Note from Ald. Michele Smith — I wholeheartedly agree, and ask that you take a moment to tell Governor Quinn that you’re opposed to this bill.
Oppose Senate Bill 2664
Legislation under review by Governor Quinn will prohibit condominium associations from including special assessments, chargebacks, and limit a condominium association’s ability to collect late fees, attorney’s fees or court costs, from third-party purchasers following a foreclosure. The total amount that can be collected may never exceed 9 months of regular assessments. The end results in most cases would have associations receiving less repayment than under the current statutory scheme. Less repayment means more fees for unit owners.
The bill passed the House and Senate and now awaits the signature of Governor Quinn. I’ve spoken with the Governor to voice my objection to this legislation, and I encourage you to do the same. For those buildings with units in foreclosure, this bill will bring about higher costs to the remaining unit owners, which I cannot support.