SB2358 EngrossedLRB099 16667 HEP 41005 b

1    AN ACT concerning civil law.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Common Interest Community Association Act is
5amended by adding Section 1-47 as follows:
 
6    (765 ILCS 160/1-47 new)
7    Sec. 1-47. Successor developers. Any assignment of a
8developer's interest in the property is not effective until the
9successor: (i) obtains the assignment in writing; and (ii)
10records the assignment.
 
11    Section 10. The Condominium Property Act is amended by
12adding Section 9.5 as follows:
 
13    (765 ILCS 605/9.5 new)
14    Sec. 9.5. Successor developers. Any assignment of a
15developer's interest in the property is not effective until the
16successor: (i) obtains the assignment in writing; and (ii)
17records the assignment.