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| | SB2358 Engrossed | | LRB099 16667 HEP 41005 b |
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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Common Interest Community Association Act is |
| 5 | | amended by adding Section 1-47 as follows:
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| 6 | | (765 ILCS 160/1-47 new) |
| 7 | | Sec. 1-47. Successor developers. Any assignment of a |
| 8 | | developer's interest in the property is not effective until the |
| 9 | | successor: (i) obtains the assignment in writing; and (ii) |
| 10 | | records the assignment.
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| 11 | | Section 10. The Condominium Property Act is amended by |
| 12 | | adding Section 9.5 as follows:
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| 13 | | (765 ILCS 605/9.5 new) |
| 14 | | Sec. 9.5. Successor developers. Any assignment of a |
| 15 | | developer's interest in the property is not effective until the |
| 16 | | successor: (i) obtains the assignment in writing; and (ii) |
| 17 | | records the assignment. |