Must surplus funds from a completed homeowner association project be refunded to Owners or can it be used in other ways?

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Surplus Special Assessment Funds

When a homeowner association has to undertake large capital repair projects, it will often pay for these projects by way of charging special assessments to the owners.  Previously, when there were surpluses collected for those projects, Illinois law prohibited refunds to the owners, past or present. However, as of January 1, 2018, absent express directives… Read more »