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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004 SB2451
Introduced 2/3/2004, by Wendell E. Jones SYNOPSIS AS INTRODUCED: |
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765 ILCS 605/22.1 |
from Ch. 30, par. 322.1 |
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Amends the Condominium Property Act. Provides that a reasonable fee in an amount that does not exceed (instead of covering) the direct out of pocket costs of providing and copying the listed information may be charged by the association or its Board of Managers to the unit seller.
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A BILL FOR
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SB2451 |
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LRB093 20233 LCB 45991 b |
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| AN ACT concerning condominiums.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Condominium Property Act is amended by |
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| changing Section 22.1 as follows:
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| (765 ILCS 605/22.1) (from Ch. 30, par. 322.1)
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| Sec. 22.1. (a) In the event of any resale of a condominium |
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| unit by a
unit owner other than the developer such owner shall |
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| obtain from the Board
of Managers and shall make available for |
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| inspection to the prospective
purchaser, upon demand, the |
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| following:
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| (1) A copy of the Declaration, by-laws, other |
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| condominium
instruments and any rules and regulations.
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| (2) A statement of any liens, including a statement of
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| the account of the unit setting forth the amounts of unpaid |
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| assessments and
other charges due and owing as authorized |
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| and limited by the provisions
of Section 9 of this Act or |
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| the condominium instruments.
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| (3) A statement of any capital expenditures |
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| anticipated by the unit
owner's association within the |
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| current or succeeding two fiscal years.
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| (4) A statement of the status and amount of any reserve
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| for replacement fund and any portion of such fund earmarked |
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| for any
specified project by the Board of Managers.
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| (5) A copy of the statement of financial condition of |
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| the unit owner's
association for the last fiscal year for |
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| which such statement is available.
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| (6) A statement of the status of any pending suits or
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| judgments in which the unit owner's association is a party.
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| (7) A statement setting forth what insurance coverage |
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provided for all unit owners by the unit owner's |
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| association.
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