Changes effective January 1, 2008 provides standards for compensated community association managers.

• Provides that a community association manager must (1) be at least 21 and a citizen or legal permanent resident; (2) not have been convicted of forgery, embezzlement, or similar offenses; (3) have knowledge of community association management and applicable laws; and (4) not have failed to cooperate with law enforcement in a complaint investigation.
• Provides that for community associations with 6 or more units, a manager shall not have exclusive access to association funds unless there is a fidelity bond for the association funds under the manager's control.
• Provides requirements concerning bonds and funds management.
• Provides that this Section does not apply to a receiver, bankruptcy trustee, administrator, executor, or guardian under a court order, will, or trust.
• Provides that this Section does not create a cause of action by a unit owner against a manager or impair any action under existing law that a unit owner may bring against an association board.

Click here to download a copy of the current Illinois Condominium Property Act