New Collections Policy Requirement Becomes Law – What Do Illinois Condominiums and Community Associations Need to Know?

On July 31, 2026, Governor Pritzker signed into law a new requirement that Illinois condominium and community associations adopt an assessment collection policy. As expected, the deadline to comply with the new law is January 1, 2027. Click here for our explanation of this new law and what needs to be included in the collection policy to comply with this new law.

Now that this legislation has become law, condominium and community associations should work with their legal counsel to draft and adopt an assessment collection policy this Fall in compliance with the new law that sets a January 1^st deadline for adoption. 

The new collection policy should be reconciled with the Association’s declaration and by-laws and any existing rules and regulations regarding payment and collections of assessments. Further, we recommend that the new collection policy formally be adopted as part of the rules and regulations of the condominium or community association.

LP is committed to keeping our community association clients informed of, and prepared to proactively and successfully navigate, any changes in the law. For questions regarding this new reporting requirement imposed by FinCEN, or other issues facing your condominium or community association or co-op, please contact Howard Dakoff, Laura Marinelli, Adam Kahn, or Molly Mackey of LP’s Community Association Group.