While independent parties continue to challenge the application of the CTA to condominium and homeowner associations, it still appears to apply. We recommend that associations hold off on its reporting requirements as we continue to obtain further clarity on the CTA as it seems to be an ever-evolving statute. To that, new guidelines for compliance were issued on April 18, 2024. This involves a nationwide database of beneficial ownership (i.e. board members, as board members exercise substantial control over reporting company/association). Further, a reporting company may provide a FinCEN identifier (“FinCEN ID”) instead of the beneficial owner’s personal information when filing. This allows board
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Update to the Illinois Corporate Transparency Act: Do Condos and HOAs Have to Comply?
As previously reported, new reporting requirements under the Corporate Transparency Act (“CTA”) went into effect in January 2024. These changes require certain corporate entities (including condominium and homeowner associations) to provide personal details of the individuals who exercise control over the company (i.e. members of the board of directors). In response to these new requirements, the National Small Business Association filed a lawsuit against the U.S. Treasury Department contending that these new reporting requirements are unconstitutional because they infringe on protected rights of state sovereignty, privacy and due process.
On March 1, 2024, U.S. District Judge Liles C. Burke
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Tressler Talks: Important Nuances in HOA Collections, Foreclosures and Bankruptcies
We are pleased to invite you to our upcoming virtual Tressler Talk:Tressler Talks: Important Nuances in HOA Collections, Foreclosures and BankruptciesTuesday, March 5, 20242:00pm-3:00pm CT WebinarJoin Tressler’s experienced attorneys for this complimentary Illinois HOA board and property management training. Get ready for some cringe-worthy true stories from our popular presenters! Attendees will come away with a deeper understanding of the complex relationships between Illinois law, the board’s fiduciary obligation and the community manager’s role in the legal process. 1.0 Hour of CAMICB Credit is currently pending.
Register Now: cvent.me/xP7Xzq
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Meet Our Speakers:
Kathryn FormellerPartner
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Illinois Corporate Transparency Act – Do Condos and HOAs Have to Comply?
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 (arguably including condominium and homeowner associations).
The CTA defines a “domestic reporting company” as “a corporation, limited liability company, and any other entity created by the filing of a document with a secretary of state or any similar office in the United States.”Although unclear, this definition appears to incorporate all condominium and homeowner associations incorporated with the State of
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Tressler’s HOA Law Holiday Highlight – Part I
This holiday season, Tressler’s HOA/Condo Law Practice Group attorneys Kathryn A. Formeller, Katerina Tsoukalas-Heitkemper and Matthew J. O’Malley share their favorite traditions, memories, food and recipes. Check them out below. We wish you a Happy Holidays and a wonderful New Year!
Kathryn A. Formeller – Partner
Favorite Holiday Recipe:
Thanksgiving Day: Whipped Sweet Potatoes and Bananas with Honey.
Favorite Holiday Tradition:
My family and I visit the reindeer at Chalet Nursery the day after Thanksgiving.
Favorite Holiday Movie:
Home Alone (the original).
Katerina Tsoukalas-Heitkemper – Partner
Favorite Holiday Tradition:
I am a HUGE nutcracker collector. I have been
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Tressler Talks: HOA Board Basics – Annual Board Elections And Budget Meetings
We are pleased to invite you to our upcoming virtual Tressler Talk:HOA Board Basics – Annual Board Elections and Budget MeetingsThursday, October 5, 20232:00pm-3:00pm CT WebinarJoin Tressler’s experienced attorneys for this complimentary HOA board and property management training. This popular webinar is open to all, and attendees will come away with a deeper understanding of the annual board elections and budget meetings process. As always, our presenters will share engaging true stories to keep things fun (because “fun” is the first thing that comes to mind when thinking of HOAs and property management…right?) We’ve seen it all, and we’re here
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Are You Adequately Insured Against Catastrophic Damage?
Every year more people are purchasing units in condominium associations. If it is your first home, an investment property, or a downsize, purchasing a unit in an association has many benefits. For example, the association will maintain the common elements and you may have access to many amenities. However, when buying a unit, one thing that owners often overlook is purchasing additional insurance for their unit.
Almost every Declaration in the state of Illinois requires homeowners to take out some form of insurance policy for the interior of their units. These insurance policies do not cover displacement, lost rent, or
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New Law: Mandate for Installation of Electric Vehicle Chargers in Common Area Parking Lots
On June 9, 2023, Governor Pritzker signed Senate Bill 40 into law. This new law states that beginning on January 1, 2024, if a single-family home or multi-unit residential building constructs a new parking lot, every parking space must be equipped to install an electric vehicle charger. Further, there must be at least one parking space that has an electric vehicle charger. This new law does not apply if a developer needs to excavate an existing surface lot or another parking facility to retrofit the parking lot with the necessary conduit and wiring. This means that if an Association decides
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To Disclose or Not to Disclose? Landlord Disclosure Obligations
By Adriana Bosco and Katerina Tsoukalas-Heitkemper
Landlords are responsible for providing a safe, clean and healthy living environment for tenants. Thus, there are certain disclosure obligations landlords must abide by to their current and potential new tenants regarding environmental toxins and other dangerous conditions.
