IllinoisCondo associations would schedule regular reserve studies
Covered condominium associations would arrange qualified reserve studies for major shared property and update those studies on a regular schedule.
What it does
Associations with major shared components or significant infrastructure would need qualified reserve studies and updates every 5 years, with an exemption for associations of 15 or fewer units.
During a unit resale, a prospective purchaser who asks would be able to obtain the association’s most recent reserve study, if one exists.
Argument forRegular studies could help associations plan for major repairs before shared buildings, roads, pools, or other infrastructure need replacement.
Argument againstAssociations covered by the study rules could face recurring costs for qualified reviews and updates every five years.
More detail
An association with major shared components or significant infrastructure must arrange and update a reserve study. The study covers association-maintained common areas and infrastructure costing more than $10,000 to restore or replace, including structural, mechanical, electrical, plumbing, and similar components. A qualified person, organization, association, or business must conduct the study, although the association may prepare it internally using information from a qualified source. Associations with 15 or fewer units are exempt, but their boards must still follow other budgeting and reserve rules. If a study was conducted on or after January 1, 2024, an update is due within 5 years and at least every 5 years afterward. If none was conducted during that period, one is due by January 1, 2028, followed by updates every 5 years.
An association must make its most recent reserve study available to a prospective purchaser who asks for it. The requirement applies when a unit in a common-interest community is being resold and applies to the most recent study, if one exists. The purchaser must request the study. The study must be made available as part of the resale information. The requirement applies at the time of a unit resale; the supplied text does not state an effective date.
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Where it stands
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Sep 8Added Co-Sponsor Rep. Diane Blair-SherlockLatest
- Apr 17Rule 19(a) / Re-referred to Rules Committee
- Apr 8Placed on Calendar Order of 3rd Reading - Short Debate
- Apr 8Second Reading - Short DebateMinor
- Mar 27Placed on Calendar 2nd Reading - Short DebateMinor
- Mar 26House Committee Amendment No. 1 TabledMinor
- Vote recorded Do Pass. Result: pass.Lower
- Mar 26Do Pass / Short Debate Judiciary - Civil Committee; 020-000-000
- Mar 25Motion to Suspend Rule 21 - Prevailed 072-039-000
- Mar 25Motion Filed to Suspend Rule 21 Judiciary - Civil Committee; Rep. Robyn Gabel
- Mar 25Added Co-Sponsor Rep. Barbara Hernandez
- Mar 24Assigned to Judiciary - Civil CommitteeMinor
- Jan 28Added Co-Sponsor Rep. Jay Hoffman
- Jan 28Chief Sponsor Changed to Rep. Kam Buckner
- 2025
- Aug 26Added Co-Sponsor Rep. Janet Yang Rohr
- Mar 21House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
- Mar 21Rule 19(a) / Re-referred to Rules Committee
- Mar 18Added Co-Sponsor Rep. Harry Benton
- Mar 13House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
- Mar 12To Commercial & Property Law Subcommittee
- Mar 12House Committee Amendment No. 1 Referred to Rules Committee
- Mar 12House Committee Amendment No. 1 Filed with Clerk by Rep. Terra Costa HowardMinor
- Mar 4Assigned to Judiciary - Civil CommitteeMinor
- Feb 4Referred to Rules Committee
- Feb 4First ReadingMinor
- Feb 4Added Chief Co-Sponsor Rep. Rick Ryan
- Feb 4Filed with the Clerk by Rep. Terra Costa HowardIntroduced
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