Illinois HB2563 mandates reserve studies for major shared components in common interest communities every five years.
HB2563 requires common interest associations to conduct a reserve study for major shared components or significant infrastructure every five years. The study must identify structural, mechanical, electrical, and plumbing components, estimate their useful life and replacement costs, and determine annual reserve amounts. The study can be conducted by a qualified person, association, organization, or business entity. Associations with 15 or fewer units are exempt from this requirement but must still comply with budgeting and reserve requirements.
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