Section 1451.80  Multi-Site Timeshare Plan Disclosure Requirements

a)         If the timeshare plan is a multi-site plan, the developer shall provide additional information to OBRE, including, but not limited to:

1)         whether the purchaser of such multi-site plan will receive a specific timeshare interest; or

2)         whether the purchaser of such multi-site plan will receive a non-specific timeshare interest.

b)         A developer of a multi-site timeshare plan with one or more component sites which are made available through a reservation system shall make the following true and correct disclosures to OBRE, upon initial registration, and to the purchaser of a timeshare interest:

1)         name and address of each component site;

2)         number of accommodations and use periods expressed in periods of seven-day use availability and available for use by purchasers;

3)         each type of accommodation in terms of the number of bedrooms, bathrooms, sleeping capacity, and whether the accommodation contains a full kitchen;

4)         a description of facilities available for use by the purchaser at each component site;

5)         a description of the reservation system and the rules and regulations governing reservations;

6)         a summary of restrictions, if any, to be imposed on a purchaser concerning the use of each component site; and

7)         a description of any priority reservation rights at any component site that may affect the purchaser's odds of obtaining a reservation at that component site.

c)         Additionally, a developer of a multi-site timeshare plan with a non-specific interest, pursuant to subsection (a)(2), shall disclose the following information to OBRE upon initial registration and shall provide any change in information to OBRE annually at the renewal:

1)         certification that a one-to-one purchaser-to- accommodation ratio, pursuant to Section 1-30 of the Act, is maintained;

2)         the location of all accommodations;

3)         the number of timeshare intervals available at each location or component site;

4)         the number of purchasers eligible to use the accommodations of a timeshare plan; and

5)         a statement of evidence of title for each component site for which a non-specific timeshare interest is being offered in Illinois has been filed with OBRE together with a brief description for each component site of:

A)        the type of interest for each accommodation (fee simple, leasehold, in trust);

B)        the duration of such interest (perpetual, number of years); and

C)        any liens, defects, or encumbrances on or affecting the title to the timeshare interest.