Sec. 1-75. Exemptions for small common interest communities.
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/il/chapter-765/act-160/1-75A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Sec. 1-75. Exemptions for small common interest communities.
(a)A common interest community association organized under the General Not for Profit Corporation Act of 1986 and having either
(i)10 units or less or
(ii)annual budgeted assessments of $100,000 or less shall be exempt from this Act unless the association affirmatively elects to be covered by this Act by a majority of its directors or members.
(b)Common interest community associations which in their declaration, bylaws, or other governing documents provide that the association may not use the courts or an arbitration process to collect or enforce assessments, fines, or similar levies and common interest community associations
(i)of 10 units or less or
(ii)having annual budgeted assessments of $50,000 or less shall be exempt from subsection
(a)of Section 1-30, subsections
(a)and
(b)of Section 1-40, and Section 1-55 but shall be required to provide notice of meetings to members in a manner and at a time that will allow members to participate in those meetings.