IL HB0220

Requires common interest community associations, condominiums, and master associations with major shared components or significant infrastructure to conduct reserve studies every 5 years for planning maintenance, repair, and replacement of common areas

Associations that had a reserve study conducted on or after January 1, 2020 must update it within 5 years of that date; those without a recent study must complete one by January 1, 2026

Reserve studies must identify all structural, mechanical, electrical, and plumbing components; state normal and remaining useful life of each component; estimate maintenance/repair/replacement costs; and calculate annual reserve amounts needed

"Major shared components or significant infrastructure" includes roads, street lighting, hardscape, landscape, ponds, lakes, water features, pools, and accessory buildings with aggregate replacement costs exceeding $10,000

Amends the Common Interest Community Association Act and the Condominium Property Act, including provisions for master associations governing multiple condominiums