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IL SB3674
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Rachel Ventura
Click for details
AI Summary
- Grants tenants of multi-unit residential rental properties (2+ units) the right of first refusal to purchase the property when the owner offers it for sale
- Requires property owners to provide written notice to all tenants and the Illinois Housing Development Authority with sale price, terms, and property financial information before selling
- Tenants must form a corporation or non-profit with written consent of at least two-thirds of tenants to exercise purchase rights
- Tenants' association has 60 days to execute a purchase contract matching the owner's price and terms; if the owner later reduces the price by 20% or more, tenants get an additional 10 days to respond
- Allows tenants' associations to challenge the asking price as not a bona fide offer and request an independent appraisal, with costs split one-third (tenants) and two-thirds (owner)
- Exempts properties governed by the Condominium Property Act; permits aggrieved parties to file civil actions for damages
Legislative Description
TENANTS-RIGHT OF FIRST REFUSAL
Last Action
Rule 2-10 Committee Deadline Established As March 27, 2026
3/13/2026
Committee Referrals
Executive3/10/2026
Assignments3/6/2026
Executive2/17/2026
Assignments2/5/2026
Full Bill Text
No bill text available