Illinois General Assembly - Full Text of HB5246
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Full Text of HB5246  102nd General Assembly




HB5246 EnrolledLRB102 22788 LNS 31937 b

1    AN ACT concerning civil law.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Condominium Property Act is amended by
5changing Section 22.1 as follows:
6    (765 ILCS 605/22.1)  (from Ch. 30, par. 322.1)
7    Sec. 22.1. (a) In the event of any resale of a condominium
8unit by a unit owner other than the developer such owner shall
9obtain from the Board of Managers and shall make available for
10inspection to the prospective purchaser, upon demand, the
12        (1) A copy of the Declaration, by-laws, other
13    condominium instruments, and any rules and regulations.
14        (2) A statement of any liens, including a statement of
15    the account of the unit setting forth the amounts of
16    unpaid assessments and other charges due and owing as
17    authorized and limited by the provisions of Section 9 of
18    this Act or the condominium instruments.
19        (3) A statement of any capital expenditures
20    anticipated by the unit owner's association within the
21    current or succeeding 2 two fiscal years.
22        (4) A statement of the status and amount of any
23    reserve for replacement fund and any portion of such fund



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1    earmarked for any specified project by the Board of
2    Managers.
3        (5) A copy of the statement of financial condition of
4    the unit owner's association for the last fiscal year for
5    which such statement is available.
6        (6) A statement of the status of any pending suits or
7    judgments in which the unit owner's association is a
8    party.
9        (7) A statement setting forth what insurance coverage
10    is provided for all unit owners by the unit owner's
11    association.
12        (8) A statement that any improvements or alterations
13    made to the unit, or the limited common elements assigned
14    thereto, by the prior unit owner are in good faith
15    believed to be in compliance with the condominium
16    instruments.
17        (9) The identity and mailing address of the principal
18    officer of the unit owner's association or of the other
19    officer or agent as is specifically designated to receive
20    notices.
21    (b) The principal officer of the unit owner's association
22or such other officer as is specifically designated shall
23furnish the above information when requested to do so in
24writing and within 10 business 30 days of the request.
25    (c) Within 15 days of the recording of a mortgage or trust
26deed against a unit ownership given by the owner of that unit



HB5246 Enrolled- 3 -LRB102 22788 LNS 31937 b

1to secure a debt, the owner shall inform the Board of Managers
2of the unit owner's association of the identity of the lender
3together with a mailing address at which the lender can
4receive notices from the association. If a unit owner fails or
5refuses to inform the Board as required under subsection (c)
6then that unit owner shall be liable to the association for all
7costs, expenses, and reasonable attorney's attorneys fees and
8such other damages, if any, incurred by the association as a
9result of such failure or refusal.
10    A reasonable fee, not to exceed $375, covering the direct
11out-of-pocket cost of providing such information and copying
12may be charged by the association or its Board of Managers to
13the unit seller for providing such information. Beginning one
14year after the effective date of this amendatory Act of the
15102nd General Assembly, the $375 fee shall be increased or
16decreased, as applicable, by a percentage equal to the
17percentage change in the consumer price index-u during the
18preceding 12-month calendar year. "Consumer price index-u"
19means the index published by the Bureau of Labor Statistics of
20the United States Department of Labor that measures the
21average change in prices of goods and services purchased by
22all urban consumers, United States city average, all items,
231982-84 = 100. An association may charge an additional $100
24for rush service completed within 72 hours.
25(Source: P.A. 87-692.)