SB 3401 Illinois Senate · 104th Regular Session

CONDO-RESERVE STUDY

Summary

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.

Bill status passed 3 of 5 stages cleared

Introduction

Apr 2026

Committee Review

May 2026

Senate Passage

Apr 2026

House Passage

Governor

Introduced Apr 15, 2026 Last action May 18, 2026

Maddy AI version diff · 1 comparison

What changed between versions

Introduced → Engrossed · 7 edits · Apr 15, 2026

MODERATE

This bill updates the Common Interest Community Association Act and Condominium Property Act to mandate that associations conduct reserve studies every five years to plan for major repairs and replacements. It defines a 'reserve study' more specifically, sets a deadline of January 1, 2028, for associations to complete initial studies if they haven't done so by January 1, 2024, and requires these studies be shared with potential homebuyers. Additionally, it adds new rules requiring leaseholders to provide copies of their leases to the association and limits board membership to one person per unit owner.

Scope change

The bill expands the scope by adding new sections regarding leaseholder obligations and board member eligibility, while modifying existing sections to include stricter reserve study requirements and specific deadlines.

REQUIREMENT

Requires associations to conduct and update reserve studies every five years to assess future maintenance needs.

Mandates that reserve studies be made available to prospective purchasers upon request during a unit resale.

Requires leaseholders to deliver a copy of their signed lease or a memorandum to the association within 10 days of signing or occupancy.

TIMELINE

Sets a specific deadline of January 1, 2028, for associations to complete reserve studies if they were not conducted on or after January 1, 2024.

DEFINITION

Provides a detailed definition of 'reserve study' requiring identification of structural, mechanical, and infrastructure components.

ELIGIBILITY

Limits board membership eligibility to one person per unit owner unless they own another unit independently.

ENFORCEMENT

Allows two-thirds of the membership to remove a board member at a special meeting.

Floor votes · Senate Apr 15, 2026

How they voted

54–0

Passed · 4 other

Total votes 58

Apr 15, 2026

D Democratic39

35 Yea 4

89% Yea

R Republican19

19 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

May 15, 2026

Committee

House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee

lower

May 15, 2026

Committee

Rule 19(a) / Re-referred to Rules Committee

lower

May 12, 2026

Lower · Passed

House Committee Amendment No. 1 Rules Refers to Judiciary - Civil Committee

lower

May 8, 2026

Committee

House Committee Amendment No. 1 Referred to Rules Committee

lower

May 8, 2026

Introduced

House Committee Amendment No. 1 Filed with Clerk by Rep. Kam Buckner

lower

May 7, 2026

Lower · Passed

Committee Deadline Extended-Rule 9(b) May 15, 2026

lower

Apr 27, 2026

Committee

Assigned to Judiciary - Civil Committee

lower

Apr 15, 2026

Committee

Referred to Rules Committee

lower

Apr 15, 2026

Introduced

Arrived in House

lower

Apr 15, 2026

Upper · Passed

Third Reading - Passed; 055-000-000

upper

Mar 25, 2026

Upper · Passed

Do Pass Judiciary; 008-000-000

upper

Mar 13, 2026

Upper · Passed

Rule 2-10 Committee Deadline Established As March 27, 2026

upper

Feb 17, 2026

Committee

Assigned to Judiciary

upper

Feb 4, 2026

Committee

Referred to Assignments

upper

2 primary · 5 co-sponsors