SB2125 amends the Illinois Condominium Property Act to add new procedural requirements for condominium bulk sales and deconversions. It requires that any vote to sell a condominium property be taken at a single meeting called for that purpose, with the meeting allowed to continue for no more than 24 hours, and that unit owners receive at least 72 hours’ notice before the meeting. The bill also requires condominium boards, after an affirmative vote to sell, to notify the State and local legislators representing the district where the property is located at least 90 days before signing a contract for sale.
The bill further amends the statute governing condominium bylaws to require that bylaws covering matters needing a two-thirds unit-owner vote must include the investigation and initiation of a bulk sale of the property. That language expressly includes activities such as obtaining information, consulting with real estate professionals, and negotiating offers. In effect, the measure expands the list of mandatory bylaw topics and makes bulk-sale planning a required subject in condominium governance documents where supermajority approval provisions apply.
Impact
The bill would change Sections 15 and 18 of the Condominium Property Act, affecting how condominium associations in Illinois conduct and document votes to sell an entire property or substantially all of it. It would impose new notice, timing, and legislative-notification requirements on boards and would make bulk-sale investigation and initiation a required bylaw topic for associations subject to the two-thirds-vote framework. These changes would directly affect condominium boards, unit owners, prospective purchasers, and local and State legislators in districts where a condominium deconversion or bulk sale is proposed.
Sentiment
The available record shows no committee transcripts and no recorded votes, so there is no documented floor or committee debate to gauge support or opposition. Based on the bill text and caption, the measure appears designed to increase transparency and advance notice in condo deconversion sales, suggesting a consumer-protection and resident-notification rationale. Because the bill is introduced only and lacks voting history in the provided materials, overall sentiment cannot be measured beyond the apparent policy intent.
Contention
The main points of contention are likely to be the added procedural burdens on condominium boards versus the increased protections for unit owners. Supporters would likely favor the 72-hour owner notice, the single-meeting vote rule, and the 90-day legislative notice as safeguards against rushed or opaque bulk sales. Opponents may argue that the bill could slow legitimate sales, complicate negotiations, and create uncertainty for boards and buyers by requiring legislative notice and embedding bulk-sale initiation into bylaws. No specific stakeholder positions are documented in the provided materials.