Bill Text: IL HB0220 | 2023-2024 | 103rd General Assembly | Engrossed

---

Bill Title: Amends the Common Interest Community Association Act. Provides that any association with major shared components or significant infrastructure that has had a reserve study conducted on or after January 1, 2020, shall have an updated reserve study conducted within 5 years after the date the reserve study was conducted and at least every 5 years thereafter. Sets forth requirements for the reserve study. Amends the Condominium Property Act. Provides that any association with major shared components or significant infrastructure that has had a reserve study conducted on or after January 1, 2020, shall have an updated reserve study conducted within 5 years after the date the reserve study was conducted and at least every 5 years thereafter. Sets forth requirements for the reserve study. Makes a conforming change.

Spectrum: Bipartisan Bill

Status: (Engrossed) 2024-04-25 - Added as Alternate Co-Sponsor Sen. Donald P. DeWitte [HB0220 Detail]

Download: Illinois-2023-HB0220-Engrossed.html

---

HB0220 Engrossed LRB103 03744 LNS 48750 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 1-32 as follows:
(765 ILCS 160/1-32 new)
Sec. 1-32. Reserve study.
(a) Any association with major shared components or
significant infrastructure that has had a reserve study
conducted on or after January 1, 2020 shall have an updated
reserve study conducted within 5 years after the date the
reserve study was conducted, and at least every 5 years
thereafter, for purposes of assessing the condition of and
planning for maintenance, repair, and replacement of the
common areas.
(b) Any association with major shared components or
significant infrastructure that has not had a reserve study
conducted on or after January 1, 2020, shall require that a
reserve study be conducted on or before January 1, 2026, and
shall update the study every 5 years for purposes of assessing
the condition of and planning for maintenance, repair, and
replacement of the common areas.
(c) As used in this Section, "reserve study" means an

HB0220 Engrossed - 2 - LRB103 03744 LNS 48750 b
analysis of the reserves required for future major
maintenance, repairs, and replacements of the common areas
that:
(1) identifies each structural, mechanical,
electrical, and plumbing component of the common areas and
any other components that are the responsibility of the
association to maintain, repair, and replace;
(2) states the normal useful life and the estimated
remaining useful life of each identified component;
(3) states the estimated cost of maintenance, repair,
or replacement of each identified component; and
(4) states the estimated annual reserve amount
necessary to accomplish any identified future maintenance,
repair, or replacement.
(d) As used in this Section, "major shared components or
significant infrastructure" means structural, mechanical,
electrical, and plumbing components of the common areas and
any other components that are the responsibility of the
association to maintain, restore, repair, and replace, or
infrastructure, including, but not limited to, roads, street
lighting, hardscape, landscape, ponds and lakes, water
features, pools, and accessory buildings, with an aggregate
restoration or replacement cost exceeding $10,000, that are
capital expenses as identified in the federal tax code and
generally accepted accounting principles.

HB0220 Engrossed - 3 - LRB103 03744 LNS 48750 b
Section 10. The Condominium Property Act is amended by
changing Section 18.5 and by adding Section 18.12 as follows:
(765 ILCS 605/18.5) (from Ch. 30, par. 318.5)
Sec. 18.5. Master Associations.
(a) If the declaration, other condominium instrument, or
other duly recorded covenants provide that any of the powers
of the unit owners associations are to be exercised by or may
be delegated to a nonprofit corporation or unincorporated
association that exercises those or other powers on behalf of
one or more condominiums, or for the benefit of the unit owners
of one or more condominiums, such corporation or association
shall be a master association.
(b) There shall be included in the declaration, other
condominium instruments, or other duly recorded covenants
establishing the powers and duties of the master association
the provisions set forth in subsections (c) through (h).
In interpreting subsections (c) through (h), the courts
should interpret these provisions so that they are interpreted
consistently with the similar parallel provisions found in
other parts of this Act.
(c) Meetings and finances.
(1) Each unit owner of a condominium subject to the
authority of the board of the master association shall
receive, at least 30 days prior to the adoption thereof by
the board of the master association, a copy of the

