Condominium Bylaws Condo With Hoa In Illinois In Travis
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The administration and functioning of HOAs in the state are governed by the Illinois Common Interest Community Association Act. In homeowner's associations with detached or attached townhouses, single-family houses, or villas, this provision is applicable.
On the flip side, board members can be held personally liable if they engage in illegal activities, breach their fiduciary duties or personally benefit from association transactions.
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.
Homeowners can file a complaint against an HOA by contacting the Illinois Department of Financial and Professional Regulation. The state offers a dispute resolution service for certain issues, or legal action can be taken.
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.
If the inium instruments do not provide otherwise, 2/3 unit owner approval is required to amend the governing documents. The inium instruments can provide for necessary approval of up to 3/4 owner approval, however. The approved amendment would then be recorded and would become effective upon recording.
General amendments to inium instruments are governed by Section 27 of the Illinois inium Property Act, which states that an affirmative vote of 2/3 of voting unit owners must approve amendments, unless the inium instruments provide for some other majority vote somewhere between 50% and 75%.
Sec. 9.1. (a) Other liens; attachment and satisfaction. Subsequent to the recording of the declaration, no liens of any nature shall be created or arise against any portion of the property except against an individual unit or units.
