100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5783

 

Introduced , by Rep. Natalie A. Manley

 

SYNOPSIS AS INTRODUCED:
 
765 ILCS 605/18.10

    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.


LRB100 19380 HEP 34646 b

 

 

A BILL FOR

 

HB5783LRB100 19380 HEP 34646 b

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

 

 

HB5783- 2 -LRB100 19380 HEP 34646 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.