Section 1260.125  Public Property Report

a)         The public property report as required under Section 5-10(a)(11) of the Act shall include the following statement in bolded type on the cover page:

"This report has been filed with the Office of Banks and Real Estate of the State of Illinois as required by law to provide the purchaser with the information about the subdivision.  The Office does not approve or recommend the purchase of any land described in this report. The Office advises you to visit the subdivision before purchasing or entering any contract to purchase any property in the subdivision. If you received this report prior to signing a contract or agreement, you may cancel your contract or agreement by giving notice to the seller any time before midnight of the seventh day following the signing of the contract or agreement.  If you did not receive this report before you signed a contract or agreement, you may cancel the contract or agreement any time within 2 years from the date of signing."

b)         The Office of Banks and Real Estate may accept a federal property report or a property report approved in another state, provided the property report contains information equivalent to or exceeds the requirements of Section 5-10(a)(11) of the Land Sales Registration Act of 1999.