Legislative Update: New Law to Require Reserve Studies

May 15, 2024 | Articles

More than fifteen bills have been introduced during the current legislative session, which began in January 2024, impacting community associations. Those bills cover situations and topics including (but not limited) to reserve studies, accessible parking, use of secret ballots in elections for board members, imposing a statutory cap on budget/assessment increases, pollinator habitats, property taxes, solar-powered doorbells, and board eligibility requirements. Presently, the Illinois General Assembly is still in session, and therefore, the final disposition of those pending bills is unknown. However, there is one bill expected to be sent to the Governor in the Summer of 2024: HB220, as amended by House Amendment No. 1, which amends the Illinois Condominium Property Act and the Illinois Common Interest Community Association Act. The bill creates new sections in those Acts that will require associations to obtain a reserve study and update that reserve study every five years, and which requirement will be applicable to condominium, master, and common interest community associations.

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