In a sale of a condominium unit by a unit owner, no condominium association may exercise any right of refusal, option to purchase, or right to disapprove the sale.
On basis that purchaser's financing is guaranteed by FHA or discriminatory purpose.
Any person aggrieved by a violation of provisions regarding resale approval has cause of action against offending condo association that may be commenced in circuit court.
Legislative History
On Feb. 9, 2024, bill was introduced in House; on Apr. 17, 2024, bill passed House.
On Apr. 18, 2024, bill was introduced in Senate; on May 16, 2024, bill passed Senate.
Effectiveness
If enacted, bill becomes effective on Jan. 1, 2025.
Jul. 2024 ILL LEG Governor Approval
On Jul. 19, 2024, ILL LEG reported governor approved HB 5502, Public Act 103-0719.
Regulators
ILL LEG
Entity Types
Corp
Reference
Act 103-0719, 7/19/2024; Bill HB5502, 5/16/2024; Citation: ILL LEG 765-605/22.2;
