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HB2563 - 104th General Assembly
CONDO-RESERVE STUDY
Last Action
Statutes Amended In Order of Appearance
765 ILCS 160/1-32 new
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 to comply with the budgeting and reserve requirements elsewhere in the Act. Amends the Condominium Property Act to make similar changes.
Actions
| Date | Chamber | Action |
|---|---|---|
| 2/04/2025 | House | Filed with the Clerk by Rep. Terra Costa Howard |
| 2/04/2025 | House | Added Chief Co-Sponsor Rep. Rick Ryan |
| 2/04/2025 | House | First Reading |
| 2/04/2025 | House | Referred to Rules Committee |
| 3/04/2025 | House | Assigned to Judiciary - Civil Committee |
| 3/12/2025 | House | House Committee Amendment No. 1 Filed with Clerk by Rep. Terra Costa Howard |
| 3/12/2025 | House | House Committee Amendment No. 1 Referred to Rules Committee |
| 3/12/2025 | House | To Commercial & Property Law Subcommittee |
| 3/13/2025 | House | House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee |
| 3/18/2025 | House | Added Co-Sponsor Rep. Harry Benton |
| 3/21/2025 | House | Rule 19(a) / Re-referred to Rules Committee |
| 3/21/2025 | House | House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee |
| 8/26/2025 | House | Added Co-Sponsor Rep. Janet Yang Rohr |