Illinois SB3401 mandates reserve studies for common interest associations 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. A reserve study is an analysis of reserves needed for future maintenance, repairs, and replacements of common elements. The study must identify components, their useful life, estimated costs, and necessary reserves. The study can be conducted by a qualified person, association, organization, or business entity.
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