Illinois SB 3762: DHFS-LONG-TERM CARE COMMITTEE

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 Full Text of SB3762

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104TH GENERAL ASSEMBLY 
State of Illinois 
2025 and 2026
SB3762

Introduced 2/5/2026, by Sen. Mike Simmons 

SYNOPSIS AS INTRODUCED:

New Act

 Creates the Tenant Opportunity to Purchase Act. Establishes a statutory right of first refusal for tenants and tenant associations if an owner seeks to sell a residential rental property in Illinois. Applies to all rental property with 11 exceptions. Allows tenants or a tenant association to purchase the property on the same terms as a third-party offer. Requires owners to provide advance notice of intent to sell no less than 60 days before listing for buildings with 5 or more units and no less than 30 days for buildings with 4 or fewer units. Requires that the notice must include property details, asking price, and a summary of tenant rights. Provides that after receiving a notice of sale, tenants of 5 or more units have 90 days to form a tenant association, for 3-4 units have 30 days; and for 1-2 units, at least one tenant has 15 days to declare intent to exercise the right of first refusal. Provides that tenants must match the third-party offer and provide the owner with a letter of intent of financing or preapproval within 120 calendar days from the date of the notice for 5 or more dwelling units and 60 days for 4 or fewer units. Prohibits the owner from requiring a tenant to pay a deposit of more than 5% of the contract sale price. Provides a civil cause of action and remedies for a violation of the Act. Authorizes the Illinois Housing Development Authority to adopt rules. Makes other changes.

LRB104 18761 JRC 32204 b

A BILL FOR

SB3762LRB104 18761 JRC 32204 b

1 AN ACT concerning civil law.

2 Be it enacted by the People of the State of Illinois, 

3represented in the General Assembl