HB0220 Engrossed - 4 - LRB103 03744 LNS 48750 b
proposed annual budget.
(2) The board of the master association shall annually
supply to all unit owners of condominiums subject to the
authority of the board of the master association an
itemized accounting of the common expenses for the
preceding year actually incurred or paid, together with a
tabulation of the amounts collected pursuant to the budget
or assessment, and showing the net excess or deficit of
income over expenditures plus reserves.
(3) Each unit owner of a condominium subject to the
authority of the board of the master association shall
receive written notice mailed or delivered no less than 10
and no more than 30 days prior to any meeting of the board
of the master association concerning the adoption of the
proposed annual budget or any increase in the budget, or
establishment of an assessment.
(4) Meetings of the board of the master association
shall be open to any unit owner in a condominium subject to
the authority of the board of the master association,
except for the portion of any meeting held:
(A) to discuss litigation when an action against
or on behalf of the particular master association has
been filed and is pending in a court or administrative
tribunal, or when the board of the master association
finds that such an action is probable or imminent,
(B) to consider information regarding appointment,

HB0220 Engrossed - 5 - LRB103 03744 LNS 48750 b
employment or dismissal of an employee, or
(C) to discuss violations of rules and regulations
of the master association or unpaid common expenses
owed to the master association.
Any vote on these matters shall be taken at a meeting or
portion thereof open to any unit owner of a condominium
subject to the authority of the master association.
Any unit owner may record the proceedings at meetings
required to be open by this Act by tape, film or other
means; the board may prescribe reasonable rules and
regulations to govern the right to make such recordings.
Notice of meetings shall be mailed or delivered at least
48 hours prior thereto, unless a written waiver of such
notice is signed by the persons entitled to notice before
the meeting is convened. Copies of notices of meetings of
the board of the master association shall be posted in
entranceways, elevators, or other conspicuous places in
the condominium at least 48 hours prior to the meeting of
the board of the master association. Where there is no
common entranceway for 7 or more units, the board of the
master association may designate one or more locations in
the proximity of these units where the notices of meetings
shall be posted.
(5) If the declaration provides for election by unit
owners of members of the board of directors in the event of
a resale of a unit in the master association, the

HB0220 Engrossed - 6 - LRB103 03744 LNS 48750 b
purchaser of a unit from a seller other than the developer
pursuant to an installment sales contract for purchase
shall, during such times as he or she resides in the unit,
be counted toward a quorum for purposes of election of
members of the board of directors at any meeting of the
unit owners called for purposes of electing members of the
board, and shall have the right to vote for the election of
members of the board of directors and to be elected to and
serve on the board of directors unless the seller
expressly retains in writing any or all of those rights.
In no event may the seller and purchaser both be counted
toward a quorum, be permitted to vote for a particular
office, or be elected and serve on the board. Satisfactory
evidence of the installment sales contract shall be made
available to the association or its agents. For purposes
of this subsection, "installment sales contract" shall
have the same meaning as set forth in Section 5 of the
Installment Sales Contract Act and subsection (e) of
Section 1 of the Dwelling Unit Installment Contract Act.
(6) The board of the master association shall have the
authority to establish and maintain a system of master
metering of public utility services and to collect
payments in connection therewith, subject to the
requirements of the Tenant Utility Payment Disclosure Act.
(7) The board of the master association or a common
interest community association shall have the power, after

HB0220 Engrossed - 7 - LRB103 03744 LNS 48750 b
notice and an opportunity to be heard, to levy and collect
reasonable fines from members for violations of the
declaration, bylaws, and rules and regulations of the
master association or the common interest community
association. Nothing contained in this subdivision (7)
shall give rise to a statutory lien for unpaid fines.
(8) Other than attorney's fees, no fees pertaining to
the collection of a unit owner's financial obligation to
the Association, including fees charged by a manager or
managing agent, shall be added to and deemed a part of an
owner's respective share of the common expenses unless:
(i) the managing agent fees relate to the costs to collect
common expenses for the Association; (ii) the fees are set
forth in a contract between the managing agent and the
Association; and (iii) the authority to add the management
fees to an owner's respective share of the common expenses
is specifically stated in the declaration or bylaws of the
Association.
(d) Records.
(1) The board of the master association shall maintain
the following records of the association and make them
available for examination and copying at convenient hours
of weekdays by any unit owners in a condominium subject to
the authority of the board or their mortgagees and their
duly authorized agents or attorneys:
(i) Copies of the recorded declaration, other

