Bylaws For Condo Association In Chicago
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Inium associations in Chicago are primarily regulated by state law, specifically the Illinois inium Property Act (ICPA). This act governs the creation, management and dissolution of iniums in Chicago and throughout Illinois.
Bylaws state when the meetings of the association are held. Standing rules tell where and what time association meetings are held, and when executive board meetings are held. Bylaws give the primary responsibilities of officers and chairmen. Standing rules give the specifics.
The Open Meeting Act, also known as the Sunshine Law or Government in the Sunshine Act, is a law that aims to boost transparency and accountability in governing bodies. It mandates all homeowners' association meetings to be open to every member. This includes all HOA board and annual meetings.
Generally speaking, the declaration is the document that creates the inium. The bylaws spell out the day-to-day operations of the association. If your association is more than 10 years old and the bylaws have remained unchanged, board members may want to consider making updates.
Bylaws. The Bylaws of a inium or planned development contain the operating procedures of the homeowners association. These generally include how to call and conduct a meeting, how to vote, how to levy assessments, how to manage association business, and how to keep records.
The CPA lets unit owners challenge the association's actions which violate the governing documents or the law. Depending on the situation, remedies might include requesting a hearing before the board, filing a lawsuit, or seeking intervention from the Illinois Attorney General's inium Ombudsman Program.
GOVERNMENT AGENCIES Illinois Department of Financial and Professional Regulation (DFPR) - The Department is responsible for the licensure, education, and discipline of real estate professionals in Illinois, including community association managers and community association management firms.
Understanding Illinois Homeowners' Association Law AspectKey Takeaway HOA Powers Power to regulate common areas, collect charges, levy fines, and foreclose on homes for unpaid liens. Entry to Property Most governing documents allow HOA entry to homes for maintenance under certain conditions.6 more rows
Iniums associations are considered corporations in the eyes of the IRS. As such, they are required to file an annual tax return (either an 1120 or 1120-H). Condo associations showing taxable income on their federal returns are also required to file an IL-1120 with the state of Illinois.
