Public Act 099-0569
 
SB2358 EnrolledLRB099 16667 HEP 41005 b

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