HB0220 Engrossed - 8 - LRB103 03744 LNS 48750 b
condominium instruments, other duly recorded covenants
and bylaws and any amendments, articles of
incorporation of the master association, annual
reports and any rules and regulations adopted by the
master association or its board shall be available.
Prior to the organization of the master association,
the developer shall maintain and make available the
records set forth in this subdivision (d)(1) for
examination and copying.
(ii) Detailed and accurate records in
chronological order of the receipts and expenditures
affecting the common areas, specifying and itemizing
the maintenance and repair expenses of the common
areas and any other expenses incurred, and copies of
all contracts, leases, or other agreements entered
into by the master association, shall be maintained.
(iii) The minutes of all meetings of the master
association and the board of the master association
shall be maintained for not less than 7 years.
(iv) Ballots and proxies related thereto, if any,
for any election held for the board of the master
association and for any other matters voted on by the
unit owners shall be maintained for not less than one
year.
(v) Such other records of the master association
as are available for inspection by members of a

HB0220 Engrossed - 9 - LRB103 03744 LNS 48750 b
not-for-profit corporation pursuant to Section 107.75
of the General Not For Profit Corporation Act of 1986
shall be maintained.
(vi) With respect to units owned by a land trust,
if a trustee designates in writing a person to cast
votes on behalf of the unit owner, the designation
shall remain in effect until a subsequent document is
filed with the association.
(2) Where a request for records under this subsection
is made in writing to the board of managers or its agent,
failure to provide the requested record or to respond
within 30 days shall be deemed a denial by the board of
directors.
(3) A reasonable fee may be charged by the master
association or its board for the cost of copying.
(4) If the board of directors fails to provide records
properly requested under subdivision (d)(1) within the
time period provided in subdivision (d)(2), the unit owner
may seek appropriate relief, including an award of
attorney's fees and costs.
(e) The board of directors shall have standing and
capacity to act in a representative capacity in relation to
matters involving the common areas of the master association
or more than one unit, on behalf of the unit owners as their
interests may appear.
(f) Administration of property prior to election of the

HB0220 Engrossed - 10 - LRB103 03744 LNS 48750 b
initial board of directors.
(1) Until the election, by the unit owners or the
boards of managers of the underlying condominium
associations, of the initial board of directors of a
master association whose declaration is recorded on or
after August 10, 1990, the same rights, titles, powers,
privileges, trusts, duties and obligations that are vested
in or imposed upon the board of directors by this Act or in
the declaration or other duly recorded covenant shall be
held and performed by the developer.
(2) The election of the initial board of directors of
a master association whose declaration is recorded on or
after August 10, 1990, by the unit owners or the boards of
managers of the underlying condominium associations, shall
be held not later than 60 days after the conveyance by the
developer of 75% of the units, or 3 years after the
recording of the declaration, whichever is earlier. The
developer shall give at least 21 days notice of the
meeting to elect the initial board of directors and shall
upon request provide to any unit owner, within 3 working
days of the request, the names, addresses, and weighted
vote of each unit owner entitled to vote at the meeting.
Any unit owner shall upon receipt of the request be
provided with the same information, within 10 days of the
request, with respect to each subsequent meeting to elect
members of the board of directors.

HB0220 Engrossed - 11 - LRB103 03744 LNS 48750 b
(3) If the initial board of directors of a master
association whose declaration is recorded on or after
August 10, 1990 is not elected by the unit owners or the
members of the underlying condominium association board of
managers at the time established in subdivision (f)(2),
the developer shall continue in office for a period of 30
days, whereupon written notice of his resignation shall be
sent to all of the unit owners or members of the underlying
condominium board of managers entitled to vote at an
election for members of the board of directors.
(4) Within 60 days following the election of a
majority of the board of directors, other than the
developer, by unit owners, the developer shall deliver to
the board of directors:
(i) All original documents as recorded or filed
pertaining to the property, its administration, and
the association, such as the declaration, articles of
incorporation, other instruments, annual reports,
minutes, rules and regulations, and contracts, leases,
or other agreements entered into by the association.
If any original documents are unavailable, a copy may
be provided if certified by affidavit of the
developer, or an officer or agent of the developer, as
being a complete copy of the actual document recorded
or filed.
(ii) A detailed accounting by the developer,

