Illinois HB 2563: CONDO-RESERVE STUDY

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 Full Text of HB2563

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HB2563 EngrossedLRB104 09919 JRC 19989 b

1 AN ACT concerning civil law.

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

3represented in the General Assembly:

4 Section 5. The Common Interest Community Association Act 

5is amended by adding Section 1-32 and by changing Section 1-35 

6as follows:

7 (765 ILCS 160/1-32 new)

8 Sec. 1-32. Reserve study.

9 (a) As used in this Section: 

10 "Major shared components or significant infrastructure" 

11means structural, mechanical, electrical, and plumbing 

12components of the common areas and any other components that 

13are the responsibility of the association to maintain, 

14restore, repair, and replace, or infrastructure, including, 

15but not limited to, roads, street lighting, hardscape, 

16landscape, ponds and lakes, water features, pools, and 

17accessory buildings, if applicable, with a restoration or 

18replacement cost exceeding $10,000, which are capital expenses 

19as identified in the federal tax code and generally accepted 

20accounting principles.

21 "Reserve study" means an analysis of the reserves required 

22for future major maintenance, repairs, and replacements of the 

23common areas that:

HB2563 Engrossed- 2 -LRB104 09919 JRC 19989 b

1 (1) identifies each structural, mechanical, 

2 electrical, and plumbing component of the common areas and 

3 any other components that are the responsibility of the 

4 association to maintain, repair, and replace;

5 (2) states the normal useful life and the estimated 

6 remaining useful life of each identified component;

7 (3) states the estimated cost of maintenance, repair, 

8 or replacement of each identified component; and

9 (