CONTACT GOVERNOR QUINN AND TELL HIM TO VETO SB 2664
While SB 2664 passed the House of Representatives due to strong lobbying efforts by a coalition of proponents, including the Realtors, State Bar Association, Illinois Bankers Association, Community Bankers Association, and the Illinois Credit Union Association; CAI members and homeowners efforts in opposing the bill won 47 "nay" votes. Although this is not a true success by definition, it is an example of our potential when homeowners assemble with a single message and why every single call and email made is important.
So far the Governor has received nearly 2,000 emails from concerned CAI members. We must continue to come together and ask Governor Quinn to veto this SB 2664. Why? Because the bill will create more problems and is a fee increase for homeowners in associations.
Here is what the misguided legislation does and how it will effect you and your community:
1. SB 2664 would 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. While these fees and costs may be collected, 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.
2. SB 2664 is incomplete legislation that impacts condominium associations by creating a new scheme for collecting under super lien rights, but it does nothing to impact townhome, homeowner or master associations. This bill would create a double standard forcing condos to play by one set of rules while all other community associations play by another.
3. SB 2664 is being passed without any recognition or understanding of its impact upon community associations and the overwhelming majority of owners who pay their assessments in a timely fashion. This bill seeks to protect a very small group of people: attorneys who represent buyers at a real estate closing. This bill is a detriment to all of our communities and could ultimately result in difficult decisions for boards in determining how to allocate their already limited resources, and would likely lead to increased assessments for the balance of the owners. The interests of community associations and the owners that live in those community associations have been completely ignored in SB 2664.
4. Finally, SB 2664 reduces the days an association (or its management company) has to respond to a request from a purchaser for information from 30 days to 14 days, if the association is managed. If the association is self-managed it has 21 days. This reduced time-frame creates an unnecessary burden on community association managers and homeowners that are already required to reply to purchaser requests in a timely fashion.
Please contact Governor Quinn's office immediately and often and ask that he VETO SB 2664.
Governor Pat Quinn
Email his office by following this link or pasting this link (http://www.capwiz.com/advocacycenter/issues/alert/?alertid=63239886&type=SW) into your browser.
It is VERY IMPORTANT that you and other members in your community act. Send this message to your community and ask that they too contact Governor Quinn and ask to veto SB 2664.
The CAI Illinois LAC will update you on any action it receives. Thank you for protecting your community!
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