HB0220 Engrossed - 12 - LRB103 03744 LNS 48750 b
setting forth the source and nature of receipts and
expenditures in connection with the management,
maintenance and operation of the property, copies of
all insurance policies, and a list of any loans or
advances to the association which are outstanding.
(iii) Association funds, which shall have been at
all times segregated from any other moneys of the
developer.
(iv) A schedule of all real or personal property,
equipment and fixtures belonging to the association,
including documents transferring the property,
warranties, if any, for all real and personal property
and equipment, deeds, title insurance policies, and
all tax bills.
(v) A list of all litigation, administrative
action and arbitrations involving the association, any
notices of governmental bodies involving actions taken
or which may be taken concerning the association,
engineering and architectural drawings and
specifications as approved by any governmental
authority, all other documents filed with any other
governmental authority, all governmental certificates,
correspondence involving enforcement of any
association requirements, copies of any documents
relating to disputes involving unit owners, and
originals of all documents relating to everything

HB0220 Engrossed - 13 - LRB103 03744 LNS 48750 b
listed in this subparagraph.
(vi) If the developer fails to fully comply with
this paragraph (4) within the 60 days provided and
fails to fully comply within 10 days of written demand
mailed by registered or certified mail to his or her
last known address, the board may bring an action to
compel compliance with this paragraph (4). If the
court finds that any of the required deliveries were
not made within the required period, the board shall
be entitled to recover its reasonable attorneys' fees
and costs incurred from and after the date of
expiration of the 10 day demand.
(5) With respect to any master association whose
declaration is recorded on or after August 10, 1990, any
contract, lease, or other agreement made prior to the
election of a majority of the board of directors other
than the developer by or on behalf of unit owners or
underlying condominium associations, the association or
the board of directors, which extends for a period of more
than 2 years from the recording of the declaration, shall
be subject to cancellation by more than 1/2 of the votes of
the unit owners, other than the developer, cast at a
special meeting of members called for that purpose during
a period of 90 days prior to the expiration of the 2 year
period if the board of managers is elected by the unit
owners, otherwise by more than 1/2 of the underlying

HB0220 Engrossed - 14 - LRB103 03744 LNS 48750 b
condominium board of managers. At least 60 days prior to
the expiration of the 2 year period, the board of
directors, or, if the board is still under developer
control, then the board of managers or the developer shall
send notice to every unit owner or underlying condominium
board of managers, notifying them of this provision, of
what contracts, leases and other agreements are affected,
and of the procedure for calling a meeting of the unit
owners or for action by the underlying condominium board
of managers for the purpose of acting to terminate such
contracts, leases or other agreements. During the 90 day
period the other party to the contract, lease, or other
agreement shall also have the right of cancellation.
(6) The statute of limitations for any actions in law
or equity which the master association may bring shall not
begin to run until the unit owners or underlying
condominium board of managers have elected a majority of
the members of the board of directors.
(g) In the event of any resale of a unit in a master
association by a unit owner other than the developer, the
owner shall obtain from the board of directors and shall make
available for inspection to the prospective purchaser, upon
demand, the following:
(1) A copy of the declaration, other instruments and
any rules and regulations.
(2) A statement of any liens, including a statement of

HB0220 Engrossed - 15 - LRB103 03744 LNS 48750 b
the account of the unit setting forth the amounts of
unpaid assessments and other charges due and owing.
(3) A statement of any capital expenditures
anticipated by the association within the current or
succeeding 2 fiscal years.
(4) A statement of the status and amount of any
reserve for replacement fund and any portion of such fund
earmarked for any specified project by the board of
directors.
(5) A copy of the statement of financial condition of
the association for the last fiscal year for which such a
statement is available.
(6) A statement of the status of any pending suits or
judgments in which the association is a party.
(7) A statement setting forth what insurance coverage
is provided for all unit owners by the association.
(8) A statement that any improvements or alterations
made to the unit, or any part of the common areas assigned
thereto, by the prior unit owner are in good faith
believed to be in compliance with the declaration of the
master association.
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,
within 30 days of receiving the request.
A reasonable fee covering the direct out-of-pocket cost of

