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Public Act 096-0738 |
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AN ACT concerning civil law.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Real Estate Timeshare Act of 1999 is amended | ||||
by changing Sections 1-10, 1-15, 5-5, 5-15, 5-20, 5-25, 5-30, | ||||
5-40, 5-45, 5-50, 5-55, 5-60, 10-5, 10-15, 10-25, 10-30, 15-5, | ||||
15-10, 15-15, 15-20, 15-25, 15-30, 15-35, 15-40, 15-45, 15-50, | ||||
15-55, 15-60, 15-65, 15-70, 15-80, 20-5, 20-10, 20-15, 20-20, | ||||
and 20-25, and by adding Sections 10-45, 10-50, and 10-55 as | ||||
follows:
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(765 ILCS 101/1-10)
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Sec. 1-10. Scope of Act.
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(a) This Act applies to all of the following:
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(1) Timeshare plans with an accommodation or component | ||||
site in Illinois.
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(2) Timeshare plans without an accommodation or | ||||
component site in
Illinois, if those timeshare plans are | ||||
sold or offered to be sold to any
individual located within | ||||
Illinois.
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(3) Exchange programs as defined in this Act.
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(4) Resale agents as defined in this Act.
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(b) Exemptions. This Act does not apply to the following:
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(1) Timeshare plans, whether or not an accommodation is |
located in
Illinois, consisting of 7 or fewer timeshare | ||
periods, the use of which
extends over any period of less | ||
than 3 years ; or .
| ||
(2) Timeshare plans, whether or not an accommodation is | ||
located in
Illinois, under which the prospective | ||
purchaser's total financial obligation
will be less than | ||
$1,500 during the entire term of the timeshare plan.
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(Source: P.A. 91-585, eff. 1-1-00.)
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(765 ILCS 101/1-15)
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Sec. 1-15. Definitions. In this Act, unless the context | ||
otherwise
requires:
| ||
"Accommodation" means any apartment, condominium or | ||
cooperative unit,
cabin, lodge, hotel or motel room, or other | ||
private or commercial structure
containing
toilet facilities | ||
therein that is designed and available, pursuant to
applicable | ||
law, for use
and occupancy as a residence by one or more | ||
individuals, or any unit or berth
on a
commercial cruise line | ||
ship, which is included in the offering of a timeshare
plan.
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"Acquisition agent" means a person who, directly or through | ||
the person's
employees,
agents, or independent contractors, | ||
induces or attempts to induce by means of a
promotion or an | ||
advertisement any
individual located
within the State of | ||
Illinois to attend a sales presentation for a timeshare
plan.
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"Advertisement" means any written, oral, or electronic | ||
communication that is
directed to or targeted to persons within |
the State of Illinois and contains a
promotion,
inducement, or | ||
offer to sell a timeshare plan, including but not limited to
| ||
brochures,
pamphlets, radio and television scripts, electronic | ||
media, telephone and
direct mail
solicitations, and other means | ||
of promotion.
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"Association" means the organized body consisting of the | ||
purchasers of
interests
in a timeshare plan.
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"Assessment" means the share of funds required for the | ||
payment of common
expenses which is assessed from time to time | ||
against each purchaser by the
managing
entity.
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"Commissioner" means the Commissioner of Banks and Real | ||
Estate,
or a natural person authorized by the Commissioner, the | ||
Office of Banks and
Real Estate
Act, or this Act to act in the | ||
Commissioner's stead.
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"Component site" means a specific geographic location | ||
where accommodations
which are part of a multi-site timeshare | ||
plan are located. Separate phases of
a
single
timeshare | ||
property in a specific geographic location and under common
| ||
management
shall be deemed a single component site.
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"Department" means the Department of Financial and | ||
Professional Regulation. | ||
"Developer" means and includes any person or entity, other | ||
than a sales
agent,
acquisition agent, or resale agent, who | ||
creates a timeshare plan or is in the
business of
selling | ||
timeshare interests, or employs agents to do the same, or any | ||
person or
entity who
succeeds to the interest of a developer by |
sale, lease, assignment, mortgage,
or other
transfer, but the | ||
term includes only those persons who offer timeshare
interests | ||
for
disposition in the ordinary course of business.
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"Dispose" or "disposition" means a voluntary transfer or | ||
assignment of any
legal
or equitable interest in a timeshare | ||
plan, other than the transfer, assignment,
or release of
a | ||
security interest.
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"Exchange company" means any person owning or operating, or | ||
both owning and
operating, an exchange program.
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"Exchange program" means any method, arrangement, or | ||
procedure for the
voluntary exchange of timeshare interests or | ||
other property interests. The
term does not
include the | ||
assignment of the right to use and occupy accommodations to
| ||
owners of
timeshare interests within a single-site timeshare | ||
plan. Any method,
arrangement, or
procedure that otherwise | ||
meets this definition, wherein the purchaser's total
| ||
contractual
financial obligation exceeds $3,000 per any | ||
individual, recurring timeshare
period, shall
be regulated as a | ||
timeshare plan in accordance with this Act.
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"Managing entity" means the person who undertakes the | ||
duties,
responsibilities,
and obligations of the management of | ||
a timeshare plan.
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"Managing entity lien" means a lien created pursuant to | ||
Section 10-45. | ||
"Offer" means any inducement, solicitation, or other | ||
attempt, whether by
marketing, advertisement, oral or written |
presentation, or any other means, to
encourage a
person to | ||
acquire a timeshare interest in a timeshare plan, other than as
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security for an
obligation.
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"Person" means a natural person, corporation, limited | ||
liability company,
partnership, joint venture, association, | ||
estate, trust, government,
governmental
subdivision or agency, | ||
or other legal entity, or any combination thereof.
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"Promotion" means a plan or device, including one involving | ||
the possibility
of a
prospective purchaser receiving a | ||
vacation, discount vacation, gift, or prize,
used by a
| ||
developer, or an agent, independent contractor, or employee of | ||
any of the same
on behalf
of the developer, in connection with | ||
the offering and sale of timeshare
interests in a
timeshare | ||
plan.
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"Purchaser" means any person, other than a developer, who | ||
by means of a
voluntary transfer acquires a legal or equitable | ||
interest in a timeshare plan
other than as
security for an | ||
obligation.
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"Purchase contract" means a document pursuant to which a | ||
person becomes
legally obligated to sell, and a purchaser | ||
becomes legally obligated to buy, a
timeshare
interest.
