Illinois 2023-2024 Regular Session

Illinois House Bill HB2533 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2533 Introduced , by Rep. Jenn Ladisch Douglass SYNOPSIS AS INTRODUCED: 765 ILCS 605/15 from Ch. 30, par. 315 Amends the Condominium Property Act. Provides that any unit owner who does not vote in favor of the sale of property has 30 days after the date of the meeting at which a sale was approved to file a written objection to the sale to the manager or board of managers. Provides that if there are any remaining reserve funds left over from the sale of the property, such reserve funds shall be returned in proportion to the unit owner's interest in the property prior to deconversion. LRB103 30306 LNS 56734 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2533 Introduced , by Rep. Jenn Ladisch Douglass SYNOPSIS AS INTRODUCED: 765 ILCS 605/15 from Ch. 30, par. 315 765 ILCS 605/15 from Ch. 30, par. 315 Amends the Condominium Property Act. Provides that any unit owner who does not vote in favor of the sale of property has 30 days after the date of the meeting at which a sale was approved to file a written objection to the sale to the manager or board of managers. Provides that if there are any remaining reserve funds left over from the sale of the property, such reserve funds shall be returned in proportion to the unit owner's interest in the property prior to deconversion. LRB103 30306 LNS 56734 b LRB103 30306 LNS 56734 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2533 Introduced , by Rep. Jenn Ladisch Douglass SYNOPSIS AS INTRODUCED:
3	3	765 ILCS 605/15 from Ch. 30, par. 315 765 ILCS 605/15 from Ch. 30, par. 315
4	4	765 ILCS 605/15 from Ch. 30, par. 315
5	5	Amends the Condominium Property Act. Provides that any unit owner who does not vote in favor of the sale of property has 30 days after the date of the meeting at which a sale was approved to file a written objection to the sale to the manager or board of managers. Provides that if there are any remaining reserve funds left over from the sale of the property, such reserve funds shall be returned in proportion to the unit owner's interest in the property prior to deconversion.
6	6	LRB103 30306 LNS 56734 b LRB103 30306 LNS 56734 b
7	7	LRB103 30306 LNS 56734 b
8	8	A BILL FOR
9	9	HB2533LRB103 30306 LNS 56734 b HB2533 LRB103 30306 LNS 56734 b
10	10	HB2533 LRB103 30306 LNS 56734 b
11	11	1 AN ACT concerning civil law.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Condominium Property Act is amended by
15	15	5 changing Section 15 as follows:
16	16	6 (765 ILCS 605/15) (from Ch. 30, par. 315)
17	17	7 Sec. 15. Sale of property.
18	18	8 (a) Unless a greater percentage is provided for in the
19	19	9 declaration or bylaws, and notwithstanding the provisions of
20	20	10 Sections 13 and 14 hereof, a majority of the unit owners where
21	21	11 the property contains 2 units, or not less than 66 2/3% where
22	22	12 the property contains three units, and not less than 75% where
23	23	13 the property contains 4 or more units may, by affirmative vote
24	24	14 at a meeting of unit owners duly called for such purpose, elect
25	25	15 to sell the property. Such action shall be binding upon all
26	26	16 unit owners, and it shall thereupon become the duty of every
27	27	17 unit owner to execute and deliver such instruments and to
28	28	18 perform all acts as in manner and form may be necessary to
29	29	19 effect such sale, provided, however, that any unit owner who
30	30	20 did not vote in favor of such action and who has filed written
31	31	21 objection thereto with the manager or board of managers within
32	32	22 30 20 days after the date of the meeting at which such sale was
33	33	23 approved shall be entitled to receive from the proceeds of
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2533 Introduced , by Rep. Jenn Ladisch Douglass SYNOPSIS AS INTRODUCED:
38	38	765 ILCS 605/15 from Ch. 30, par. 315 765 ILCS 605/15 from Ch. 30, par. 315
39	39	765 ILCS 605/15 from Ch. 30, par. 315
40	40	Amends the Condominium Property Act. Provides that any unit owner who does not vote in favor of the sale of property has 30 days after the date of the meeting at which a sale was approved to file a written objection to the sale to the manager or board of managers. Provides that if there are any remaining reserve funds left over from the sale of the property, such reserve funds shall be returned in proportion to the unit owner's interest in the property prior to deconversion.
41	41	LRB103 30306 LNS 56734 b LRB103 30306 LNS 56734 b
42	42	LRB103 30306 LNS 56734 b
43	43	A BILL FOR
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49	49	765 ILCS 605/15 from Ch. 30, par. 315
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68	68	1 such sale an amount equivalent to the greater of: (i) the value
69	69	2 of his or her interest, as determined by a fair appraisal, less
70	70	3 the amount of any unpaid assessments or charges due and owing
71	71	4 from such unit owner or (ii) the outstanding balance of any
72	72	5 bona fide debt secured by the objecting unit owner's interest
73	73	6 which was incurred by such unit owner in connection with the
74	74	7 acquisition or refinance of the unit owner's interest, less
75	75	8 the amount of any unpaid assessments or charges due and owing
76	76	9 from such unit owner. The objecting unit owner is also
77	77	10 entitled to receive from the proceeds of a sale under this
78	78	11 Section reimbursement for reasonable relocation costs,
79	79	12 determined in the same manner as under the federal Uniform
80	80	13 Relocation Assistance and Real Property Acquisition Policies
81	81	14 Act of 1970, as amended from time to time, and as implemented
82	82	15 by regulations promulgated under that Act.
83	83	16 (b) If there is a disagreement as to the value of the
84	84	17 interest of a unit owner who did not vote in favor of the sale
85	85	18 of the property, that unit owner shall have a right to
86	86	19 designate an expert in appraisal or property valuation to
87	87	20 represent him, in which case, the prospective purchaser of the
88	88	21 property shall designate an expert in appraisal or property
89	89	22 valuation to represent him, and both of these experts shall
90	90	23 mutually designate a third expert in appraisal or property
91	91	24 valuation. The 3 experts shall constitute a panel to determine
92	92	25 by vote of at least 2 of the members of the panel, the value of
93	93	26 that unit owner's interest in the property. The changes made
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99	99	HB2533 - 2 - LRB103 30306 LNS 56734 b
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104	104	1 by this amendatory Act of the 100th General Assembly apply to
105	105	2 sales under this Section that are pending or commenced on and
106	106	3 after the effective date of this amendatory Act of the 100th
107	107	4 General Assembly.
108	108	5 (c) If there are any remaining reserve funds left over
109	109	6 from the sale of the property, such reserve funds shall be
110	110	7 returned in proportion to the unit owner's interest in the
111	111	8 property prior to deconversion. Only a unit owner who owned
112	112	9 property at the time of deconversion shall receive a return of
113	113	10 proportionate reserve funds.
114	114	11 (Source: P.A. 100-292, eff. 1-1-18.)
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120	120	HB2533 - 3 - LRB103 30306 LNS 56734 b