HB0220 Engrossed - 16 - LRB103 03744 LNS 48750 b
copying and providing such information may be charged by the
association or its board of directors to the unit seller for
providing the information.
(g-1) The purchaser of a unit of a common interest
community at a judicial foreclosure sale, other than a
mortgagee, who takes possession of a unit of a common interest
community pursuant to a court order or a purchaser who
acquires title from a mortgagee shall have the duty to pay the
proportionate share, if any, of the common expenses for the
unit that would have become due in the absence of any
assessment acceleration during the 6 months immediately
preceding institution of an action to enforce the collection
of assessments and the court costs incurred by the association
in an action to enforce the collection that remain unpaid by
the owner during whose possession the assessments accrued. If
the outstanding assessments and the court costs incurred by
the association in an action to enforce the collection are
paid at any time during any action to enforce the collection of
assessments, the purchaser shall have no obligation to pay any
assessments that accrued before he or she acquired title. The
notice of sale of a unit of a common interest community under
subsection (c) of Section 15-1507 of the Code of Civil
Procedure shall state that the purchaser of the unit other
than a mortgagee shall pay the assessments and court costs
required by this subsection (g-1).
(h) Errors and omissions.

HB0220 Engrossed - 17 - LRB103 03744 LNS 48750 b
(1) If there is an omission or error in the
declaration or other instrument of the master association,
the master association may correct the error or omission
by an amendment to the declaration or other instrument, as
may be required to conform it to this Act, to any other
applicable statute, or to the declaration. The amendment
shall be adopted by vote of two-thirds of the members of
the board of directors or by a majority vote of the unit
owners at a meeting called for that purpose, unless the
Act or the declaration of the master association
specifically provides for greater percentages or different
procedures.
(2) If, through a scrivener's error, a unit has not
been designated as owning an appropriate undivided share
of the common areas or does not bear an appropriate share
of the common expenses, or if all of the common expenses or
all of the common elements in the condominium have not
been distributed in the declaration, so that the sum total
of the shares of common areas which have been distributed
or the sum total of the shares of the common expenses fail
to equal 100%, or if it appears that more than 100% of the
common elements or common expenses have been distributed,
the error may be corrected by operation of law by filing an
amendment to the declaration, approved by vote of
two-thirds of the members of the board of directors or a
majority vote of the unit owners at a meeting called for

HB0220 Engrossed - 18 - LRB103 03744 LNS 48750 b
that purpose, which proportionately adjusts all percentage
interests so that the total is equal to 100%, unless the
declaration specifically provides for a different
procedure or different percentage vote by the owners of
the units and the owners of mortgages thereon affected by
modification being made in the undivided interest in the
common areas, the number of votes in the unit owners
association or the liability for common expenses
appertaining to the unit.
(3) If an omission or error or a scrivener's error in
the declaration or other instrument is corrected by vote
of two-thirds of the members of the board of directors
pursuant to the authority established in subdivisions
(h)(1) or (h)(2) of this Section, the board, upon written
petition by unit owners with 20% of the votes of the
association or resolutions adopted by the board of
managers or board of directors of the condominium and
common interest community associations which select 20% of
the members of the board of directors of the master
association, whichever is applicable, received within 30
days of the board action, shall call a meeting of the unit
owners or the boards of the condominium and common
interest community associations which select members of
the board of directors of the master association within 30
days of the filing of the petition or receipt of the
condominium and common interest community association

HB0220 Engrossed - 19 - LRB103 03744 LNS 48750 b
resolution to consider the board action. Unless a majority
of the votes of the unit owners of the association are cast
at the meeting to reject the action, or board of managers
or board of directors of condominium and common interest
community associations which select over 50% of the
members of the board of the master association adopt
resolutions prior to the meeting rejecting the action of
the board of directors of the master association, it is
ratified whether or not a quorum is present.
(4) The procedures for amendments set forth in this
subsection (h) cannot be used if such an amendment would
materially or adversely affect property rights of the unit
owners unless the affected unit owners consent in writing.
This Section does not restrict the powers of the
association to otherwise amend the declaration, bylaws, or
other condominium instruments, but authorizes a simple
process of amendment requiring a lesser vote for the
purpose of correcting defects, errors, or omissions when
the property rights of the unit owners are not materially
or adversely affected.
(5) If there is an omission or error in the
declaration or other instruments that may not be corrected
by an amendment procedure set forth in subdivision (h)(1)
or (h)(2) of this Section, then the circuit court in the
county in which the master association is located shall
have jurisdiction to hear a petition of one or more of the