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"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 within this State any timeshare | ||
interest previously sold to a purchaser or solicits within this |
State any owner of a timeshare interest to list the owner's | ||
timeshare interest, wherever located, for sale. directly or | ||
through the person's employees
or
agents,
sells or offers to | ||
sell a timeshare interest previously sold to a purchaser or
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solicits an
owner of a timeshare interest to list the owner's | ||
timeshare interest for sale.
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"Reservation system" means the method, arrangement, or | ||
procedure by which a
purchaser, in order to reserve the use or | ||
occupancy of any accommodation of a
multi-site
timeshare plan | ||
for one or more timeshare periods, is required to compete with
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other
purchasers in the same multi-site timeshare plan, | ||
regardless of whether the
reservation
system is operated and | ||
maintained by the multi-site timeshare plan managing
entity, an
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exchange company, or any other person. In the event that a | ||
purchaser is
required to use
an exchange program as the | ||
purchaser's principal means of obtaining the right
to use and
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occupy accommodations, that arrangement shall be deemed a | ||
reservation system.
When
an exchange company utilizes a | ||
mechanism for the exchange of use of timeshare
periods
among | ||
members of an exchange program, that utilization is not a | ||
reservation
system of a
multi-site timeshare plan.
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"Sales agent" means a person, other than a resale agent, | ||
who, directly or
through the person's employees,
agents,
or
| ||
independent contractors, sells or offers to sell timeshare | ||
interests in a
timeshare plan to
any individual located in the | ||
State of Illinois.
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"Timeshare instrument" means one or more documents, by | ||
whatever name
denominated, creating or governing the operation | ||
of a timeshare plan.
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"Secretary" means the Secretary of the Department of | ||
Financial and Professional Regulation, or a natural person | ||
authorized by the Secretary, the Department of Financial and | ||
Professional Regulation, or this Act to act in the Secretary's | ||
stead. | ||
"Timeshare interest" means and includes either:
| ||
(1) a "timeshare estate", which is the right to occupy | ||
a timeshare
property,
coupled with a freehold estate or an | ||
estate for years with a future interest in
a
timeshare | ||
property or a specified portion thereof; or
| ||
(2) a "timeshare use", which is the right to occupy a | ||
timeshare property,
which right is neither coupled with a | ||
freehold interest, nor coupled with an
estate
for years | ||
with a future interest, in a timeshare property.
| ||
"Timeshare period" means the period or periods of time when | ||
the purchaser of
a
timeshare plan is afforded the opportunity | ||
to use the accommodations of a
timeshare
plan.
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"Timeshare plan" means any arrangement, plan, scheme, or | ||
similar device,
other
than an exchange program, whether by | ||
membership agreement, sale, lease, deed,
license,
or | ||
right-to-use agreement or by any other means, whereby a | ||
purchaser, in
exchange for
consideration, receives ownership | ||
rights in or the right to use accommodations
for a
period of |
time less than a full year during any given year, but not | ||
necessarily
for
consecutive years. A timeshare plan may be:
| ||
(1) a "single-site timeshare plan", which is the right | ||
to use
accommodations at a single timeshare property; or
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(2) a "multi-site timeshare plan", which includes:
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(A) a "specific timeshare interest", which is the | ||
right to use
accommodations at a specific timeshare | ||
property, together with use rights
in accommodations | ||
at one or more other component sites created by or
| ||
acquired through the timeshare plan's reservation | ||
system; or
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(B) a "non-specific timeshare interest", which is | ||
the right to use
accommodations at more than one | ||
component site created by or acquired
through the | ||
timeshare plan's reservation system, but including no | ||
specific
right to use any particular accommodations.
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"Timeshare property" means one or more accommodations | ||
subject to the same
timeshare instrument, together with any | ||
other property or rights to property
appurtenant
to those | ||
accommodations.
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(Source: P.A. 91-585, eff. 1-1-00.)
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(765 ILCS 101/5-5)
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Sec. 5-5. Exemptions from developer registration. A person | ||
shall not be
required to register as a developer under this Act | ||
if:
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(1) the person is an owner of a timeshare interest who | ||
has acquired the
timeshare
interest for the person's own | ||
use and occupancy and who later offers it for
resale; or
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(2) the person is a managing entity or an association | ||
that is not
otherwise a developer
of a
timeshare plan in | ||
its own right, solely while acting as an association or
| ||
under a contract
with an association to offer or sell a | ||
timeshare interest transferred to the
association
through | ||
foreclosure, deed in lieu of foreclosure, or gratuitous | ||
transfer, if
such acts are
performed in the regular course | ||
of, or as an incident to, the management of the
association | ||
for its own account in the timeshare plan; or
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(3) the person offers a timeshare plan in a national
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publication or by
electronic media, as determined by the | ||
Department Office of Banks and Real Estate and
provided by
| ||
rule, which is not directed to or targeted to any | ||
individual located in
Illinois; or
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(4) the person is conveyed, assigned, or transferred | ||
more than 7 timeshare
periods
from a developer in a single | ||
voluntary or involuntary transaction and
subsequently
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conveys, assigns, or transfers all of the timeshare | ||
interests received from the
developer to
a single purchaser | ||
in a single transaction.
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(Source: P.A. 91-585, eff. 1-1-00.)
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(765 ILCS 101/5-15)
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Sec. 5-15. Developer registration requirements.
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(a) Registration required. Any person who , to any | ||
individual located in
Illinois,
sells, offers to sell, or | ||
attempts to solicit prospective purchasers or to solicit any | ||
individual located in Illinois to
purchase a timeshare
| ||
interest, or any person who creates a timeshare plan with an | ||
accommodation in
the State
of Illinois, shall register as a | ||
developer with the Department Office of Banks and Real
Estate | ||
and shall comply with the provisions of subsection (c) of this | ||
Section.
| ||
(b) Items to be registered. A developer shall be | ||
responsible for
registering with
the Department Office of Banks | ||
and Real Estate , on forms provided by the Department Office of | ||
Banks
and Real
Estate , the following:
| ||
(1) All timeshare plans which have accommodations | ||
located in Illinois or
which are sold or offered for sale | ||
to any individual located in Illinois.
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(2) All sales agents who sell or offer to sell any | ||
timeshare interests in
any
timeshare plan offered by the | ||
developer to any individual located in Illinois.
| ||
(3) All acquisition agents who, by means of inducement, | ||
promotion, or
advertisement, attempt to encourage or | ||
procure prospective purchasers located
in
Illinois to | ||
attend a sales presentation for any timeshare plan offered | ||
by the
developer.
| ||
(4) All managing entities who manage any timeshare plan |
offered or sold
by the developer to any individual located | ||
in Illinois, without limitation as
to
whether the location | ||
of the accommodation site managed is within Illinois.
