Common Interst Comm Protect

Creates the Common Interest Community Association Act. Defines terms. Provides that the Act applies to common interest community associations and that a community instrument that is inconsistent with the Act is void as against public policy. Provides principles for the interpretation of community instruments. Provides that an initial declaration limiting ownership, rental, or occupancy of a unit to a person 55 years of age or older shall be valid and not a violation of the Illinois Human Rights Act. Provides for the election of a board, meetings, board functions, and finances of a common interest community association. Provides that an association may utilize a management company, but if…