IL SB3762

Establishes a statutory right of first refusal allowing tenants and tenant associations to purchase residential rental properties when owners decide to sell, with 11 exceptions including foreclosures, bankruptcy transfers, family transfers, and court-ordered sales.

Requires owners to provide advance notice of intent to sell: 60 days before listing for buildings with 5+ units, and 30 days for buildings with 4 or fewer units, including property details, asking price, and tenant rights summary.

Sets deadlines for tenants to organize after receiving a sale notice: 90 days to form a tenant association for 5+ unit buildings, 30 days for 3-4 unit buildings, and 15 days for 1-2 unit buildings to declare intent to exercise first refusal rights.

Tenants must match third-party offers and provide financing preapproval within 120 days for 5+ unit buildings or 60 days for 4 or fewer units, with deposits limited to no more than 5% of the contract sale price.

Creates civil remedies for violations, requires the Illinois Housing Development Authority to adopt rules and provide forms, and mandates affordable housing restrictive covenants lasting at least 30 years when properties are purchased under this Act.