Illinois General Assembly - Bill Status for HB5325

Creates the Homeowners' Association Act. Requires any contract that is not to be fully performed within one year for the purchase, lease, or renting of materials or equipment to be used by the association in accomplishing its purposes, and all contracts for the provision of services, to be in writing. Sets out competitive bid requirements. Creates the Homeowners' Association Board. Grants members of an association the right to attend all meeting of the Board and to speak on any matter placed on the agenda by petition. Requires a 14-day advance notice to be given to members and parcel owners for meetings at which special assessments will be considered or at which amendments to rules regarding parcel use will be considered. Provides that an association of 15 or fewer owners may enforce only the requirements of those deed restrictions established prior to the purchase of each parcel upon an affected parcel owner or owners.

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