SB1914

SB1914 amends the Illinois Condominium Property Act to require reserves for loss-of-use expenses in cases of board negligence.

SB1914 amends the Illinois Condominium Property Act to mandate that if negligence by the board of managers results in a unit owner losing use of their unit, a portion of the association's reserves must be designated to assist the unit owner in covering expenses if they do not have Category D loss-of-use insurance. The board of managers must consider various factors when determining the appropriate amount of reserves. The bill also outlines procedures for handling surplus funds at the end of a fiscal year and the responsibilities of unit owners and purchasers in paying common expenses.