LEGAL UPDATES AFFECTING THE MIDWEST
Similar to the laws enacted in Illinois requiring certification of property managers, we may soon see a bill signed into law requiring the adoption of a manager certification program here in Michigan. The matter was initially presented during the 2010 Legislative session however gained no support. It was presented again in 2011 with some positive support leading some to believe that a bill will likely be introduced and quite possibly passed by the end of 2012.
SB 366 was signed into law and provides the first statutory structure for cooperatives in Missouri, although the new law focuses solely on business cooperatives it leaves the door open to future amendments providing for ownership in residential housing cooperatives.
Wisconsin is preparing the way for enacting a similar manager-licensing statute as sister state Illinois’ requiring manager licensing in the state. Stay tuned for more info.