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SB3401 - 104th General Assembly
CONDO-RESERVE STUDY
Last Action
Statutes Amended In Order of Appearance
765 ILCS 160/1-32 new
765 ILCS 605/18.5from Ch. 30, par. 318.5
765 ILCS 605/18.13 new
765 ILCS 605/22.1from 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
| Date | Chamber | Action |
|---|---|---|
| 2/04/2026 | Senate | Filed with Secretary by Sen. Robert F. Martwick |
| 2/04/2026 | Senate | First Reading |
| 2/04/2026 | Senate | Referred to Assignments |
| 2/17/2026 | Senate | Assigned to Judiciary |
| 2/25/2026 | Senate | Added as Co-Sponsor Sen. Donald P. DeWitte |
| 2/25/2026 | Senate | To Condominiums |
| 2/26/2026 | Senate | Added as Co-Sponsor Sen. Darby A. Hills |
| 3/13/2026 | Senate | Rule 2-10 Committee Deadline Established As March 27, 2026 |
| 3/25/2026 | Senate | Reported Back To Judiciary; 003-000-000 |
| 3/25/2026 | Senate | Do Pass Judiciary; 008-000-000 |
| 3/25/2026 | Senate | Placed on Calendar Order of 2nd Reading March 26, 2026 |
| 4/14/2026 | Senate | Second Reading |
| 4/14/2026 | Senate | Placed on Calendar Order of 3rd Reading April 15, 2026 |
| 4/15/2026 | Senate | Third Reading - Passed; 055-000-000 |
| 4/15/2026 | Senate | Added as Co-Sponsor Sen. Mattie Hunter |