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(c) Escrow. The developer shall comply with the following | ||
escrow
requirements:
| ||
(1) A developer of a timeshare plan shall deposit into | ||
an escrow account
in a federally insured depository 100% of | ||
all funds which are received during
the
purchaser's | ||
rescission period. The deposit of such funds shall be | ||
evidenced by
an
executed escrow agreement between the | ||
escrow agent and the developer,
which shall include | ||
provisions that:
| ||
(A) funds may be disbursed to the developer by the | ||
escrow agent
from the escrow account only after | ||
expiration of the purchaser's rescission
period and in | ||
accordance with the purchase contract, subject to | ||
paragraph
(2) of this subsection; and
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(B) if a purchaser properly cancels the purchase | ||
contract pursuant to
its
terms, the funds shall be paid | ||
to the purchaser or paid to the developer if the
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purchaser's funds have been previously refunded by the | ||
developer.
| ||
(2) If a developer contracts to sell a timeshare | ||
interest and the
construction of any property in which the | ||
timeshare interest is located has not
been completed, the | ||
developer, upon expiration of the rescission period, shall
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continue to maintain in an escrow account all funds | ||
received by or on behalf of
the developer from the | ||
purchaser
under his or her purchase
contract. The | ||
Department Office of
Banks
and Real Estate shall establish, | ||
by rule, the types of documentation which
shall be
required | ||
for evidence of completion, including but not limited to a | ||
certificate
of
occupancy, a certificate of substantial | ||
completion, or an inspection by the
Office
of the State | ||
Fire Marshal or the State Fire Marshal's designee or an | ||
equivalent
public safety inspection agency in the | ||
applicable jurisdiction. Funds shall be
released from | ||
escrow as follows:
| ||
(A) If a purchaser properly cancels the purchase | ||
contract pursuant to
its
terms, the funds shall be paid | ||
to the purchaser or paid to the developer if the
| ||
purchaser's funds have been previously refunded by the | ||
developer.
| ||
(B) If a purchaser defaults in the performance of | ||
the purchaser's
obligations under the purchase | ||
contract, the funds shall be paid
to the developer.
| ||
(C) If the funds of a purchaser have not been | ||
previously disbursed
in accordance with the provisions | ||
of this paragraph (2), they may be
disbursed to the | ||
developer by the escrow agent upon the issuance of
| ||
acceptable evidence of completion of construction as | ||
provided herein.
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(3) In lieu of the provisions in paragraphs (1) and | ||
(2), the Department Office of
Banks
and Real Estate may | ||
accept from the developer a surety bond, irrevocable letter
| ||
of
credit, or other financial assurance acceptable to the | ||
Department Office of Banks and Real
Estate , as provided by | ||
rule. Any acceptable financial assurance must be in an
| ||
amount equal to or in excess of the funds which would | ||
otherwise be placed in
escrow, or in an amount equal to the | ||
cost to complete the incomplete property
in
which the | ||
timeshare interest is located.
| ||
(4) The developer shall provide escrow account | ||
information to the
Department Office of Banks and Real | ||
Estate and shall execute in writing an authorization
| ||
consenting to an audit or examination of the account by the | ||
Department Office of Banks and
Real Estate on forms | ||
provided by the Department Office of Banks and Real Estate . | ||
The
developer shall comply with the reconciliation and | ||
records requirements
established by rule by the Department | ||
Office of Banks and Real Estate . The developer
shall
make | ||
documents related to the escrow account or escrow | ||
obligation available to
the Department Office of Banks and | ||
Real Estate upon the Department's Office's request. The | ||
developer
shall maintain any disputed funds in the escrow | ||
account until either:
| ||
(A) receipt of written direction agreed to by | ||
signature of all
parties; or
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(B) deposit of the funds with a court of competent | ||
jurisdiction in
which a civil action regarding the | ||
funds has been filed.
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(d) Comprehensive registration. In registering a timeshare | ||
plan, the
developer shall be responsible for providing | ||
information on the following:
| ||
(1) The developer's legal name, any assumed names used | ||
by the developer,
principal office street address, mailing | ||
address, primary contact
person, and
telephone number;
| ||
(2) The name of the developer's authorized or | ||
registered agent in the
State
of Illinois upon whom claims | ||
can be served or service of process be had, the
agent's | ||
street address in Illinois, and telephone number;
| ||
(3) The name, street address, mailing address, primary | ||
contact person, and
telephone number of any timeshare plan | ||
being registered;
| ||
(4) The name, street address, mailing address and | ||
telephone number of any
sales agent and acquisition agent | ||
utilized by the developer, and any managing
entity of the | ||
timeshare plan;
| ||
(5) A public offering statement which complies with the | ||
requirements of
Sections 5-25; and
| ||
(6) Any other information regarding the developer, | ||
timeshare plan, sales
agents, acquisition agents, or | ||
managing entities as reasonably required by the Department
| ||
Office of Banks and Real Estate and established by rule.
|
(e) Abbreviated registration. The Department Office of | ||
Banks and Real Estate
may accept, as provided for by rule, an | ||
abbreviated registration
application of a
developer of a | ||
timeshare plan in which all accommodations are located outside
| ||
of the
State of Illinois. The
developer shall file a written | ||
notice of intent to register under this Section
at least 15 | ||
days prior to submission. A developer of a timeshare plan with | ||
any
accommodation
located in the
State of Illinois may not file | ||
an abbreviated filing, with the exception of a
succeeding
| ||
developer after a merger or acquisition when all of the | ||
developers' timeshare
plans were
registered in Illinois | ||
immediately preceding the merger or acquisition.
| ||
The developer shall provide a certificate of registration | ||
or other evidence
of
registration from the appropriate | ||
regulatory agency of any other jurisdiction
within the
United | ||
States in which some or all of such accommodations are located.
| ||
The other
jurisdiction must have disclosure requirements that | ||
are substantially
equivalent to or
greater than the information | ||
required to be disclosed to purchasers by the
State of | ||
Illinois.
