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Sen. Wendell E. Jones
Filed: 3/23/2004
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| AMENDMENT TO SENATE BILL 2451
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| AMENDMENT NO. ______. Amend Senate Bill 2451 by replacing |
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| everything after the enacting clause with the following:
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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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| is
provided for all unit owners by the unit owner's |
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| association.
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| (8) A statement that any improvements or alterations |
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| made
to the unit, or the limited common elements assigned |
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| thereto, by the prior
unit owner are in good faith believed |
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| to be in compliance with the
condominium instruments.
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| (9) The identity and mailing address of the principal |
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| officer of the
unit owner's association or of the other |
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| officer or agent as is
specifically designated to receive |
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| notices.
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| (b) The principal officer of the unit owner's association |
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| or such other
officer as is specifically designated shall |
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| furnish the above information
when requested to do so in |
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| writing and within 30 days of the request.
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| (c) Within 15 days of the recording of a mortgage or trust |
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| deed
against a unit ownership given by the owner of that unit |
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| to secure a debt,
the owner shall inform the Board of Managers |
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| of the unit owner's
association of the identity of the lender |
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| together with a mailing address
at which the lender can receive |
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| notices from the association.
If a unit owner fails or refuses |
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| to inform the Board as required under
subsection (c) then that |
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| unit owner shall be liable to the association for
all costs, |
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| expenses and reasonable attorneys fees and such other damages,
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| if any, incurred by the association as a result of such failure |
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| or refusal.
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| A reasonable fee in an amount that does not exceed
covering
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| the direct out-of-pocket cost of providing
such information and |
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| copying may be charged by the association ,
or its Board
of |