Illinois General Assembly - Bill Status for HB5503

Amends the Real Estate Timeshare Act of 1999. Provides that a resale agent means a person who sells, offers to sell, or advertises to sell a timeshare (instead of sells or offers to sell a timeshare). Provides that the minimum requirements of a timeshare sale listing agreement include the use, rental, or exchange of the unit during the listing period; designation of any rental fees recipient; disclosure of any relationship between the resale agent and any person receiving a benefit from the use of the timeshare; any pre-sale fees; the resale agent's prior experience; commissions; the resale agent's real estate license, or the lack of a license; and other matters (instead of requiring only disclosure of the resale agent's compensation, certain terms of the use or rental of the timeshare, and the length of the term of the listing contract). Provides for disclosures, in addition to those already required, to a prospective purchaser of a timeshare that include the status of assessments and real estate taxes and the location of documents about the timeshare. Provides that a timeshare resale agent shall be a licensed real estate broker or, if not, shall disclose that fact and supply a warning. Provides that a developer, exchange company, or resale agent shall renew their registrations at least biennially. Provides that a developer or promoter shall provide the required disclosures to a prospective purchaser in writing or electronically, although not in every ad or communication, at least once before the prospective purchaser leaves for a scheduled sales presentation. Makes other changes. Provides for severability of the provisions of this amendatory Act. Effective immediately.

Further amends the Real Estate Timeshare Act of 1999. Provides in each Section amended by the bill that neither the Governor nor any agency or agency head under the jurisdiction of the Governor has any rulemaking authority under the amendatory Act, but that the Governor may suggest rules by filing them with the General Assembly and requesting that the General Assembly authorize such rulemaking by law, enact the suggested rules into law, or take other appropriate action in the General Assembly's discretion.

Replaces everything after the enacting clause with provisions substantially similar to the bill, as amended, except: provides that "resale agent" means a person who, for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly sells, offers to sell, or advertises to sell a timeshare previously sold; provides that a resale agent shall be a real estate broker or salesperson licensed in Illinois; provides for required disclosures to be made before the earlier of a reasonable period before a sales presentation or the payment of nonrefundable monies by the purchaser; repeals certain provisions of existing law regarding resale agent registration requirements; and makes other changes.

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