HB 2563

  • Illinois House Bill
  • 104th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Condo-Reserve Study

Abstract

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.

Bill Sponsors (4)

Votes


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Actions


Aug 26, 2025

House

Added Co-Sponsor Rep. Janet Yang Rohr

Mar 21, 2025

House

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

House

Rule 19(a) / Re-referred to Rules Committee

Mar 18, 2025

House

Added Co-Sponsor Rep. Harry Benton

Mar 13, 2025

House

House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee

Mar 12, 2025

House

House Committee Amendment No. 1 Referred to Rules Committee

House

House Committee Amendment No. 1 Filed with Clerk by Rep. Terra Costa Howard

House

To Commercial & Property Law Subcommittee

Mar 04, 2025

House

Assigned to Judiciary - Civil Committee

Feb 04, 2025

House

Filed with the Clerk by Rep. Terra Costa Howard

House

Referred to Rules Committee

House

First Reading

House

Added Chief Co-Sponsor Rep. Rick Ryan

Bill Text

Bill Text Versions Format
Introduced HTML PDF
House Amendment 001 HTML PDF

Related Documents

Document Format
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Sources

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