CONDO ASSN-HOMEOWNR ASSN-LEASE

Amends the Condominium Property Act. Provides that nothing in the Act or the declarations, bylaws, and rules of a condominium unit owner's association shall prohibit unit owners from leasing up to 20% of the units, if they otherwise comply with the Act. Provides that the powers and duties of the board of managers of a condominium association may not provide in the declaration, bylaws, rules, or other documents for a prohibition against unit owners leasing up to 20% of the total units, as long as there is compliance with the Act. Amends the General Not For Profit Corporation Act of 1986. Provides that a common interest community or homeowners' association, notwithstanding the declaration, covenants, bylaws, rules, regulations, or any other instrument, may not prohibit 20% of the total units from being used as rental property. Defines homeowners' association and common interest community. Effective immediately.