Date	Chamber	Action
1/8/2013	House	Session Sine Die

Statutes Amended In Order of Appearance

765 ILCS 605/18.1a new

765 ILCS 605/22.3 new

Synopsis As Introduced
Amends the Condominium Property Act. Provides for an escrow account to be established prior to the conveyance of title to the first unit for the benefit of the unit owners' association to pay for any necessary corrections in the common areas. Provides that all sales contracts for the first-time sale of any condominium unit shall contain express warranties concerning common elements and systems and the individual unit's mechanical equipment. Provides that permissible warranty exclusions are damage caused by acts of unauthorized third parties; acts of God and accidents; normal wear and tear; normal deterioration; and ordinary maintenance and repairs. Provides that the person or entity providing the warranty shall have the option to repair or replace warranted systems or elements, or to pay for the repair or replacement, provided existing manufacturers' warranties were first enforced. Provides that the person or entity issuing the warranty shall set up escrows or other appropriate security to provide security for the warranties. Provides that the escrow accounts or other appropriate security shall be in an amount constituting 1% of the sales price of each unit sold and shall be in a combined joint fund available for both common element warranty work and unit warranty work.

Actions 

Date	Chamber	Action
2/10/2012	House	Filed with the Clerk by Rep. Elaine Nekritz
2/15/2012	House	First Reading
2/15/2012	House	Referred to Rules Committee
2/27/2012	House	Assigned to Judiciary I - Civil Law Committee
3/9/2012	House	Rule 19(a) / Re-referred to Rules Committee
1/8/2013	House	Session Sine Die

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