A developer filing an abbreviated registration | ||
application shall provide the
following:
| ||
(1) The developer's legal name, any assumed names used | ||
by the
developer, and the developer's principal office | ||
location, mailing address,
primary
contact person, and | ||
telephone number.
| ||
(2) The name, location, mailing address, primary |
contact person, and
telephone number of the timeshare plan.
| ||
(3) The name of the authorized agent or registered | ||
agent in Illinois upon
whom claims can be served or service | ||
of process can be had, and the address in
Illinois of the | ||
authorized agent or registered agent.
| ||
(4) The names of any sales agent, acquisition agent, | ||
and managing entity,
and their principal office location, | ||
mailing address, and telephone number.
| ||
(5) The certificate of registration or other evidence | ||
of registration
from
any jurisdiction in which the | ||
timeshare plan is approved or accepted.
| ||
(6) A declaration as to whether the timeshare plan is a | ||
single-site
timeshare plan or a multi-site timeshare plan | ||
and, if a multi-site timeshare
plan,
whether it consists of | ||
specific timeshare interests or non-specific timeshare
| ||
interests.
| ||
(7) Disclosure of each jurisdiction in which the
| ||
developer
has
applied
for registration of the timeshare | ||
plan,
and whether the timeshare plan, its developer, or any | ||
of its
acquisition agents, sales agents, or managing | ||
entities utilized were denied
registration or were the | ||
subject of any disciplinary proceeding.
| ||
(8) Copies of any disclosure documents required to be | ||
given to purchasers
or required to be filed with the | ||
jurisdiction in which the timeshare plan is
approved or | ||
accepted as may be requested by the Department Office of |
Banks and Real
Estate .
| ||
(9) The appropriate fee.
| ||
(10) Such other information reasonably required by the | ||
Department Office of Banks
and Real Estate and established | ||
by rule.
| ||
(f) Preliminary permits. Notwithstanding anything in this | ||
Section to the
contrary,
the Department Office of Banks and | ||
Real Estate may grant a 6-month preliminary permit, as
| ||
established by rule, allowing the developer to begin offering | ||
and selling
timeshare
interests while the registration is in | ||
process. To obtain a preliminary
permit,
the
developer shall do | ||
all of the following:
| ||
(1) (Blank). Submit a formal written request to the | ||
Office of Banks and Real
Estate for a preliminary permit.
| ||
(2) Submit an application in form and substance | ||
satisfactory to the Department a substantially complete | ||
application for registration to the
Office of Banks and | ||
Real Estate , including all appropriate fees and exhibits
| ||
required
under this Article.
| ||
(3) Provide evidence acceptable to the Department | ||
Office of Banks and Real
Estate that all funds received by | ||
the developer will be placed into an
independent escrow
| ||
account with instructions that funds will not be released | ||
until a final
registration has been
granted.
| ||
(4) Give to each purchaser and potential purchaser a | ||
copy of the
proposed public offering statement that the |
developer has submitted to the Department
Office of
Banks | ||
and Real Estate with the initial application.
| ||
(5) Give to each purchaser the opportunity to cancel | ||
the purchase
contract
in
accordance with Section 10-10. The | ||
purchaser shall have an additional
opportunity to
cancel | ||
upon the issuance of an approved registration if the | ||
Department Office of Banks and
Real
Estate determines that | ||
there is a substantial difference in the disclosures
| ||
contained in the
final public offering statement and those | ||
given to the purchaser in the
proposed public
offering | ||
statement.
| ||
(g) Alternative registration; letter of credit or other | ||
assurance; recovery.
| ||
(1) Notwithstanding anything in this Act to the | ||
contrary, the Department Office of
Banks and Real Estate | ||
may accept, as established by rule, a registration from
a | ||
developer
for a timeshare plan if the developer provides | ||
all of the following:
| ||
(A) (Blank). A written notice of intent to register | ||
under this Section at least
15 days prior to submission | ||
of the alternative registration.
| ||
(B) An irrevocable letter of credit or other | ||
acceptable assurance, as
established by rule, in an | ||
amount of $1,000,000, from which an Illinois
purchaser
| ||
aggrieved by any act, representation, transaction, or | ||
conduct of a duly
registered
developer or his or her |
acquisition agent, sales agent, managing entity, or
| ||
employee, which
violates any
provision of this Act or | ||
the rules promulgated under this Act, or which
| ||
constitutes
embezzlement of money or property or | ||
results in money or property being
unlawfully
obtained | ||
from any person by false pretenses, artifice, | ||
trickery, or forgery or
by reason of
any fraud, | ||
misrepresentation, discrimination, or deceit by or on | ||
the part of
any developer
or agent or employee of the | ||
developer and which results in actual monetary loss
as
| ||
opposed to a loss in market value, may recover.
| ||
(C) The developer's legal name, any assumed names | ||
used by the
developer, and the developer's principal | ||
office location, mailing address, main
contact
person, | ||
and telephone number.
| ||
(D) The name, location, mailing address, main | ||
contact person, and
telephone number of the timeshare | ||
plan included in the filing.
| ||
(E) The name of the authorized agent or registered | ||
agent in Illinois
upon
whom claims can be served or | ||
service of process can be had, and the
address in | ||
Illinois of the authorized agent or registered agent.
| ||
(F) The names of any sales agent, acquisition | ||
agent, and managing
entity,
and their principal office | ||
location, mailing address, and telephone number.
| ||
(G) A declaration as to whether the timeshare plan |
is a single-site
timeshare plan or a multi-site | ||
timeshare plan and, if a multi-site timeshare
plan, | ||
whether it consists of specific timeshare interests or | ||
non-specific
timeshare interests.
| ||
(H) Disclosure of each jurisdiction in which the
| ||
developer
has
applied
for registration of the | ||
timeshare plan,
and whether the timeshare plan, its | ||
developer, or any of its
acquisition agents, sales | ||
agents, or managing entities utilized were denied
| ||
registration or were the subject of any disciplinary | ||
proceeding.
| ||
(I) The required fee.
| ||
(J) Such other information reasonably required by | ||
the Department Office of Banks
and Real Estate and | ||
established by rule.
| ||
(2) Any letter of credit or other acceptable assurance | ||
shall remain in
effect
with
the Department Office of Banks | ||
and Real Estate for a period of 12 months after the date
| ||
the
developer does not renew or otherwise cancel his or her | ||
registration with the
State of
Illinois or 12 months after | ||
the Department Office of Banks and Real Estate revokes,
| ||
suspends, or
otherwise disciplines such developer or his or | ||
her registration, provided there
is no pending
litigation
| ||
alleging a
violation of any provision of this Act known by | ||
the Department Office of Banks and Real
Estate and
| ||
certified by the developer.
|
(3) The Department Office of Banks and Real Estate | ||
shall establish procedures, by
rule, to
satisfy claims by | ||
any Illinois purchaser pursuant to this Section.
