On January 15th the City of Chicago passed a new ordinance, effective February 5th, concerning the examination of Association records by unit owners. The new city ordinance requires all requests for records to be completed within 10 days instead of 30. The law also limits the years of records that can be requested to 10, it had been unlimited prior. Thirdly, the law clarifies the wording around what records can be requested to better match that of the Illinois Business Corporation Act, the Illinois Not for Profit Corporation Act and the Illinois Condominium Property Act.
New laws bring new liabilities to board members. Although the scope of this law is limited and the additional burden limit, it’s passing is a good reminder to contact an expert broker to discuss better protecting your board members from personal liability. Directors & Officers insurance is a nonstandard coverage, many claims that could be brought for violating this ordinance would not be covered under many insurance companies policies.
The new regulation is available here.