IL SB3401

Requires common interest associations and condominiums with major shared components or significant infrastructure to conduct reserve studies every 5 years analyzing future maintenance, repair, and replacement costs for common elements

Associations without a reserve study conducted since January 1, 2024 must complete one by January 1, 2028; those with recent studies must update within 5 years of the original study date

Reserve studies must identify all structural, mechanical, electrical, and plumbing components; state useful life estimates; provide cost estimates; and calculate annual reserve amounts needed

Exempts associations with 15 or fewer units from the reserve study requirement, though they must still comply with existing budgeting and reserve requirements

Most recent reserve study must be made available to prospective purchasers upon request during unit resale transactions