IL HB2721

Amends the Common Interest Community Association Act and the Condominium Property Act to require boards to provide prospective purchasers with a copy of the most recent independent professional reserve study or a statement that no such study has been obtained within the last 7 years.

Applies to unit resales by members or unit owners other than the developer, with information made available upon demand during the resale process.

Requires the board's principal officer to furnish reserve study information within 30 days of a written request.

Allows associations to charge a reasonable fee covering direct out-of-pocket copying and provision costs to the unit seller.

Applies to both common interest communities and condominiums, including master associations overseeing multiple properties.