HB 2563 Illinois House · 104th Regular Session

CONDO-RESERVE STUDY

Summary

Amends the Common Interest Community Association Act. Requires a common interest association to conduct and update a reserve study every 5 years. "Reserve study" means an analysis of the reserves required for future major maintenance, repairs, and replacements of the common elements. Grants a 5-year window for an association to conduct a reserve study or update a current study. Requires a reserve study to be made available to any prospective purchaser of a unit upon request for a resale of any unit in the community. Exempts an association with 15 or fewer units but still requires the board to comply with the budgeting and reserve requirements elsewhere in the Act. Amends the Condominium Property Act to make similar changes.

Bill status in committee 1 of 4 stages cleared

Introduction

Feb 2025

Committee Review

Floor Vote

Governor

Introduced Feb 4, 2025 Last action Apr 17, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Engrossed · 5 edits

MODERATE

This bill updates the Common Interest Community Association Act and Condominium Property Act to require associations to conduct reserve studies every five years, with a specific deadline of January 1, 2028, for studies not yet done. It also mandates that these studies be shared with potential buyers during a unit resale and clarifies that associations with 15 or fewer units are exempt from the study requirement but must still follow budgeting rules. Additionally, the bill adds new provisions requiring landlords to provide lease copies to associations and limiting board membership to one person per multi-owner unit.

Scope change

The bill expands the scope of the Common Interest Community Association Act and Condominium Property Act to include new lease disclosure requirements and stricter board membership rules for multi-owner units.

REQUIREMENT

Requires associations to conduct and update reserve studies every five years, with a compliance deadline of January 1, 2028, for any studies not yet performed.

Mandates that reserve studies be made available to prospective buyers upon request when a unit is being resold.

Requires unit owners leasing their property to provide a copy of the signed lease to the association within 10 days of signing or occupancy.

Limits board membership to one person per unit if multiple people own that single unit, unless one owner also independently owns another unit.

ELIGIBILITY

Clarifies that associations with 15 or fewer units are exempt from the reserve study requirement but must still adhere to budgeting and reserve funding rules.

Floor votes

How they voted

No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Apr 17, 2026

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 26, 2026

Amended

House Committee Amendment No. 1 Tabled

lower

Mar 26, 2026

Lower · Passed

Do Pass / Short Debate Judiciary - Civil Committee; 020-000-000

lower

Mar 25, 2026

Lower · Passed

Motion Filed to Suspend Rule 21 Judiciary - Civil Committee; Rep. Robyn Gabel

lower

Mar 24, 2026

Committee

Assigned to Judiciary - Civil Committee

lower

Mar 21, 2025

Committee

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

lower

Mar 21, 2025

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

Mar 13, 2025

Lower · Passed

House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee

lower

Mar 12, 2025

Lower · Passed

To Commercial & Property Law Subcommittee

lower

Mar 12, 2025

Committee

House Committee Amendment No. 1 Referred to Rules Committee

lower

Mar 12, 2025

Introduced

House Committee Amendment No. 1 Filed with Clerk by Rep. Terra Costa Howard

lower

Mar 4, 2025

Committee

Assigned to Judiciary - Civil Committee

lower

Feb 4, 2025

Committee

Referred to Rules Committee

lower

1 primary · 5 co-sponsors