IL HB2563

Requires common interest community associations and condominium associations with major shared components or significant infrastructure to conduct reserve studies every 5 years for planning future maintenance, repairs, and replacements of common areas

Associations that have not conducted a reserve study since January 1, 2024 must complete one by January 1, 2028; those with existing studies must update within 5 years of the prior study

"Major shared components or significant infrastructure" includes structural, mechanical, electrical, and plumbing components, as well as roads, lighting, pools, and other common elements with restoration or replacement costs exceeding $10,000

Reserve studies must be conducted by qualified persons or entities with relevant expertise, and associations may internally prepare studies using information compiled from qualified sources

Associations with 15 or fewer units are exempt from reserve study requirements, though they must still comply with existing budgeting and reserve requirements; the most recent reserve study must be made available to prospective purchasers upon request during unit resales