HB0220 Engrossed - 20 - LRB103 03744 LNS 48750 b
unit owners thereon or of the association, to correct the
error or omission, and the action may be a class action.
The court may require that one or more methods of
correcting the error or omission be submitted to the unit
owners to determine the most acceptable correction. All
unit owners in the association must be joined as parties
to the action. Service of process on owners may be by
publication, but the plaintiff shall furnish all unit
owners not personally served with process with copies of
the petition and final judgment of the court by certified
mail, return receipt requested, at their last known
address.
(6) Nothing contained in this Section shall be
construed to invalidate any provision of a declaration
authorizing the developer to amend an instrument prior to
the latest date on which the initial membership meeting of
the unit owners must be held, whether or not it has
actually been held, to bring the instrument into
compliance with the legal requirements of the Federal
National Mortgage Association, the Federal Home Loan
Mortgage Corporation, the Federal Housing Administration,
the United States Veterans Administration or their
respective successors and assigns.
(i) The provisions of subsections (c) through (h) are
applicable to all declarations, other condominium instruments,
and other duly recorded covenants establishing the powers and

HB0220 Engrossed - 21 - LRB103 03744 LNS 48750 b
duties of the master association recorded under this Act. Any
portion of a declaration, other condominium instrument, or
other duly recorded covenant establishing the powers and
duties of a master association which contains provisions
contrary to the provisions of subsection (c) through (h) shall
be void as against public policy and ineffective. Any
declaration, other condominium instrument, or other duly
recorded covenant establishing the powers and duties of the
master association which fails to contain the provisions
required by subsections (c) through (h) shall be deemed to
incorporate such provisions by operation of law.
(j) Reserve study.
(1) Any association with major shared components or
significant infrastructure that has had a reserve study
conducted on or after January 1, 2020 shall have an
updated reserve study conducted within 5 years after the
date the reserve study was conducted, and at least every 5
years thereafter, for purposes of assessing the condition
of and planning for maintenance, repair, and replacement
of the common areas.
(2) Any association with major shared components or
significant infrastructure that has not had a reserve
study conducted on or after January 1, 2020, shall require
that a reserve study be conducted on or before January 1,
2026, and shall update the study every 5 years for
purposes of assessing the condition of and planning for

HB0220 Engrossed - 22 - LRB103 03744 LNS 48750 b
maintenance, repair, and replacement of the common areas.
(3) As used in this subsection (j), "reserve study"
means an analysis of the reserves required for future
major maintenance, repairs, and replacements of the common
areas that:
(i) identifies each structural, mechanical,
electrical, and plumbing component of the common areas
and any other components that are the responsibility
of the association to maintain, repair, and replace;
(ii) states the normal useful life and the
estimated remaining useful life of each identified
component;
(iii) states the estimated cost of maintenance,
repair, or replacement of each identified component;
and
(iv) states the estimated annual reserve amount
necessary to accomplish any identified future
maintenance, repair, or replacement.
(4) As used in this subsection (j), "major shared
components or significant infrastructure" means
structural, mechanical, electrical, and plumbing
components of the common areas and any other components
that are the responsibility of the association to
maintain, restore, repair, and replace, or infrastructure,
including, but not limited to, roads, street lighting,
hardscape, landscape, ponds and lakes, water features,

HB0220 Engrossed - 23 - LRB103 03744 LNS 48750 b
pools, and accessory buildings, with an aggregate
restoration or replacement cost exceeding $10,000, that
are capital expenses as identified in the federal tax code
and generally accepted accounting principles (Blank).
(Source: P.A. 100-416, eff. 1-1-18.)
(765 ILCS 605/18.12 new)
Sec. 18.12. Reserve study.
(a) Any association with major shared components or
significant infrastructure that has had a reserve study
conducted on or after January 1, 2020 shall have an updated
reserve study conducted within 5 years after the date the
reserve study was conducted, and at least every 5 years
thereafter, for purposes of assessing the condition of and
planning for maintenance, repair, and replacement of the
common elements.
(b) Any association with major shared components or
significant infrastructure that has not had a reserve study
conducted on or after January 1, 2020, shall require that a
reserve study be conducted on or before January 1, 2026, and
shall update the study every 5 years for purposes of assessing
the condition of and planning for maintenance, repair, and
replacement of the common elements.
(c) As used in this Section, "reserve study" means an
analysis of the reserves required for future major
maintenance, repairs, and replacements of the common elements

HB0220 Engrossed - 24 - LRB103 03744 LNS 48750 b