How do I find out if the Illinois Condo law requires a certain amount of funds to be in the "reserve" account? Also, does the law state at what point the board must take action on an owner who is not making HOA payments?
1 Answer from Attorneys
1. Reserve amounts are not set by law; they are set by each condo board based upon its own situation. 2. Taking legal action is discretionary, not mandatory, so it is again a situational matter - but if it amounts to a breach of fiduciary obligation, there may be consequences against the board members.