CONDO-WAIVER OF RESERVE Senate SponsorsSen. Ira I. Silverstein 1/8/2013SenateSession Sine Die 765 ILCS 605/9from Ch. 30, par. 309Amends the Condominium Property Act. Deletes provisions stating that: (1) an association's waiver of reserve requirements for capital expenditures and deferred maintenance must be disclosed by the association after the meeting at which the waiver occurs in the financial statements of the association and in bold print in its responses to requests for information by certain prospective purchasers; and (2) members of the board of managers and the managing agent of an association are not liable for the lack or inadequacy of reserve funds in the association budget and no cause of action may be brought against them for damages for the lack or inadequacy of reserve funds. 1/18/2012SenateFiled with Secretary by Sen. Ira I. Silverstein 1/18/2012SenateFirst Reading 1/18/2012SenateReferred to Assignments 1/31/2012SenateAssigned to Judiciary 2/7/2012SenateTo Judiciary Subcommittee on Property and Environment 3/9/2012SenateRule 2-10 Committee Deadline Established As March 30, 2012 3/30/2012SenateRule 3-9(a) / Re-referred to Assignments 1/8/2013SenateSession Sine Die