Bill Text: IL HB5783 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5783 Detail]

Download: Illinois-2017-HB5783-Introduced.html

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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
HB5783 LRB100 19380 HEP 34646 b
AN ACT concerning civil law.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Condominium Property Act is amended by
changing Section 18.10 as follows:
(765 ILCS 605/18.10)
Sec. 18.10. Generally accepted accounting principles. An
association subject to this Act that consists of 200 100 or
more units shall use generally accepted accounting principles
in fulfilling any accounting obligations under this Act. By no
later than January 1, 2019, an association subject to this Act
that consists of not less than 176 and not more than 199 units
shall use generally accepted accounting principles in
fulfilling any accounting obligations under this Act. By no
later than January 1, 2020, an association subject to this Act
that consists of not less than 136 and not more than 175 units
shall use generally accepted accounting principles in
fulfilling any accounting obligations under this Act. By no
later than January 1, 2021, an association subject to this Act
that consists of not less than 101 and not more than 135 units
shall use generally accepted accounting principles in
fulfilling any accounting obligations under this Act.
(Source: P.A. 100-292, eff. 1-1-18.)

HB5783 - 2 - LRB100 19380 HEP 34646 b
Section 99. Effective date. This Act takes effect upon
becoming law.