Feigenholtz law provides unit owners with transparency of reserve studies, delays Ombudsperson Sunset until 2024

CHICAGO – Transparency for Chicago residents who live in high rises will increase thanks to a measure sponsored by State Senator Sara Feigenholtz (D-Chicago) that was signed into law Friday.

“After the condominium collapse in Seaside, Florida, constituents became weary of the high rises in Chicago,” Feigenholtz said. “Condominium associations need to be reliable and transparent to tenants about renovations, repairs and updates to their buildings.”

A reserve study helps identify the stability of the condominium association’s finances and assists in planning ahead for costs associated with common area maintenance expenditures. This study helps homeowners and condominium associations determine how much in reserve funds should be maintained.

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Condo association fees capped under new Loughran Cappel law

SPRINGFIELD – Condominium owners may soon see reduced fees thanks to a new law sponsored by State Senator Meg Loughran Cappel.

“No one should have to pay excessive fees to get the documents required by law to sell their property,” said Loughran Cappel (D-Shorewood). “This new law protects residents from exorbitant fees and will ensure that they receive necessary documentation in a reasonable time.”

Under current law, a seller must provide prospective buyers several documents concerning the condominium owner association, including governance documents, anticipated expenditures, COA funds in reserve, and more. House Bill 5246 caps the amount of fees a condominium association may charge to retrieve or copy those records at $375, and no more than $100 for rush service. The new law further requires that those documents be produced within 10 days of the request.

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Hastings’ measure to create jobs and stop climate change now law

SPRINGFIELD - A measure furthering State Senator Michael E. Hastings’ work to make Illinois a leader in preventing climate change is now law.

Hastings (D-Frankfort) championed Senate Bill 3866, which makes necessary improvements to the Department of Commerce and Economic Opportunity’s (DCEO) implementation and administration of the Climate and Equitable Jobs Act to help create a pipeline for Illinois residents to train and help Illinois residents pursue careers in clean energy construction and building trades. The legislation was signed into law on Friday.

“This new law sets up Illinois to tap into clean energy jobs,” Hastings said. “We are furthering the state’s mission to end climate change while embracing innovative technology to create good paying jobs in our own backyard.”

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Peters-supported measure to support renewable recycling in Illinois becomes law

SPRINGFIELD - A measure to establish a plan for renewable recycling in Illinois, supported by Senator Robert Peters was signed into law.

“As we look to establish green energy sources, we also need to make sure we’re phasing out old technology in a safe and responsible manner,” said Peters (D-Chicago). “Expanding renewable recycling in Illinois will both save taxpayers money and ensure that our new investments in clear energy such as solar panels do not become a hazard to the environment.”

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