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Public Act 099-0569
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| SB2358 Enrolled | LRB099 16667 HEP 41005 b |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois, |
represented in the General Assembly:
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Section 5. The Common Interest Community Association Act is |
amended by adding Section 1-47 as follows:
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(765 ILCS 160/1-47 new) |
Sec. 1-47. Successor developers. Any assignment of a |
developer's interest in the property is not effective until the |
successor: (i) obtains the assignment in writing; and (ii) |
records the assignment.
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Section 10. The Condominium Property Act is amended by |
adding Section 9.5 as follows:
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(765 ILCS 605/9.5 new) |
Sec. 9.5. Successor developers. Any assignment of a |
developer's interest in the property is not effective until the |
successor: (i) obtains the assignment in writing; and (ii) |
records the assignment. |