Bill Status of SB 114   102nd General Assembly

Short Description:  CONDOMINIUMS-SALE OF PROPERTY

Senate Sponsors
Sen. Sara Feigenholtz and Mike Simmons

Last Action  View All Actions

DateChamber Action
  1/10/2023SenateSession Sine Die

Statutes Amended In Order of Appearance
765 ILCS 160/1-30
765 ILCS 605/9from Ch. 30, par. 309
765 ILCS 605/15from Ch. 30, par. 315
765 ILCS 605/18from Ch. 30, par. 318
765 ILCS 605/18.4from Ch. 30, par. 318.4
765 ILCS 605/19from Ch. 30, par. 319

Synopsis As Introduced
Amends the Condominium Property Act. Provides that to sell a condominium property, there shall be the following percentage of affirmative votes of the unit owners: 75% for a property with 4 to 6 units (rather than 4 or more units); or 85% for a property with 7 or more units. Provides that an association that has agreed to sell the property shall inform the unit owners that the association may choose outside counsel to represent its interests during the sale process. Provides that it is a violation for a person, partnership, corporation, or other legal entity entitled to transact business on behalf of others, acting on behalf of one seeking to communicate with a unit owner for the purpose of purchasing his or her property once the unit owner has affirmatively requested that such a communication not be made. Provides that the bylaws shall provide that unless a lesser percentage of ownership is provided for in the bylaws, no person, heir assign, family member, affiliate, partnership, corporation, or other legal entity entitled to transact business on behalf of others may own more than 10% of the units for a property containing 30 or more units, more than 15% of the units for a property containing 20 to 29 units, more than 20% for a property containing 5 to 19 units, and no more than a single unit for a property containing fewer than 5 units. Provides that it is a power and duty of the board of managers to: reject any arrangement that establishes an agreement for a buyer to purchase a property; and refrain from investigating an offer to purchase a property without first receiving authorization from the association through an affirmative vote of not less than 75% of unit owners based on the percentage of ownership. Provides that every officer and member of the board who violates, participates in, or permits any of the officers, agents, or assigns of the board to breach his or her fiduciary duty shall be held liable in his or her personal or individual capacity. Provides that the board of managers shall keep and maintain: all statements from licensed independent contractors validating the need and the cost for any expenditures for repair, replacement, or restoration of the common elements; and the communications of any member of the board of managers regarding an attempt to sell the condominium property. Makes other changes. Makes a corresponding change in the Common Interest Community Association Act.

Actions 
DateChamber Action
  2/3/2021SenateFiled with Secretary by Sen. Sara Feigenholtz
  2/3/2021SenateFirst Reading
  2/3/2021SenateReferred to Assignments
  2/9/2021SenateAssigned to Judiciary
  3/3/2021SenateTo Judiciary- Property Law
  3/5/2021SenateAdded as Co-Sponsor Sen. Mike Simmons
  4/9/2021SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Sara Feigenholtz
  4/9/2021SenateSenate Committee Amendment No. 1 Referred to Assignments
  4/13/2021SenateSenate Committee Amendment No. 1 Assignments Refers to Judiciary
  4/13/2021SenatePostponed-Subcommittee on Property Law
  4/13/2021SenateSenate Committee Amendment No. 1 Postponed - Judiciary
  4/14/2021SenatePostponed - Judiciary
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments
  4/16/2021SenateSenate Committee Amendment No. 1 Rule 3-9(a) / Re-referred to Assignments
  1/10/2023SenateSession Sine Die

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