Illinois House Bill 3973 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Introduced on February 26 2009 - 25% progression, died in committee
Action: 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Condominium Property Act. Provides that in relation to an initial sale or offering for sale of a condominium unit, the seller and developer must disclose, in a required form, to any purchaser of a condominium unit any information of which they are aware about any material or latent defect in the condominium unit or common elements; the required form includes definitions of the terms "aware", "material defect", and "latent defect". Provides that the information is not a warranty, but the disclosures are ones that the seller and developer should provide knowing that a prospective buyer may choose to rely on this information in deciding whether or not, and on what terms, to purchase the unit. Provides that the disclosure applies to all common elements. Provides that the report provided to an initial buyer shall be provided to a subsequent purchaser if the purchase occurs within 18 months after the initial sale. Provides that the developer must place in an escrow account an amount of money equal to 10% of the amount of the initial offering prices of the condominium units and the escrow funds shall be segregated in a separate account designated for this purpose in an interest bearing account at a federally insured institution, within applicable federal insurance limits. Provides that the interest earned on the escrow shall be available to and follow the disposition of the escrow. Escrow funds shall not be subject to attachment by any creditor of a buyer or of the developer or by the holder of a lien against any unit or the condominium property. The account shall be applied to the cost of repair or reconstruction of any unit or the common elements to correct a material or latent defect. This escrow requirement cannot be waived by any individual unit buyer, unit owner, or the association. A developer who violates the escrow requirement shall be subject to an action by a unit buyer or the association for damages and attorney's fees from the developer due to a violation of the escrow requirement.

CONDO-NEW CONST ESCROW

Rep. Cynthia Soto [D]

Rep. Karen Yarbrough [D]

Date	Chamber	Action
2009-03-13		Rule 19(a) / Re-referred to Rules Committee
2009-03-11		Remains in Judiciary I - Civil Law Committee
2009-03-11		Motion Do Pass - Lost Judiciary I - Civil Law Committee; 002-012-000
2009-03-04		Added Co-Sponsor Rep. Karen A. Yarbrough
2009-03-03		Assigned to Judiciary I - Civil Law Committee
2009-02-26		Referred to Rules Committee
2009-02-26		First Reading
2009-02-26		Filed with the Clerk by Rep. Cynthia Soto

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3973&GAID=10&DocTypeID=HB&SessionID=76&GA=96
Text	https://www.ilga.gov/legislation/96/HB/09600HB3973.htm