Illinois Code of Ethics, Duty of Care of Board of Directors of Homeowners' Association
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FAQ
The three fiduciary duties board members of an HOA should uphold are the Duty of Care, the Duty of Loyalty, and the Duty to Act Within the Scope of Their Authority.
Therefore, if you need legal advice, we encourage you to consult an attorney of your choice. Which Law Governs My Association? Most homeowners associations are governed by either the Illinois Condominium Property Act or the Illinois Common Interest Community Association Act.
Creating a Code of Ethics for HOA Board MembersCommit Yourself to the HOA.Follow Your Governing Documents and Applicable Laws.Disclose and Avoid Conflicts of Interest.Practice Confidentiality.Never Discriminate.Exhibit Professional Behavior.Always Work Within the HOA's Structure.More items...?23-Sept-2020
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. 225 ILCS 427/30, 225 ILCS 427.
Establish a strict agenda and let everyone know that it will be followed carefully so as to eliminate any one person taking over the conversation. Give board members a chance to change their ways by having a kind conversation about the problem behavior. Above all, set a good example of what makes a good HOA member.
Call the Toll Free Number. You may call the CCIC Ombudsperson on its toll free number at 844.856. 5193.
Duty of loyalty requires HOA board members to act in good faith to promote the best interests of the entire association. HOA board fiduciary responsibility prevents board members from making decisions to further their personal interests. Board members must also avoid an HOA board of directors conflict of interest.
Your relationship with your HOA or housing development is not a one-way street for lawsuits. Just as they can potentially sue you, you can also sue them. Here are five common reasons you may want to sue your HOA: Harassment or discrimination.
Preserve All Board E-mail Just as e-mail sent at your job isn't private, nor is e-mail private when you're communicating with other board members or owners in your capacity as a board member.
What Makes a Great HOA Board Member?Enjoy volunteering.Are civic-minded.Are positive and optimistic.Exercise fairness.Know that the rules apply to them, too.Take their role seriously.Have a mind for business.Understand that their authority comes as a board, not a board member.More items...?