows associations to collect unpaid costs and and related legal fees over a nine-month period, but limits the total recoverable amount to the equivalent of nine months of regular monthly assessments.

Additionally, the bill calls for a condo association’s board of managers to produce the information in 14 days instead of the current 30 days.

SB2664 passed the Senate April 8, 2014.

To see how lawmakers voted, go here.

Thanks to all IAR members who answered the call to action. And thanks, to the bill’s sponsors and co-sponsors in the House and Senate.

2014-05-22T12:30:16+00:00May 22nd, 2014|Uncategorized|0 Comments

About the Author:

Jon Broadbooks is vice president for communications at Illinois REALTORS®.