SB2664 IS STILL AN ISSUE

Please Write Our Legislators

We have the opportunity to relieve some of the undue burden foreclosures place on association budgets. At the last Board Meeting, the Board approved writing of uncollectible debt (assessments and fees due from owners who foreclosed or went bankrupt) over $33,000. Last year over $50,000 was written off. This represents almost 2% in the level of assessments. Pending legislative action in Springfield could help reduce the impact such debt has on assessments. All you need to do is contact your legislators and ask them to support Condo Association’s such as Park Tower, by contacting Senator Michael Hastings and telling him to accept Governor Pat Quinn’s amendatorily vetoed SB 2664.

Because of the large outpour of support from Association’s such as ours, Governor Pat Quinn amendatorily vetoed SB 2664 earlier this year. This was the bill that would have severely limited the amount of money associations could collect from prospective buyers following a foreclosure and would lead to an increase of fees for homeowners. Governor Quinn replaced the unfavorable language with language that provides associations may collect ALL outstanding balances due; prospective buyers are limited to paying nine months of past due assessments, and the banks are required to pay everything else. This would be financially positive for most Condo Associations such as Park Tower!

Support is needed for legislators to contact Senator Hastings, the bill’s sponsor, and ask him to accept the Governor’s favorable and amendatory veto language. Our efforts in advocating for your home and your association provided this opportunity for you and your neighbors. Contacting your legislators to ask them to take the next step is easy, quick, and IMPORTANT.

To learn more about this bill, click here for a link to the State’s General Assembly bill status information. 

Click here for an easy link, with suggested language, to email your legislator.

This will get your request to the legislators to ask them to vote for the Governor’s amendatory Veto which will help protect the financial wellbeing of Park Tower Condominium Association and other association’s across the State.

If you want to send a hard copy letter, you can do that through this same link. Or mail it to:

The Honorable Rep. Kelly M. Cassidy
Illinois House of Representatives
State Capitol Springfield, IL 62706

The Honorable Senator Heather Steans
Illinois State Senate
State Capitol Springfield, IL 62706

If you have any questions or would like more details, please feel free to shoot me an e-mail.