| ||
(4) The Department Office of Banks and Real Estate | ||
shall automatically suspend the
registration of any | ||
developer pursuant to Section 15-25 of this Act in
the | ||
event the Department
Office authorizes or directs payment | ||
to an Illinois purchaser from the letter
of credit or
other | ||
acceptable assurance pursuant to this Section and as | ||
established by rule.
| ||
(h) A developer who registers a timeshare plan pursuant to | ||
this
Act
shall
provide the purchaser with a public offering | ||
statement that complies with
Section
5-25 and any disclosures | ||
or other written information required by this Act.
| ||
(i) Nothing contained in this Section shall affect the | ||
Department's Office of Banks
and
Real
Estate's ability to | ||
initiate any disciplinary action against a developer in
| ||
accordance with this Act.
| ||
(j) For purposes of this Section, "Illinois purchaser" | ||
means a person
who,
within the State of Illinois, is solicited, | ||
offered, or sold a timeshare
interest in a timeshare
plan | ||
registered pursuant to this Section.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-20)
| ||
Sec. 5-20. Developer supervisory duties. The developer |
shall have the
duty
to supervise, manage, and control all | ||
aspects of the offering of the timeshare
plan,
including, but | ||
not limited to, promotion, advertising, contracting, and
| ||
closing.
The
developer shall have responsibility for each | ||
timeshare plan registered with the Department
Office of
Banks | ||
and Real Estate and for the actions of any sales agent, | ||
managing entity,
and
acquisition agent utilized by the | ||
developer in the offering or selling of any
registered
| ||
timeshare plan. Any violation of this Act which occurs during | ||
the offering
activities shall
be deemed to be a violation by | ||
the developer as well as by the acquisition
agent, sales
agent, | ||
or managing entity who actually committed such violation.
| ||
Notwithstanding
anything to the contrary in this Act, the | ||
developer shall be responsible
for the actions
of the | ||
association and managing entity only while they are subject to | ||
the
developer's
control.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-25)
| ||
Sec. 5-25. Timeshare plan public offering statement | ||
requirements.
| ||
(a) A developer shall prepare a public offering statement, | ||
shall provide the
statement to each purchaser of a timeshare | ||
interest in any timeshare plan at
the time of
purchase, and | ||
shall fully and accurately disclose those facts concerning the
| ||
timeshare
developer and timeshare plan that are required by
|
this Act or by rule.
The public offering statement shall be in | ||
writing and dated and shall require
the purchaser
to certify in | ||
writing the receipt thereof.
| ||
(b) With regard to timeshare interests offered in a | ||
timeshare plan, a public
offering
statement shall fully and | ||
accurately disclose the following:
| ||
(1) The name of the developer and the principal address | ||
of the developer.
| ||
(2) A description of the type of timeshare interests | ||
being offered.
| ||
(3) A general description of the existing and proposed | ||
accommodations and
amenities of the timeshare plan, | ||
including their type and number, personal
property | ||
furnishing the accommodation, any use restrictions, and | ||
any required
fees for use.
| ||
(4) A description of any accommodations and amenities | ||
that are committed
to be
built, including, without | ||
limitation:
| ||
(A) the developer's schedule of commencement and | ||
completion of all
accommodations and amenities; and
| ||
(B) the estimated number of accommodations per | ||
site that may become
subject to the timeshare plan.
| ||
(5) A brief description of the duration, phases, and | ||
operation of the
timeshare
plan.
| ||
(6) The current annual budget, if available, or the | ||
projected annual
budget for the
timeshare plan. The budget |
shall include, without limitation:
| ||
(A) a statement of the amount, or a statement that | ||
there is no amount,
included in the budget as a reserve | ||
for repairs and replacement;
| ||
(B) the projected common expense liability, if | ||
any, by category of
expenditures for the timeshare | ||
plan; and
| ||
(C) a statement of any services or expenses not | ||
reflected in the budget
that the developer provides or | ||
pays.
| ||
(7) Any initial or special fee due from the purchaser | ||
at closing, together
with a
description of the purpose and | ||
method of calculating the fee.
| ||
(8) A description of any liens, defects, or | ||
encumbrances on or affecting
the title
to the timeshare | ||
interests.
| ||
(9) A description of any financing offered by or | ||
available through the
developer.
| ||
(10) A statement that within 5 calendar days after | ||
receipt of the public
offering
statement or after execution | ||
of the
purchase
contract, whichever is later, a purchaser
| ||
may
cancel any
purchase
contract for a timeshare interest | ||
from a developer
together with a statement providing the | ||
name and street address to which the
purchaser should mail | ||
any notice of cancellation.
However, if by agreement of
the | ||
parties by and through the purchase contract, the
purchase
|
contract allows for cancellation
of the purchase
contract
| ||
for a period of time exceeding 5 calendar days, then the | ||
public
offering statement shall include a statement that
| ||
the
cancellation of the
purchase
contract is allowed for | ||
that period of time exceeding 5
calendar
days.
| ||
(11) A statement of any pending suits, adjudications, | ||
or disciplinary
actions
material to the timeshare | ||
interests of which the developer has knowledge.
| ||
(12) Any restrictions on alienation of any number or | ||
portion of any
timeshare
interests.
| ||
(13) A statement describing liability and casualty | ||
insurance for the
timeshare
property.
| ||
(14) Any current or expected fees or charges to be paid | ||
by timeshare
purchasers
for the use of any amenities | ||
related to the timeshare property.
| ||
(15) The extent to which financial arrangements have | ||
been provided for
completion of all promised improvements.
| ||
(16) The developer or managing entity must notify the | ||
Department Office of Banks and
Real
Estate of the extent to | ||
which an accommodation may become subject to a tax or
other | ||
lien arising out of claims against other purchasers in the | ||
same timeshare
plan. The Department Office of Banks and | ||
Real Estate may require the developer or
managing entity to | ||
notify a prospective purchaser of any such potential tax or
| ||
lien
which would materially and adversely affect the | ||
prospective purchaser.
|
(17) A statement indicating that the developer and | ||
timeshare plan are
registered
with the State of Illinois.
| ||
(18) If the timeshare plan provides purchasers with the | ||
opportunity to
participate
in an exchange program, a | ||
description of the name and address of the exchange
company | ||
and the method by which a purchaser accesses the exchange | ||
program.
| ||
(19) Such other information reasonably required by the | ||
Department Office of Banks and
Real
Estate and established | ||
by administrative rule necessary for the protection of
| ||
purchasers of timeshare interests in timeshare plans.
