SB1703 mandates reserve studies for Illinois condominium associations every 5 years.

SB1703 amends the Common Interest Community Association Act to require associations with major shared components or significant infrastructure to conduct and update a reserve study every 5 years. A reserve study is an analysis of the reserves needed for future maintenance, repairs, and replacements of common areas. The bill also requires associations to provide certain information to prospective purchasers upon request. The provisions apply to associations recorded after August 10, 1990, unless they contain contrary provisions, which are void.

SB1703 mandates reserve studies for Illinois condominium associations every 5 years.

SB1703 amends the Common Interest Community Association Act to require associations with major shared components or significant infrastructure to conduct and update a reserve study every 5 years. A reserve study is an analysis of the reserves needed for future maintenance, repairs, and replacements of common areas. The bill also requires associations to provide certain information to prospective purchasers upon request. The provisions apply to associations recorded after August 10, 1990, unless they contain contrary provisions, which are void.