SB3401

Illinois SB3401 mandates reserve studies for common interest communities with significant infrastructure.

Illinois SB3401 amends the Common Interest Community Association Act to require associations with major shared components or significant infrastructure to conduct and update reserve studies every five years. These studies analyze reserves for future maintenance, repairs, and replacements of common areas. Associations with fewer than 15 units are exempt from these requirements but must still comply with budgeting and reserve provisions. The bill also mandates that reserve studies be made available to prospective purchasers upon request.