Beginning January 1, 2027, Illinois condominium associations will be required to have a written collection policy addressing specific requirements for unpaid assessments and delinquent accounts.
Amendments to the Illinois Condominium Property Act establish several requirements that must be included in the association’s written policy:
- The date monthly assessments or common expenses are considered late;
- Late fees and interest that may be charged on delinquent accounts;
- Fees for returned checks, if applicable;
- Payment plan options and applicable terms, if offered;
- When a delinquent account will be referred to an attorney or otherwise pursued through legal action;
- How payments are applied to an owner’s account; and
- The collection remedies available to the association under its governing documents and Illinois law.
For many associations, existing declarations, bylaws, or collection policies may not address all the new requirements. Buckley Fine Law can help identify any necessary updates and assist with preparing or revising an assessment collection policy to comply with the new law. To discuss your association’s needs, contact an attorney at 847-381-0011 or attorneys@buckleyfinelaw.com.