SB3762 - 104th General Assembly (2025-2026)

TENANT OPPORTUNITY TO PURCHASE
Last Action
2/05/2026 - Senate: Referred to Assignments
Senate Sponsors
Sen. Mike Simmons
Statutes Amended In Order of Appearance
New Act  
Synopsis As Introduced
Creates the Tenant Opportunity to Purchase Act. Establishes a statutory right of first refusal for tenants and tenant associations if an owner seeks to sell a residential rental property in Illinois. Applies to all rental property with 11 exceptions. Allows tenants or a tenant association to purchase the property on the same terms as a third-party offer. Requires owners to provide advance notice of intent to sell no less than 60 days before listing for buildings with 5 or more units and no less than 30 days for buildings with 4 or fewer units. Requires that the notice must include property details, asking price, and a summary of tenant rights. Provides that after receiving a notice of sale, tenants of 5 or more units have 90 days to form a tenant association, for 3-4 units have 30 days; and for 1-2 units, at least one tenant has 15 days to declare intent to exercise the right of first refusal. Provides that tenants must match the third-party offer and provide the owner with a letter of intent of financing or preapproval within 120 calendar days from the date of the notice for 5 or more dwelling units and 60 days for 4 or fewer units. Prohibits the owner from requiring a tenant to pay a deposit of more than 5% of the contract sale price. Provides a civil cause of action and remedies for a violation of the Act. Authorizes the Illinois Housing Development Authority to adopt rules. Makes other changes.
Actions
DateChamberAction
2/05/2026SenateFiled with Secretary by Sen. Mike Simmons
2/05/2026SenateFirst Reading
2/05/2026SenateReferred to Assignments