Illinois House Bill 5496 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Condominium Property Act. Provides for an escrow account to be established prior to the conveyance of title to the first unit for the benefit of the unit owners' association to pay for any necessary corrections in the common areas. Provides that all sales contracts for the first-time sale of any condominium unit shall contain express warranties concerning common elements and systems and the individual unit's mechanical equipment. Provides that permissible warranty exclusions are damage caused by acts of unauthorized third parties; acts of God and accidents; normal wear and tear; normal deterioration; and ordinary maintenance and repairs. Provides that the person or entity providing the warranty shall have the option to repair or replace warranted systems or elements, or to pay for the repair or replacement, provided existing manufacturers' warranties were first enforced. Provides that the person or entity issuing the warranty shall set up escrows or other appropriate security to provide security for the warranties. Provides that the escrow accounts or other appropriate security shall be in an amount constituting 1% of the sales price of each unit sold and shall be in a combined joint fund available for both common element warranty work and unit warranty work.

CONDO-ESCROW-WARRANTIES

Rep. Elaine Nekritz [D]

Date	Chamber	Action
2013-01-08	House	Session Sine Die
2012-03-09	House	Rule 19(a) / Re-referred to Rules Committee
2012-02-27	House	Assigned to Judiciary I - Civil Law Committee
2012-02-15	House	Referred to Rules Committee
2012-02-15	House	First Reading
2012-02-10	House	Filed with the Clerk by Rep. Elaine Nekritz

Chapter	Article	Section	Citation Type	Statute Text
765	605	18.1a	New Code	See Bill Text
765	605	22.3	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5496&GAID=11&DocTypeID=HB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/HB/09700HB5496.htm