| ||
(20) Any other information that the developer, with the | ||
approval of the
Department Office of
Banks and Real Estate , | ||
desires to include in the public offering statement.
| ||
(c) A developer offering a multi-site timeshare plan shall | ||
also fully and
accurately disclose the following information, | ||
which may be disclosed in a
written,
graphic, or tabular form:
| ||
(1) A description of each component site, including the | ||
name and address
of each
component site.
| ||
(2) The number of accommodations and timeshare | ||
periods, expressed in
periods
of 7-day use availability, | ||
committed to the multi-site timeshare plan and
available
| ||
for use by purchasers.
| ||
(3) Each type of accommodation in terms of the number | ||
of bedrooms,
bathrooms,
and sleeping capacity, and a | ||
statement of whether or not the accommodation
contains a |
full kitchen. For purposes of this description, a "full | ||
kitchen"
means a
kitchen having a minimum of a dishwasher, | ||
range, sink, oven, and refrigerator.
| ||
(4) A description of amenities available for use by the | ||
purchaser at each
component site.
| ||
(5) A description of the reservation system, which | ||
shall include the
following:
| ||
(A) The entity responsible for operating the | ||
reservation system.
| ||
(B) A summary of the rules and regulations | ||
governing access to and use
of the reservation system.
| ||
(C) The existence of and an explanation regarding | ||
any priority
reservation
features that affect a | ||
purchaser's ability to make reservations for the use of
| ||
a given accommodation on a first-come, first-served | ||
basis.
| ||
(6) A description of any right to make any additions, | ||
substitutions, or
deletions of
accommodations or | ||
amenities, and a description of the basis upon which
| ||
accommodations and amenities may be added to, substituted | ||
in, or deleted from
the multi-site timeshare plan.
| ||
(7) A description of the purchaser's liability for any | ||
fees associated
with the
multi-site timeshare plan.
| ||
(8) The location and the anticipated relative
use
| ||
demand of each component site in a multi-site timeshare | ||
plan, as well as any
periodic adjustment or amendment to |
the reservation system which may be
needed in order to | ||
respond to actual purchaser use patterns and changes in
| ||
purchaser use demand for the accommodations existing at | ||
that time within the
multi-site timeshare plan.
| ||
(9) Such other information reasonably required by the | ||
Department Office of Banks and
Real
Estate and established | ||
by administrative rule necessary for the protection of
| ||
purchasers of timeshare interests in timeshare plans.
| ||
(10) Any other information that the developer, with the | ||
approval of the
Department Office
of
Banks and Real Estate , | ||
desires to include in the public offering statement.
| ||
(d) If a developer offers a non-specific timeshare interest | ||
in a multi-site
timeshare
plan, the developer shall disclose | ||
the information set forth in subsection (b)
as to each
| ||
component site.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-30)
| ||
Sec. 5-30. Exchange company registration and disclosure | ||
requirements.
| ||
(a) An Each exchange company offering an exchange program | ||
to purchasers in this
State shall register with the Department | ||
at least 20 calendar days prior to offering an exchange program | ||
to purchasers in this State. Office of Banks and Real Estate by | ||
July 1 of each
year. The
registration shall consist of the | ||
information specified in this Section.
However, an
exchange |
company shall make its initial registration at least 20 | ||
calendar days
prior to
offering membership in an exchange | ||
program to any purchaser in this State.
| ||
(b) If a purchaser is offered the opportunity to become a | ||
member of an
exchange
program, the developer shall deliver to | ||
the purchaser, together with the public
offering
statement and | ||
any other materials required to be furnished under this | ||
Section,
and prior to
the offering or execution of any contract | ||
between the purchaser and the
exchange
company offering | ||
membership in the exchange program, or, if the exchange
company | ||
is
dealing directly with the purchaser, the developer or the | ||
exchange company
shall deliver
to the purchaser, prior to the | ||
initial offering or execution of any contract
between the
| ||
purchaser and the exchange company, the following written | ||
information regarding
the
exchange program, the form and | ||
substance of which shall first be approved by
the Department | ||
Office
of Banks and Real Estate in accordance with this | ||
Section:
| ||
(1) The name and address of the exchange company.
| ||
(2) The names of all officers, directors, and | ||
shareholders of the exchange
company.
| ||
(3) Whether the exchange company or any of its officers | ||
or directors have
any
legal or beneficial interest in any | ||
developer, seller, or managing entity for
any
timeshare | ||
plan participating in the exchange program and, if so, the | ||
identity
of the
timeshare plan and the nature of the |
interest.
| ||
(4) Unless otherwise stated, a statement that the | ||
purchaser's contract
with the
exchange company is a | ||
contract separate and distinct from the purchaser's
| ||
contract with the seller of timeshare interests.
| ||
(5) Whether the purchaser's participation in the | ||
exchange program is
dependent
upon the continued | ||
affiliation of the applicable timeshare plan with the
| ||
exchange
program.
| ||
(6) A statement that the purchaser's participation in | ||
the exchange program
is
voluntary.
| ||
(7) A complete and accurate description of the terms | ||
and conditions of the
purchaser's contractual relationship | ||
with the exchange program and the
procedure
by which | ||
changes thereto may be made.
| ||
(8) A complete and accurate description of the | ||
procedures necessary to
qualify
for and effectuate | ||
exchanges.
| ||
(9) A complete and accurate description of all | ||
limitations, restrictions,
and
priorities employed in the | ||
operation of the exchange program, including but not
| ||
limited to limitations on exchanges based on seasonality, | ||
accommodation size,
or
levels of occupancy, expressed in | ||
conspicuous type, and, in the event that
those
limitations, | ||
restrictions, or priorities are not uniformly applied by | ||
the
exchange
company, a clear description of the manner in |
which they are applied.
| ||
(10) Whether exchanges are arranged on a | ||
space-available basis and whether
any
guarantees of | ||
fulfillment of specific requests for exchanges are made by | ||
the
exchange company.
| ||
(11) Whether and under what circumstances an owner, in | ||
dealing with the
exchange program, may lose the right to | ||
use and occupy an accommodation of the
timeshare plan | ||
during a reserved use period with respect to any properly
| ||
applied-for exchange without being provided with | ||
substitute accommodations by
the exchange program.
| ||
(12) The fees or range of fees for participation by | ||
owners in the exchange
program, a statement of whether any | ||
such fees may be altered by the exchange
company, and the | ||
circumstances under which alterations may be made.
