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SB2451 Engrossed |
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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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| is
provided for all unit owners by the unit owner's |
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| association.
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