January 7, 2015
House Bill 4204, sponsored by State Representatives Elaine Nekritz (D-Northbrook) and State Senator, Heather Steans (D-Chicago), creates the Condominium and Common Interest Community Ombudsperson Act which establishes an Ombudsperson within the Department of Financial and Professional Regulation. This new position will provide dispute resolution assistance on behalf of condominium unit owners.
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New Law Aims to Help Common Interest Home Owners
Purchasing property in a “common interest” development, defined as condominiums, cooperatives, townhouses--developments governed by a Home Owner’s Association (HOA)--can be stressful due to the horror stories sometimes associated with dealing with HOA's which can be daunting enough to discourage some buyers from going the condominium route altogether.