Illinois Statutes
§ 1-55 — Fidelity insurance
Illinois § 1-55
JurisdictionIllinois
TopicRIGHTS AND REMEDIES
Ch. 765PROPERTY
Act 765 ILCS 160/Common Interest Community Association Act.
Art.Article 1 - Common Interest Community Association Act
This text of Illinois § 1-55 (Fidelity insurance) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
765 Ill. Comp. Stat. 1-55 (2026).
Text
An association with 30 or more units shall obtain and maintain fidelity insurance covering persons who control or disburse funds of the association for the maximum amount of coverage that is commercially available or reasonably required to protect funds in the custody or control of the association. All management companies which are responsible for the funds held or administered by the association shall maintain and furnish to the association a fidelity bond for the maximum amount of coverage that is commercially available or reasonably required to protect funds in the custody of the management company at any time. The association shall bear the cost of the fidelity insurance and fidelity bond, unless otherwise provided by contract between the association and a management company.
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Legislative History
(Source: P.A. 96-1400, eff. 7-29-10; 97-605, eff. 8-26-11.)
Nearby Sections
15
§ 1
§ 1§ 1-1
Short title§ 1-10
Applicability§ 1-15
§ 1-15§ 1-20
§ 1-20§ 1-25
§ 1-25§ 1-40
Meetings§ 1-45
Finances§ 1-47
Successor developers§ 1-5
Definitions§ 1-50
§ 1-50§ 1-55
Fidelity insuranceCite This Page — Counsel Stack
Bluebook (online)
Illinois § 1-55, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/765/1-55.