HB4154ham001 98TH GENERAL ASSEMBLY

Rep. Stephanie A. Kifowit

Filed: 3/24/2014

09800HB4154ham001 LRB098 15707 HEP 57135 a

AMENDMENT TO HOUSE BILL 4154

AMENDMENT NO. ______. Amend House Bill 4154 by replacing everything after the enacting clause with the following:

"Section 5. The Common Interest Community Association Act is amended by adding Section 1-47 as follows:

(765 ILCS 160/1-47 new)

Sec. 1-47. Alternative payment schedule for certain assessments.

(a) A common interest community association composed of more than 14 units shall adopt reasonable guidelines to establish an alternative payment schedule by which an owner may make partial payments to the common interest community association for delinquent regular or special assessments or any other amount owed to the association without accruing additional monetary penalties. For purposes of this Section, monetary penalties do not include reasonable costs associated with administering the payment plan or interest.

(b) The minimum term for a payment plan offered by a common interest community association is 3 months.

(c) A common interest community association may not allow a payment plan for any amount that extends more than 18 months from the date of the owner's request for a payment plan. The association is not required to enter into a payment plan with an owner who failed to honor the terms of a previous payment plan during the 2 years following the owner's default under the previous payment plan.

(d) A common interest community association shall file the association's guidelines under this Section in the office of the recorder of each county in which the association property is located.

(e) A common interest community association's failure to file, as required by this Section, the association's guidelines in the real property records of each county in which the association property is located does not prohibit a property owner from receiving an alternative payment schedule by which the owner may make partial payments to the common interest community association for delinquent regular or special assessments or any other amount owed to the association without accruing additional monetary penalties, as defined by subsection (a) of this Section.".