Each year the City of Chicago Comptroller is required to review and set the rate of interest to be paid on security deposits for residential lease agreements.

As recently announced on the City of Chicago website, the rental agreement security deposit interest rate is set at 0.01% from January 1, 2025 through December 31, 2025.

Here is … Read More ›

Illinois condominium, homeowner (HOA) and townhome community associations must navigate an evolving legal landscape. Here are the latest updates and their implications for board members, property mangers, and community leaders in 2025.

Corporate Transparency Act (CTA)

The Corporate Transparency Act requires businesses, including community associations, to disclose ownership information to the Financial Crimes Enforcement Network (FinCEN).

Who must … Read More ›

Starting January 1, 2025, several new laws in Illinois will impact employers across the state, including condominium, homeowner (HOA) and townhome community associations that directly employ staff. These association employees may include maintenance workers, cleaning personnel, door staff, and administrative personnel.

These laws focus on increasing wages, ensuring pay transparency, and protecting employee rights in the … Read More ›

On December 3, 2024, the U.S. District Court for the Eastern District of Texas issued a decision in Texas Top Cop Shop, Inc., et al. v. Garland, et al., granting a preliminary nationwide injunction against the enforcement of the Corporate Transparency Act (CTA).

This court ruling impacts condominium, homeowner (HOA), and townhome community association across the … Read More ›