CONDO-COM INT-RESERVE STUDY Senate SponsorsSen. Bill Cunningham and Donald P. DeWitte 2/5/2025SenateReferred to Assignments 765 ILCS 160/1-32 new765 ILCS 160/1-35765 ILCS 605/18.5from Ch. 30, par. 318.5765 ILCS 605/22.1from Ch. 30, par. 322.1Amends 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 comply with the budgeting and reserve requirements elsewhere in the Act. Amends the Condominium Property Act to make similar changes. 2/5/2025SenateFiled with Secretary by Sen. Bill Cunningham 2/5/2025SenateFirst Reading 2/5/2025SenateReferred to Assignments 2/20/2025SenateAdded as Co-Sponsor Sen. Donald P. DeWitte