| ||
(13) The name and address of the site of each | ||
accommodation included
within a
timeshare plan | ||
participating in the exchange program.
| ||
(14) The number of accommodations in each timeshare | ||
plan that are
available
for
occupancy and that qualify for | ||
participation in the exchange program, expressed
within | ||
the following numerical groups: 1-5; 6-10; 11-20; 21-50; | ||
and 51 and
over.
| ||
(15) The number of currently enrolled owners for each | ||
timeshare plan
participating in the exchange program, | ||
expressed within the following numerical
groups: 1-100; |
101-249; 250-499; 500-999; and 1,000 and over; and a | ||
statement
of the criteria used to determine those owners | ||
who are currently enrolled with
the
exchange program.
| ||
(16) The disposition made by the exchange company of | ||
use periods deposited
with the exchange program by owners | ||
enrolled in the exchange program and not
used by the | ||
exchange company in effecting exchanges.
| ||
(17) The following information for the preceding | ||
calendar year, which
shall be
independently audited by a | ||
certified public accountant in accordance with the
| ||
standards of the Accounting Standards Board of the American | ||
Institute of
Certified Public Accountants and reported on | ||
an annual basis on or after August 1 as established by rule | ||
annually no later than August 1 of
each
year :
| ||
(A) The number of owners currently enrolled in the | ||
exchange program.
| ||
(B) The number of timeshare plans that have current | ||
affiliation
agreements with the exchange program.
| ||
(C) The percentage of confirmed exchanges, which | ||
is the number of
exchanges confirmed by the exchange | ||
program divided by the number of
exchanges properly | ||
applied for, together with a complete and accurate
| ||
statement of the criteria used to determine whether an | ||
exchange request
was properly applied for.
| ||
(D) The number of use periods for which the | ||
exchange program has an
outstanding obligation to |
provide an exchange to an owner who
relinquished a use | ||
period during a particular year in exchange for a use
| ||
period in any future year.
| ||
(E) The number of exchanges confirmed by the | ||
exchange program during
the year.
| ||
(F) A statement in conspicuous type to the effect | ||
that the percentage
described in subdivision (17)(C) | ||
of this subsection is a summary of the
exchange | ||
requests entered with the exchange program in the | ||
period
reported and that the percentage does not | ||
indicate the probabilities of an
owner's being | ||
confirmed to any specific choice or range of choices.
| ||
(18) Such other information as may be reasonably | ||
required by the Department Office of
Banks and Real Estate | ||
of any exchange company as established by rule.
| ||
(c) No developer shall have any liability with respect to | ||
any violation of
this Act
arising out of the publication by the | ||
developer of information provided to it
by an
exchange company | ||
pursuant to this Article. No exchange company shall have any
| ||
liability with respect to any violation of this Act arising out | ||
of the use by a
developer of
information relating to an | ||
exchange program other than that provided to the
developer by
| ||
the exchange company.
| ||
(d) All written, visual, and electronic communications | ||
relating to an
exchange
company or an exchange program shall be | ||
filed with the Department Office of Banks and Real
Estate
upon |
its request.
| ||
(e) The failure of an exchange company to observe the | ||
requirements of this
Section, and the use of any unfair or | ||
deceptive act or practice in connection
with the
operation of | ||
an exchange program, is a violation of this Act.
| ||
(f) An exchange company may elect to deny exchange | ||
privileges to any owner
whose use of the accommodations of the | ||
owner's timeshare plan is denied, and no
exchange program or | ||
exchange company shall be liable to any of its members or
any
| ||
third parties on account of any such denial of exchange | ||
privileges.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-40)
| ||
Sec. 5-40. Resale agent duties. A Whether registered or | ||
exempt from
registration under Section 5-35, a resale agent | ||
shall comply with all of the
following:
| ||
(a) Prior to engaging in any resale activities on behalf of | ||
any owner of a
timeshare interest or accepting anything of | ||
value from any owner of a timeshare interest , a resale agent | ||
shall enter into a listing agreement with
that owner. Every
| ||
listing agreement shall be in writing and signed by both the | ||
resale agent and
the timeshare
interest owner. The requirements | ||
of the written listing agreement shall be
established by
rule, | ||
but at a minimum the listing agreement shall disclose the | ||
following: |
(1) The name and address of the resale agent and the | ||
timeshare interest owner. | ||
(2) The term of the listing agreement. | ||
(3) Whether the resale agent's rights under the listing | ||
agreement are exclusive and, if the resale agent's rights | ||
are exclusive, the length of such exclusivity period. | ||
(4) Whether any person other than the timeshare | ||
interest owner may use the timeshare during the period | ||
before the timeshare interest is resold. | ||
(5) Whether any person other than the timeshare | ||
interest owner may rent or exchange the use of the | ||
timeshare interest during the term of the listing | ||
agreement. | ||
(6) The name of any person who will receive any rents, | ||
profits, or other thing of value generated from the use of | ||
the timeshare interest during the period before the | ||
timeshare interest is resold. | ||
(7) A detailed description of any relationship between | ||
the resale agent and any other person who receives any | ||
benefit from the use of the timeshare interest. | ||
(8) A description of any fees or costs that relate to | ||
the listing or sale of the timeshare interest that the | ||
timeshare interest owner (or any other person) must pay to | ||
the resale agent or any third party. If the timeshare | ||
interest owner (or any other person) must pay a fee to the | ||
resale agent or any third party before the sale of the |
timeshare interest, the listing agreement must identify | ||
each of the following: | ||
(A) The amount of each pre-sale fee and to whom | ||
such pre-sale fee must be paid. | ||
(B) The time by which each pre-sale fee must be | ||
paid. | ||
(C) A reasonable description of each pre-sale cost | ||
or fee. | ||
(D) A description and the estimated amount of any | ||
other fees or costs associated with the listing or sale | ||
of the timeshare interest. | ||
(E) The ratio or percentage of the number of | ||
listings of timeshare interests for sale versus the | ||
number of timeshare interests sold by the resale agent | ||
for each of the past 3 years. | ||
(9) A description of the amount or percentage and | ||
procedures for paying any commissions due to the resale | ||
agent upon resale of the timeshare interest. the method of
| ||
compensation, a
definite date of termination, whether any | ||
fees are non-refundable, and whether
the
agreement permits | ||
the timeshare resale agent or any other person to make
any | ||
use
whatsoever of the owner's timeshare interest or receive | ||
any rents or profits
generated
from such use of the | ||
timeshare interest.
