HB2563 - 104th General Assembly (2025-2026)

CONDO-RESERVE STUDY
Last Action
03/21/2025 - House: Rule 19(a) / Re-referred to Rules Committee
Statutes Amended In Order of Appearance
765 ILCS 160/1-32 new  
765 ILCS 160/1-35  
765 ILCS 605/18.5  from Ch. 30, par. 318.5
765 ILCS 605/22.1  from Ch. 30, par. 322.1
Synopsis As Introduced
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.
Actions
DateChamberAction
02/04/2025HouseFiled with the Clerk by Rep. Terra Costa Howard
02/04/2025HouseAdded Chief Co-Sponsor Rep. Rick Ryan
02/04/2025HouseFirst Reading
02/04/2025HouseReferred to Rules Committee
03/04/2025HouseAssigned to Judiciary - Civil Committee
03/12/2025HouseHouse Committee Amendment No. 1 Filed with Clerk by Rep. Terra Costa Howard
03/12/2025HouseHouse Committee Amendment No. 1 Referred to Rules Committee
03/12/2025HouseTo Commercial & Property Law Subcommittee
03/13/2025HouseHouse Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee
03/18/2025HouseAdded Co-Sponsor Rep. Harry Benton
03/21/2025HouseRule 19(a) / Re-referred to Rules Committee
03/21/2025HouseHouse Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee
08/26/2025HouseAdded Co-Sponsor Rep. Janet Yang Rohr