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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB2354 Introduced 1/28/2016, by Sen. William R. Haine SYNOPSIS AS INTRODUCED:
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Amends the Common Interest Community Association Act. Makes a technical change in a Section concerning fidelity insurance.
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| | A BILL FOR |
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| | SB2354 | | LRB099 16668 HEP 41006 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Common Interest Community Association Act is |
| 5 | | amended by changing Section 1-55 as follows:
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| 6 | | (765 ILCS 160/1-55)
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| 7 | | Sec. 1-55. Fidelity insurance. An association with 30 or |
| 8 | | more units shall obtain and and maintain fidelity insurance |
| 9 | | covering persons who control or disburse funds of the |
| 10 | | association for the maximum amount of coverage that is |
| 11 | | commercially available or reasonably required to protect funds |
| 12 | | in the custody or control of the association. All management |
| 13 | | companies which are responsible for the funds held or |
| 14 | | administered by the association shall maintain and furnish to |
| 15 | | the association a fidelity bond for the maximum amount of |
| 16 | | coverage that is commercially available or reasonably required |
| 17 | | to protect funds in the custody of the management company at |
| 18 | | any time. The association shall bear the cost of the fidelity |
| 19 | | insurance and fidelity bond, unless otherwise provided by |
| 20 | | contract between the association and a management company.
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| 21 | | (Source: P.A. 96-1400, eff. 7-29-10; 97-605, eff. 8-26-11.) |