· IL legislature · 104th

CONDO-RESERVE STUDY

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 as…

Sponsor

Kam Buckner (D-IL)

Introduced

2025-02-04

Policy area

Housing and Community Development

Latest action

Placed on Calendar 2nd Reading - Short Debate