| ||||
| Public Act 102-0976 | ||||
| ||||
| ||||
AN ACT concerning civil law.
| ||||
Be it enacted by the People of the State of Illinois,
| ||||
represented in the General Assembly:
| ||||
Section 5. The Condominium Property Act is amended by | ||||
changing Section 22.1 as follows:
| ||||
(765 ILCS 605/22.1) (from Ch. 30, par. 322.1)
| ||||
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:
| ||||
(1) A copy of the Declaration, by-laws, other | ||||
condominium
instruments, and any rules and regulations.
| ||||
(2) A statement of any liens, including a statement of
| ||||
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.
| ||||
(3) A statement of any capital expenditures | ||||
anticipated by the unit
owner's association within the | ||||
current or succeeding 2 two 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 | ||
Managers.
| ||
(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.
| ||
(6) A statement of the status of any pending suits or
| ||
judgments in which the unit owner's association is a | ||
party.
| ||
(7) A statement setting forth what insurance coverage | ||
is
provided for all unit owners by the unit owner's | ||
association.
| ||
(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.
| ||
(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.
| ||
(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.
| ||
(c) Within 15 days of the recording of a mortgage or trust | ||
deed
against a unit ownership given by the owner of that unit | ||
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.
| ||
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.
| ||
(Source: P.A. 87-692.)
| ||