UPDATE ON Senate Bill 2664

Posted by 345fullerton in Announcements

Announcement from the Illinois Chapter of the Community Associations Institute

Congratulations! Our voices have been heard loud and clear in Springfield. We are happy to announce that this afternoon Governor Pat Quinn issued an amendatory veto of SB2664.

This effort would not have been possible without the tireless efforts of thousands of individual homeowners and business partners calling, writing, and traveling to Springfield. It was only through this overwhelming response that we were able to accomplish what many thought was a lost cause. As of today, SB2664 in its current form has been stopped.

SB2664 will now be sent back to the Legislature, but in a much different form than originally passed. The amendatory language added by Governor Quinn is extremely favorable to Condominium Associations throughout Illinois. While the amended language must now be passed by the Legislature, the most harmful effects of SB2664 have been stopped cold with Governor Quinn’s veto pen today.

The Governor’s amendment to the law provides that a third-party purchaser will pay nine (9) months of “regular assessments” at a foreclosure sale. Perhaps the most significant change in the law is the shifting of the responsibility in paying the remaining past due amounts from a third-party purchaser to the bank. In essence, the Association will now be entitled to collect 100% of amounts owed – 9 months of regular assessments from the purchaser, and the remaining amount, including legal fees, chargebacks, and special assessments, from the bank. This is amazing news for Condominium Associations across the State. Essentially, there will be no more “Bad Debt Write-Offs” or “Provisions for Delinquency” that will need to be incorporated into association budgets to account for units in foreclosure.

SUMMER BARBECUE ON THE SUN DECK
Sunday, August 24, 2014
4:00 PM to 7:00 PM
Food and Drink provided

The next regular meeting of the Board of Directors is scheduled for Wednesday, September 17, 2014, at 7:00 PM in the Board Meeting Room, West Tower sub-basement.