Sen. John G. Mulroe
Filed: 3/3/2016
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 2358




2    AMENDMENT NO. ______. Amend Senate Bill 2358 by replacing 
3everything after the enacting clause with the following:

 
4    "Section 5. The Common Interest Community Association Act 
5is amended by adding Section 1-47 as follows:
 
6    (765 ILCS 160/1-47 new)
7    Sec. 1-47. Successor developers. Any assignment of a 
8developer's interest in the property is not effective until the 
9successor: (i) obtains the assignment in writing; and (ii) 
10records the assignment.
 
11    Section 10. The Condominium Property Act is amended  by 
12adding Section 9.5 as follows:
 
13    (765 ILCS 605/9.5 new)
14    Sec. 9.5. Successor developers. Any assignment of a 
 
 
09900SB2358sam001- 2 -LRB099 16667 HEP 45177 a

1developer's interest in the property is not effective until the 
2successor: (i) obtains the assignment in writing; and (ii) 
3records the assignment.".