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| 1 | AN ACT concerning condominiums.
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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 unpaid | ||||||
| 16 | assessments and
other charges due and owing as authorized | ||||||
| 17 | and limited by the provisions
of Section 9 of this Act or | ||||||
| 18 | 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 two fiscal years.
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| 22 | (4) A statement of the status and amount of any reserve
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| 23 | for replacement fund and any portion of such fund earmarked | ||||||
| 24 | for any
specified project by the Board of Managers.
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| 25 | (5) A copy of the statement of financial condition of | ||||||
| 26 | the unit owner's
association for the last fiscal year for | ||||||
| 27 | which such statement is available.
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| 28 | (6) A statement of the status of any pending suits or
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| 29 | judgments in which the unit owner's association is a party.
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| 30 | (7) A statement setting forth what insurance coverage | ||||||
| 31 | is
provided for all unit owners by the unit owner's | ||||||
| 32 | association.
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| 1 | (8) A statement that any improvements or alterations | ||||||
| 2 | made
to the unit, or the limited common elements assigned | ||||||
| 3 | thereto, by the prior
unit owner are in good faith believed | ||||||
| 4 | to be in compliance with the
condominium instruments.
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| 5 | (9) The identity and mailing address of the principal | ||||||
| 6 | officer of the
unit owner's association or of the other | ||||||
| 7 | officer or agent as is
specifically designated to receive | ||||||
| 8 | notices.
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| 9 | (b) The principal officer of the unit owner's association | ||||||
| 10 | or such other
officer as is specifically designated shall | ||||||
| 11 | furnish the above information
when requested to do so in | ||||||
| 12 | writing and within 30 days of the request.
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| 13 | (c) Within 15 days of the recording of a mortgage or trust | ||||||
| 14 | deed
against a unit ownership given by the owner of that unit | ||||||
| 15 | to secure a debt,
the owner shall inform the Board of Managers | ||||||
| 16 | of the unit owner's
association of the identity of the lender | ||||||
| 17 | together with a mailing address
at which the lender can receive | ||||||
| 18 | notices from the association.
If a unit owner fails or refuses | ||||||
| 19 | to inform the Board as required under
subsection (c) then that | ||||||
| 20 | unit owner shall be liable to the association for
all costs, | ||||||
| 21 | expenses and reasonable attorneys fees and such other damages,
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| 22 | if any, incurred by the association as a result of such failure | ||||||
| 23 | or refusal.
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| 24 | A reasonable fee in an amount that does not exceed
covering
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| 25 | the direct out-of-pocket cost of providing
such information and | ||||||
| 26 | copying may be charged by the association,
or its Board
of | ||||||
| 27 | Managers, or its managing agent to the unit seller for | ||||||
| 28 | providing such information.
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| 29 | (Source: P.A. 87-692.)
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