Landlords must comply with federally mandated lead disclosures. In 1992, the Residential Lead-Based Paint Hazard Reduction Act, commonly known as Title X, was passed. This federal law aims to reduce the number of lead poisoning victims in the United States and is enforced by the Environmental Protection Agency (EPA). The EPA enforces regulations related to Title
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No More Adult Swim? Are Your Association Pool Rules Compliant with the Law?
Over the next few weeks, many Homeowner Associations will begin to reopen their swimming pools. Prior to opening the Association’s pool, it is important for the Board to review the Association’s Rules and Regulations to make sure that they adequately protect the Association from any potential liability. More specifically, the Board should review the Rules and Regulations to confirm that they do not create restrictions to certain protected classes regarding the use of the pool, as this could be a violation of the Illinois Human Rights Act and the Federal Fair Housing Act.
In Illinois, it is a civil rights violation
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How to Handle the Proverbial Association Bully
By Adriana Bosco and Matthew O’Malley
Community associations operate through Boards of Directors (the “Board”). Such Boards are tasked with certain duties and responsibilities that they must perform to ensure the success of the community. When dealing with bullies, carrying out these responsibilities and achieving their goals becomes exceptionally difficult. According to the American Psychological Association, bullies act in manners that include “aggressive behavior” and “intentionally and repeatedly caus[ing] another person injury or discomfort.” Bullying can take the form of physical contact, words or subtle aggressions. Bullying, American Psychological Association, (March 2, 2023, 2:43 PM) www.apa.org/topics/bullying. In order to not
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Tressler Talks: What the Fed? Understanding Financials in HOA Law
We are pleased to invite you to our upcoming virtual Tressler Talk:What the Fed? Understanding Financials in HOA LawThursday, February 16, 20231:00-2:00pm CT WebinarJoin us for this complimentary webinar to learn about association financials, recent changes in the law and the impact on the condominium and common-interest community association industry. Tressler’s experienced Illinois HOA and Condo Law attorneys will be joined by local CIBC banking professionals for this special presentation.
One hour of CAMICB Continuing Education Credit is currently pending. All are welcome. We hope to see you then!
Register Now: https://cvent.me/MzbkqQ
View Event Website: https://cvent.me/80MmnR
Meet Our Speakers:
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Sound the Alarm: New Illinois Law Requires 10-Year Battery Smoke Alarms to Be Installed in Homes
In 2017, the Illinois General Assembly passed Public Act 100-0200 to update the Illinois Smoke Detector Act. Public Act 100-0200 requires all Illinois single and multi-family homes to have a smoke alarm with a sealed 10-year battery by January 1, 2023. The legislator provided several exceptions to this law—please review to see if your community is exempt. First, any building built after 1988 is not required to have 10-year sealed batteries installed. Second, any dwelling with a wireless integrated alarm system that uses low-power radio frequency communications does not need to install a 10-year sealed battery. Finally, any dwelling with
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Happy New Year from Tressler’s HOA/Condo Law Practice Group!
Happy New Year from our families to yours! It has been a great year and we are proud to have wonderful clients, attorneys, staff and colleagues. We are honored that you have put your trust in our team and are thrilled by the excellent results we’ve achieved for our clients this year!
Tressler values the importance of having a healthy work-life balance and spending time with friends and family, especially during the holidays. To end 2022, the HOA/Condo Law Practice Group celebrated the holiday season with a painting class with our families. Check out the fun pictures below!
Cheers to
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‘Tis the Season…for Fire Prevention
During the winter months, the rate and risk of residential fires increases. Your condo or HOA is not immune to this. The increase is often attributed to additional electricity use, holiday décor, Christmas trees and the increased use of electric space heaters. Residents and owners need to be sure that they are using common sense when they are lighting that fire or favorite holiday-scented candle and practice other fire prevention practices. However, we are also seeing a national increase of electronic batteries in everyday use, including vehicles. The proliferation of EVs (“electric vehicles”) is only complicating matters and leading to even more of an influx
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2023 Illinois HOA/Condo Legislative Updates
As the new year approaches, it is important for association boards and community association professionals to be cognizant of new laws that may impact the industry. For 2023, there are a few updates, mainly to Section 22.1 of the Illinois Condominium Property Act. This change to Section 22.1 was made in response to prior litigation against associations and their managing agents for requiring owners to pay a fee for a resale disclosure when selling their unit/lot.
The first update is to Section 22.1 of the Illinois Condominium Property Act. The amendment now requires Boards to comply with a written request
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