HB2563

Illinois HB2563 mandates reserve studies for common areas in condominiums every 5 years.

HB2563 requires common interest associations to conduct and update a reserve study every 5 years for major shared components and significant infrastructure. The study must identify structural, mechanical, electrical, and plumbing components of common areas, their normal operation, and estimated costs for maintenance, repair, or replacement. Associations with fewer than 15 units are exempt but must still comply with budgeting and reserve requirements. The bill also mandates the availability of reserve studies to prospective purchasers during resales.