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Public Act 102-0976


 

Public Act 0976 102ND GENERAL ASSEMBLY

  
  
  

 


 
Public Act 102-0976
 
HB5246 EnrolledLRB102 22788 LNS 31937 b

    AN ACT concerning civil law.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    Section 5. The Condominium Property Act is amended by
changing Section 22.1 as follows:
 
    (765 ILCS 605/22.1)  (from Ch. 30, par. 322.1)
    Sec. 22.1. (a) In the event of any resale of a condominium
unit by a unit owner other than the developer such owner shall
obtain from the Board of Managers and shall make available for
inspection to the prospective purchaser, upon demand, the
following:
        (1) A copy of the Declaration, by-laws, other
    condominium instruments, and any rules and regulations.
        (2) A statement of any liens, including a statement of
    the account of the unit setting forth the amounts of
    unpaid assessments and other charges due and owing as
    authorized and limited by the provisions of Section 9 of
    this Act or the condominium instruments.
        (3) A statement of any capital expenditures
    anticipated by the unit owner's association within the
    current or succeeding 2 two fiscal years.
        (4) A statement of the status and amount of any
    reserve for replacement fund and any portion of such fund
    earmarked for any specified project by the Board of
    Managers.
        (5) A copy of the statement of financial condition of
    the unit owner's association for the last fiscal year for
    which such statement is available.
        (6) A statement of the status of any pending suits or
    judgments in which the unit owner's association is a
    party.
        (7) A statement setting forth what insurance coverage
    is provided for all unit owners by the unit owner's
    association.
        (8) A statement that any improvements or alterations
    made to the unit, or the limited common elements assigned
    thereto, by the prior unit owner are in good faith
    believed to be in compliance with the condominium
    instruments.
        (9) The identity and mailing address of the principal
    officer of the unit owner's association or of the other
    officer or agent as is specifically designated to receive
    notices.
    (b) The principal officer of the unit owner's association
or such other officer as is specifically designated shall
furnish the above information when requested to do so in
writing and within 10 business 30 days of the request.
    (c) Within 15 days of the recording of a mortgage or trust
deed against a unit ownership given by the owner of that unit
to secure a debt, the owner shall inform the Board of Managers
of the unit owner's association of the identity of the lender
together with a mailing address at which the lender can
receive notices from the association. If a unit owner fails or
refuses to inform the Board as required under subsection (c)
then that unit owner shall be liable to the association for all
costs, expenses, and reasonable attorney's attorneys fees and
such other damages, if any, incurred by the association as a
result of such failure or refusal.
    A reasonable fee, not to exceed $375, covering the direct
out-of-pocket cost of providing such information and copying
may be charged by the association or its Board of Managers to
the unit seller for providing such information. Beginning one
year after the effective date of this amendatory Act of the
102nd General Assembly, the $375 fee shall be increased or
decreased, as applicable, by a percentage equal to the
percentage change in the consumer price index-u during the
preceding 12-month calendar year. "Consumer price index-u"
means the index published by the Bureau of Labor Statistics of
the United States Department of Labor that measures the
average change in prices of goods and services purchased by
all urban consumers, United States city average, all items,
1982-84 = 100. An association may charge an additional $100
for rush service completed within 72 hours.
(Source: P.A. 87-692.)

Effective Date: 1/1/2023