The Corporate Transparency Act (“CTA”) is a federal law that was initially enacted in 2021 to prevent fraud and money laundering. Effective January 1, 2024, there are new reporting requirements regarding ownership under the CTA for certain types of corporate entities… Continue Reading →
Life is anything but business as usual. But that doesn’t mean association board members can’t turn downtime into productive time. Board members are often too busy with current events or urgent matters that they simply don’t have time to tackle business… Continue Reading →
Many cities and villages throughout the country are now under “shelter in place” or “stay at home” orders to help prevent the spread of COVID-19. It is essential that board members and property owners understand how to prepare their community… Continue Reading →
Effective through at least April 15th or until further notice, Tressler LLP is urging all of its Condominium or Common-Interest Community Association boards to strongly consider rescheduling any non-essential board meetings or events of 25 people or more. Meetings or events… Continue Reading →
It’s been a while since the infamous Palm II case came down and caused chaos in the Illinois association world. Because it’s been a couple of years, and as we have encountered situations where board members seem to have become lax… Continue Reading →
Getting members to participate in board member elections can be like pulling teeth. The more convenient you make the process, the more likely to get members to participate. Fortunately, the Illinois Condominium Property Act (the “Condo Act”) and the Illinois Common Interest… Continue Reading →
A topic of great discussion is whether minutes should be kept for executive “closed” sessions and, if so, how detailed they should be. Previously, there was little guidance for association boards and many were cautioned to not take minutes for… Continue Reading →
There have been a number of cases that came down in 2018 that further clarified (and muddied) the amounts that can be collected from a third-party purchaser at a judicial foreclosure sale. Section 9(g)(1) of the Illinois Condominium Property Act… Continue Reading →
The Condominium and Common Interest Community Ombudsperson Act (“Ombudsperson Act”) is a recently enacted statute that applies to all condominium associations governed by the Condominium Property Act and all common interest community associations governed by the Common Interest Community Association Act. Section 35… Continue Reading →
The Declaration establishes the association (whether a condominium or common interest community) and the By-Laws establish the obligations and duties of the association’s governing body – the Board of Directors/Managers. Rules and Regulations supplement the Declaration and By-Laws by allowing… Continue Reading →
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