Illinois General Assembly - Bill Status for HB5388

Creates the Homeowners' Association Bill of Rights Act. Requires the Office of the Attorney General to establish a separate HOA Department within the Consumer Protection Division. Provides that the HOA Department shall enforce and provide guidance for the provisions in this Act. Requires that each member of the association shall be assessed $3 per year to support the HOA Department that shall be remitted to the HOA Fund to be used exclusively by the Attorney General's Office for handling HOA enforcement and compliance. Provides that associations that do not have any special amenities such as a pool, gym, or community space may not increase their annual assessments for these amenities by more than 2% per year. Limits special assessments above $100,000 unless approved by a vote of the majority of the members. Provides that an association may be dissolved with a vote of at least 65% of its members. Creates a process for a homeowner to file a complaint against a board member. Stays any fines, late fees, and interest once a dispute is filed by a homeowner, and limits attorney's fees to less than 10% of the original amount owed. Provides that a person who violates the Homeowners' Association Bill of Rights Act commits an unlawful practice within the meaning of the Consumer Fraud and Deceptive Business Practices Act. Amends the State Finance Act to list the HOA Fund as a special fund.

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