Illinois legislation · 104th General Assembly
Illinois HB2563: CONDO-RESERVE STUDY
Status: In committee, September 8, 2026
Amends the Common Interest Community Association Act. Requires a common interest association to conduct and update a reserve study every 5 years. "Reserve study" means an analysis of the reserves required for future major maintenance, repairs, and replacements of the common elements. Grants a 5-year window for an association to conduct a reserve study or update a current study. Requires a reserve study to be made available to any prospective purchaser of a unit upon request for a resale of any unit in the community. Exempts an association with 15 or fewer units but still requires the board to comply with the budgeting and reserve requirements elsewhere in the Act. Amends the Condominium Property Act to make similar changes.
What the bill says
A bill FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026HB2563Introduced 2/4/2025, by Rep. Terra Costa Howard - Rick RyanSYNOPSIS AS INTRODUCED: ILCS 160/1-32 new765 ILCS 160/1-35765 ILCS 605/18.5from Ch. 30, par. 318.5765 ILCS 605/22.1from Ch. 30, par. 322.1 765 ILCS 160/1-32 new 765 ILCS 160/1-35 765 ILCS 605/18.5 from Ch. 30, par. 318.5 765 ILCS 605/22.1 from Ch. 30, par. 322.1 ILCS 160/1-32 new ILCS 160/1-35 ILCS 605/18.5 from Ch. 30, par. 318.5 ILCS 605/22.1 from Ch. 30, par. 322.1 Amends the Common Interest Community Association Act…
From the introduced text, February 4, 2025:
A BILL FOR 104TH GENERAL ASSEMBLY State of Illinois 2025 and 2026HB2563Introduced 2/4/2025, by Rep. Terra Costa Howard - Rick RyanSYNOPSIS AS INTRODUCED: ILCS 160/1-32 new765 ILCS 160/1-35765 ILCS 605/18.5from Ch. 30, par. 318.5765 ILCS 605/22.1from Ch. 30, par. 322.1 765 ILCS 160/1-32 new 765 ILCS 160/1-35 765 ILCS 605/18.5 from Ch. 30, par. 318.5 765 ILCS 605/22.1 from Ch. 30, par. 322.1 ILCS 160/1-32 new ILCS 160/1-35 ILCS 605/18.5 from Ch. 30, par. 318.5 ILCS 605/22.1 from Ch. 30, par. 322.1 Amends the Common Interest Community Association Act. Requires acommon interest association to conduct and update a reserve study every 5years. "Reserve study" means an analysis of the reserves required forfuture major maintenance, repairs, and replacements of the commonelements. Grants a 5-year window for an association to conduct a reservestudy or update a current study. Requires a reserve study to be madeavailable to any prospective purchaser of a unit upon request for a resaleof any unit in the community. Exempts an association with 15 or fewer unitsbut still requires the board to comply with the budgeting and reserverequirements elsewhere in the Act. Amends the Condominium Property Act tomake similar changes. LRB104 09919 JRC 19989 b LRB104 09919 JRC 19989 b LRB104 09919 JRC 19989 b A BILL FOR HB2563LRB104 09919 JRC 19989 b HB2563 LRB104 09919 JRC 19989 b …