Bill Title: 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.

Sponsorship: Partisan Bill (Democrat 6)

Status: (Introduced - Dead) 2026-04-17 - Rule 19(a) / Re-referred to Rules Committee [HB2563 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Engrossed	2026-04-08	HTML/Text	Link	View
Introduced	2025-02-04	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
House Amendment 001	2025-03-12	Proposed	HTML/Text	Link	View

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB2563 currently on file.