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Public Act 102-0976
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| HB5246 Enrolled | LRB102 22788 LNS 31937 b |
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AN ACT concerning civil law.
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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 |
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 |
unit by a
unit owner other than the developer such owner shall |
obtain from the Board
of Managers and shall make available for |
inspection to the prospective
purchaser, upon demand, the |
following:
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(1) A copy of the Declaration, by-laws, other |
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 assessments and
other charges due and owing as |
authorized and limited by the provisions
of Section 9 of |
this Act or the condominium instruments.
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(3) A statement of any capital expenditures |
anticipated by the unit
owner's association within the |
current or succeeding 2 two fiscal years.
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(4) A statement of the status and amount of any |
reserve
for replacement fund and any portion of such fund |
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earmarked for any
specified project by the Board of |
Managers.
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(5) A copy of the statement of financial condition of |
the unit owner's
association for the last fiscal year for |
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 |
is
provided for all unit owners by the unit owner's |
association.
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(8) A statement that any improvements or alterations |
made
to the unit, or the limited common elements assigned |
thereto, by the prior
unit owner are in good faith |
believed to be in compliance with the
condominium |
instruments.
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(9) The identity and mailing address of the principal |
officer of the
unit owner's association or of the other |
officer or agent as is
specifically designated to receive |
notices.
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(b) The principal officer of the unit owner's association |
or such other
officer as is specifically designated shall |
furnish the above information
when requested to do so in |
writing and within 10 business 30 days of the request.
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(c) Within 15 days of the recording of a mortgage or trust |
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 |
of the unit owner's
association of the identity of the lender |
together with a mailing address
at which the lender can |
receive notices from the association.
If a unit owner fails or |
refuses to inform the Board as required under
subsection (c) |
then that unit owner shall be liable to the association for
all |
costs, expenses, and reasonable attorney's attorneys fees and |
such other damages,
if any, incurred by the association as a |
result of such failure or refusal.
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A reasonable fee, not to exceed $375, covering the direct |
out-of-pocket cost of providing
such information and copying |
may be charged by the association or its Board
of Managers to |
the unit seller for providing such information. Beginning one |
year after the effective date of this amendatory Act of the |
102nd General Assembly, the $375 fee shall be increased or |
decreased, as applicable, by a percentage equal to the |
percentage change in the consumer price index-u during the |
preceding 12-month calendar year. "Consumer price index-u" |
means the index published by the Bureau of Labor Statistics of |
the United States Department of Labor that measures the |
average change in prices of goods and services purchased by |
all urban consumers, United States city average, all items, |
1982-84 = 100. An association may charge an additional $100 |
for rush service completed within 72 hours.
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(Source: P.A. 87-692.)
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