IllinoisSB1703104th General Assembly (2025–2026)Senate

CONDO-COM INT-RESERVE STUDY

Sponsored By: Bill Cunningham (Democratic)

In Committee

Summary

Amends the Common Interest Community Association Act. Requires a common interest association to conduct and update a reserve study every 5 years. "Reserve study" means an analysis of the reserves required for future major maintenance, repairs, and replacements of the common elements. Grants a 5-year window for an association to conduct a reserve study or update a current study. Requires a reserve study to be made available to any prospective purchaser of a unit upon request for a resale of any unit in the community. Exempts an association with 15 or fewer units but still requires the board comply with the budgeting and reserve requirements elsewhere in the Act. Amends the Condominium Property Act to make similar changes.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & Cosponsors

Sponsor

  • Bill Cunningham

    Democratic • Senate

Cosponsors

  • Donald P. DeWitte

    Republican • Senate

Roll Call Votes

No roll call votes available for this bill.

Actions Timeline

  1. Added as Co-Sponsor Sen. Donald P. DeWitte

    2/20/2025Senate
  2. Referred to Assignments

    2/5/2025Senate
  3. First Reading

    2/5/2025Senate
  4. Filed with Secretary by Sen. Bill Cunningham

    2/5/2025Senate

Bill Text

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