Bill > SB1914

This bill amends the Condominium Property Act to address situations where a condo board's negligence results in a unit owner losing the use of their unit. Specifically, the bill requires that if the board's negligence causes a unit owner to lose the use of their unit, and if that unit owner does not have Category D loss-of-use insurance, a portion of the association's reserves must be designated to help the unit owner cover expenses related to the loss of use. Category D insurance is a specific type of insurance that provides coverage for temporary living expenses when a unit becomes uninhabitable. The bill modifies the existing law's provisions about budget and reserves, adding this new requirement to protect unit owners from financial hardship resulting from board negligence. This change aims to provide a safety net for unit owners who might otherwise bear the full financial burden of being unable to use their unit due to the condo board's negligent actions, ensuring that some financial assistance is available through the association's reserve funds.

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https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1914&GAID=18&DocTypeID=SB&SessionID=114&GA=104