Synopsis of Bill as introduced:
Amends the Condominium Property Act. Replaces provisions
concerning (i) insurance for condominium associations and (ii) risk
pooling trust funds for condominium associations or common interest
community associations. Requires that a condominium association
maintain property insurance, general liability insurance, and a
fidelity bond and liability coverage for directors and officers.
Provides that a condominium association may require unit owners to
obtain insurance coverage. Requires the Director of Insurance to
adopt reasonable rules pertaining to the standards of coverage and
administration of risk pooling trust funds.
FISCAL NOTE (Office of the Illinois Courts)
HB 2246 would have no fiscal impact on the judicial branch.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status