All condominiums in Illinois must abide by the laws outlined in the Illinois Condominium Property Act (ICPA). Its purpose is to govern the creation and operation of condos in the state, including how condo associations are established, managed and controlled.
The ICPA Explained
There are several aspects of association management that the ICPA governs. Included under its laws are rules and regulations related to:
- Board member elections
- Board meeting requirements
- Budget planning
- Fiduciary responsibilities
- Unit owner assessments
- Access to association records and documents, including financial documents and meeting minutes
The ICPA outlines the rights and responsibilities for unit owners and board members. In Chicago, condo associations may choose to incorporate as Illinois not-for-profit corporations or be organized as a limited liability company (LLC).
In terms of decision-making and association management, condo associations must be managed by a group of elected board members. There must be a minimum of three elected directors. All board members must act as fiduciaries.
Under the Illinois Condominium Property Act, Chicago condo associations are governed by and subject to their own individual declaration and by-laws. The ICPA allows your board to adopt specific rules and regulations related to the day-to-day use of the property.
If you have questions about managing your Chicago condo association and ensuring your HOA is abiding by all ICPA rules and regulations, get in touch with us at First Community Management.