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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5783 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
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Amends the Condominium Property Act. Provides that an association subject to the Act that consists of 200 (instead of 100) or more units shall use generally accepted accounting principles in fulfilling any accounting obligations under the Act. Provides that by no later than January 1, 2019, an association that consists of not less than 176 and not more than 199 units shall use generally accepted accounting principles. Provides that by no later than January 1, 2020, an association that consists of not less than 136 and not more than 175 units shall use generally accepted accounting principles. Provides that by no later than January 1, 2021, an association that consists of not less than 101 and not more than 135 units shall use generally accepted accounting principles. Effective immediately.
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| | A BILL FOR |
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| | HB5783 | | LRB100 19380 HEP 34646 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Condominium Property Act is amended by |
| 5 | | changing Section 18.10 as follows:
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| 6 | | (765 ILCS 605/18.10) |
| 7 | | Sec. 18.10. Generally accepted accounting principles. An |
| 8 | | association subject to this Act that consists of 200 100 or |
| 9 | | more units shall use generally accepted accounting principles |
| 10 | | in fulfilling any accounting obligations under this Act. By no |
| 11 | | later than January 1, 2019, an association subject to this Act |
| 12 | | that consists of not less than 176 and not more than 199 units |
| 13 | | shall use generally accepted accounting principles in |
| 14 | | fulfilling any accounting obligations under this Act. By no |
| 15 | | later than January 1, 2020, an association subject to this Act |
| 16 | | that consists of not less than 136 and not more than 175 units |
| 17 | | shall use generally accepted accounting principles in |
| 18 | | fulfilling any accounting obligations under this Act. By no |
| 19 | | later than January 1, 2021, an association subject to this Act |
| 20 | | that consists of not less than 101 and not more than 135 units |
| 21 | | shall use generally accepted accounting principles in |
| 22 | | fulfilling any accounting obligations under this Act.
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| 23 | | (Source: P.A. 100-292, eff. 1-1-18.)
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