SB3401 - 104th General Assembly (2025-2026)

CONDO-RESERVE STUDY
Last Action
2/25/2026 - Senate: To Condominiums
Hearings
Judiciary Hearing Mar 25 2026 3:45PM Capitol 400 Springfield, IL
Condominiums Hearing Mar 25 2026 3:30PM Capitol 400 Springfield, IL
Statutes Amended In Order of Appearance
765 ILCS 160/1-32 new  
765 ILCS 160/1-35  
765 ILCS 605/18.5  from Ch. 30, par. 318.5
765 ILCS 605/18.13 new  
765 ILCS 605/22.1  from 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
DateChamberAction
2/04/2026SenateFiled with Secretary by Sen. Robert F. Martwick
2/04/2026SenateFirst Reading
2/04/2026SenateReferred to Assignments
2/17/2026SenateAssigned to Judiciary
2/25/2026SenateAdded as Co-Sponsor Sen. Donald P. DeWitte
2/25/2026SenateTo Condominiums
2/26/2026SenateAdded as Co-Sponsor Sen. Darby A. Hills
3/13/2026SenateRule 2-10 Committee Deadline Established As March 27, 2026