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| 1 | | AN ACT concerning civil law.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Condominium Property Act is amended by |
| 5 | | changing Section 22.1 as follows:
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| 6 | | (765 ILCS 605/22.1) (from Ch. 30, par. 322.1)
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| 7 | | Sec. 22.1.
(a) In the event of any resale of a condominium |
| 8 | | unit by a
unit owner other than the developer such owner shall |
| 9 | | obtain from the Board
of Managers and shall make available for |
| 10 | | inspection to the prospective
purchaser, upon demand, the |
| 11 | | following:
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| 12 | | (1) A copy of the Declaration, by-laws, other |
| 13 | | condominium
instruments, and any rules and regulations.
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| 14 | | (2) A statement of any liens, including a statement of
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| 15 | | the account of the unit setting forth the amounts of |
| 16 | | unpaid assessments and
other charges due and owing as |
| 17 | | authorized and limited by the provisions
of Section 9 of |
| 18 | | this Act or the condominium instruments.
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| 19 | | (3) A statement of any capital expenditures |
| 20 | | anticipated by the unit
owner's association within the |
| 21 | | current or succeeding 2 two fiscal years.
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| 22 | | (4) A statement of the status and amount of any |
| 23 | | reserve
for replacement fund and any portion of such fund |
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| 1 | | earmarked for any
specified project by the Board of |
| 2 | | Managers.
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| 3 | | (5) A copy of the statement of financial condition of |
| 4 | | the unit owner's
association for the last fiscal year for |
| 5 | | which such statement is available.
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| 6 | | (6) A statement of the status of any pending suits or
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| 7 | | judgments in which the unit owner's association is a |
| 8 | | party.
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| 9 | | (7) A statement setting forth what insurance coverage |
| 10 | | is
provided for all unit owners by the unit owner's |
| 11 | | association.
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| 12 | | (8) A statement that any improvements or alterations |
| 13 | | made
to the unit, or the limited common elements assigned |
| 14 | | thereto, by the prior
unit owner are in good faith |
| 15 | | believed to be in compliance with the
condominium |
| 16 | | instruments.
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| 17 | | (9) The identity and mailing address of the principal |
| 18 | | officer of the
unit owner's association or of the other |
| 19 | | officer or agent as is
specifically designated to receive |
| 20 | | notices.
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| 21 | | (b) The principal officer of the unit owner's association |
| 22 | | or such other
officer as is specifically designated shall |
| 23 | | furnish the above information
when requested to do so in |
| 24 | | writing and within 10 business 30 days of the request.
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| 25 | | (c) Within 15 days of the recording of a mortgage or trust |
| 26 | | deed
against a unit ownership given by the owner of that unit |
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| 1 | | to secure a debt,
the owner shall inform the Board of Managers |
| 2 | | of the unit owner's
association of the identity of the lender |
| 3 | | together with a mailing address
at which the lender can |
| 4 | | receive notices from the association.
If a unit owner fails or |
| 5 | | refuses to inform the Board as required under
subsection (c) |
| 6 | | then that unit owner shall be liable to the association for
all |
| 7 | | costs, expenses, and reasonable attorney's attorneys fees and |
| 8 | | such other damages,
if any, incurred by the association as a |
| 9 | | result of such failure or refusal.
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| 10 | | A reasonable fee, not to exceed $375, covering the direct |
| 11 | | out-of-pocket cost of providing
such information and copying |
| 12 | | may be charged by the association or its Board
of Managers to |
| 13 | | the unit seller for providing such information. Beginning one |
| 14 | | year after the effective date of this amendatory Act of the |
| 15 | | 102nd General Assembly, the $375 fee shall be increased or |
| 16 | | decreased, as applicable, by a percentage equal to the |
| 17 | | percentage change in the consumer price index-u during the |
| 18 | | preceding 12-month calendar year. "Consumer price index-u" |
| 19 | | means the index published by the Bureau of Labor Statistics of |
| 20 | | the United States Department of Labor that measures the |
| 21 | | average change in prices of goods and services purchased by |
| 22 | | all urban consumers, United States city average, all items, |
| 23 | | 1982-84 = 100. An association may charge an additional $100 |
| 24 | | for rush service completed within 72 hours.
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| 25 | | (Source: P.A. 87-692.)
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