Illinois HB 5449: PEN CD-SERS-ALTERNATE ANNUITY

Status: Rule 19(a) / Re-referred to Rules Committee (as of 2024-04-19)

State: Illinois · Session: 103rd · Bill: HB 5449

Sponsors: Stephanie A. Kifowit

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HB5449 EnrolledLRB104 18328 JRC 31768 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 Common Interest Community Association Act 

5is amended by changing Sections 1-30 and 1-45 as follows:

6 (765 ILCS 160/1-30)

7 Sec. 1-30. Board duties and obligations; records. 

8 (a) The board shall meet at least 4 times annually. 

9 (b) A common interest community association may not enter 

10into a contract with a current board member, or with a 

11corporation, limited liability company, or partnership in 

12which a board member or a member of his or her immediate family 

13has 25% or more interest, unless notice of intent to enter into 

14the contract is given to members within 20 days after a 

15decision is made to enter into the contract and the members are 

16afforded an opportunity by filing a petition, signed by 20% of 

17the membership, for an election to approve or disapprove the 

18contract; such petition shall be filed within 20 days after 

19such notice and such election shall be held within 30 days 

20after filing the petition. For purposes of this subsection, a 

21board member's immediate family means the board member's 

22spouse, parents, siblings, and children.

23 (c) The bylaws or operating agreement shall provide for 

HB5449 Enrolled- 2 -LRB104 18328 JRC 31768 b

1the maintenance, repair, a

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