Bill Status of SB1703

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SB1703 - 104th General Assembly

CONDO-COM INT-RESERVE STUDY
Last Action
2/05/2025 - Senate: Referred to Assignments
Senate Sponsors
Sen. Bill Cunningham and Donald P. DeWitte
Statutes Amended In Order of Appearance
765 ILCS 160/1-32 new
765 ILCS 160/1-35
765 ILCS 605/18.5from Ch. 30, par. 318.5
765 ILCS 605/22.1from Ch. 30, par. 322.1
Synopsis As Introduced
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.
Actions
Date Chamber Action
2/05/2025 Senate Filed with Secretary by Sen. Bill Cunningham
2/05/2025 Senate First Reading
2/05/2025 Senate Referred to Assignments
2/20/2025 Senate Added as Co-Sponsor Sen. Donald P. DeWitte