| ||
(b) A resale agent shall maintain records as required by | ||
rule. The records
required to be maintained include, but are |
not limited to, all listing
agreements, copies of
disbursement | ||
authorizations in accordance with subsection (c), and resale
| ||
contracts.
| ||
(c) A resale agent who collects any fees prior to a | ||
transfer of an interest
from any
owner shall deposit the fees | ||
in an escrow account. Any fees that are to be
paid to the
| ||
resale agent prior to closing may be disbursed from the escrow | ||
account only
upon receipt
of a disbursement authorization, | ||
signed by the owner, in the following form:
| ||
"I, (name of owner), am the owner of a timeshare | ||
interest in
(name of timeshare
plan). I understand that for | ||
my protection I can require the
entire fee to be held
in | ||
escrow until the closing on the resale of my timeshare | ||
interest, but I am
authorizing a release before the | ||
transfer in the following amount: (amount
written
in words) | ||
($ (amount in numbers)), for the following purpose or | ||
purposes
(description of purpose or purposes). I | ||
understand that the resale agent is
regulated
by the | ||
Illinois Department of Financial and Professional | ||
Regulation, or its successor agency, Office of Banks and | ||
Real Estate under the Real Estate Timeshare Act of
1999. | ||
The Illinois Department of Financial and Professional | ||
Regulation
Office of Banks and Real Estate requires the | ||
resale agent to obtain this
disbursement authorization | ||
with my signature before disbursement of my funds."
| ||
(d) A resale agent shall utilize a purchase agreement that |
discloses to a
purchaser of a timeshare interest all of the | ||
following:
| ||
(1) A legally sufficient description of the timeshare | ||
interest being
purchased.
| ||
(2) The name and address of the managing entity of the | ||
timeshare property.
| ||
(3) The amount of the most recent current year's | ||
assessment for the common expenses allocated to the
| ||
timeshare interest being purchased including the time | ||
period to which the
assessment relates (e.g., monthly, | ||
quarterly, yearly) and the date on which it is due. If not | ||
included in the
applicable common expense assessment, the | ||
amount of any real or personal
property taxes allocated to | ||
the timeshare interest being purchased.
| ||
(3.5) Whether all assessments and real or personal | ||
property taxes that are due against the timeshare interest | ||
are paid in full and, if not, the amount owed and the | ||
consequences of failure to pay timely any assessment or | ||
real or personal property taxes.
| ||
(4) A complete and accurate disclosure of the terms and | ||
conditions of the
purchase and closing, including the | ||
obligations of the owner, the
purchaser, or both for | ||
closing costs and the title insurance.
| ||
(5) The entity responsible for providing notification | ||
to the managing
entity of the timeshare plan and the | ||
applicable exchange company regarding any
change in the |
ownership of the timeshare interest.
| ||
(6) A statement of the first year in which the | ||
purchaser is entitled to
receive the actual use rights and | ||
occupancy of the timeshare interest, as
determined by the | ||
managing entity of the timeshare plan and any exchange
| ||
company.
| ||
(6.5) The name, address, telephone number, and website | ||
(if applicable) where the governing documents of the | ||
association, if any, and the timeshare instrument may be | ||
obtained, together with the following disclosure: | ||
"There are many important documents relating to | ||
the timeshare plan that you should review before | ||
purchasing a timeshare interest. These may include, | ||
but are not limited to, (a) the declaration of | ||
condominium, (b) the declaration of timeshare plan, | ||
(c) the reciprocal easement and cost sharing | ||
agreement, (d) the declaration of restrictions, | ||
covenants, and conditions, (e) the owners association | ||
articles and bylaws, (f) the current year's operating | ||
and reserve budgets, if any, for the owners | ||
association, and (g) any rules and regulations | ||
affecting the use of the timeshare property or other | ||
facility or amenity available for use by timeshare | ||
interest owners."
| ||
(7) In making the disclosures required by this | ||
subsection (d), the
timeshare resale agent may rely upon |
information provided in writing by the
owner or managing | ||
entity of the timeshare plan.
| ||
(8) The purchaser's 5 calendar day 5-day cancellation | ||
period as required by Section
10-10.
| ||
(9) Any other information determined by the Department | ||
Office of Banks and Real
Estate and established by rule.
| ||
(e) A resale agent must be licensed as a real estate broker | ||
or salesperson pursuant to the Real Estate License Act of 2000 | ||
or its successor Act. | ||
(f) A resale agent is exempt from the duties imposed by | ||
subsections (a) through (d) of this Section if the resale agent | ||
offers an aggregate total of no more than 8 timeshare interests | ||
per calendar year as a resale agent, regardless of (1) whether | ||
those timeshare interests are located in this State and (2) | ||
whether the resale agent offers all, or only some, of those | ||
timeshare interests, in this State. | ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-45)
| ||
Sec. 5-45.
Amendment to registration information or public | ||
offering
statement. The developer , resale agent, and exchange | ||
company shall amend or
supplement their disclosure documents | ||
and registration information to reflect
any
material change in | ||
any information required by this Act or the rules
implementing | ||
this Act. All such
amendments,
supplements, and changes shall | ||
be filed with the Department Office of Banks and Real
Estate |
within
30 20 calendar days of the material change.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-50)
| ||
Sec. 5-50. Registration review time frames. Every | ||
registration required
to be
filed with the Department Office of | ||
Banks and Real Estate under this Act shall be reviewed
and
| ||
issued a certificate of registration in accordance with the | ||
following schedule:
| ||
(1) Comprehensive registration. Registration shall be | ||
effective only upon
the
issuance of a certificate of | ||
registration by the Department Office of Banks and Real
| ||
Estate ,
which, in the ordinary course of business, should | ||
occur no more than 60
calendar
days after actual receipt by | ||
the Department Office of Banks and Real Estate of the
| ||
properly
completed application. The Department shall | ||
Office of Banks and Real Estate must provide a list
of | ||
deficiencies in the application, if any, within 60 calendar | ||
days of receipt. The list may be in a written or electronic | ||
format.
| ||
(2) Abbreviated registration. Registration shall be | ||
effective only upon
the
issuance of a certificate of | ||
registration by the Department Office of Banks and Real
| ||
Estate ,
which, in the ordinary course of business, should | ||
occur no more than 30
calendar
days after actual receipt by | ||
the Department Office of Banks and Real Estate of the
|
properly
completed application. The Department shall | ||
Office of Banks and Real Estate must provide a
list of
| ||
deficiencies in the application, if any, within 30 calendar | ||
days of receipt. The list may be in a written or electronic | ||
format.
| ||
(3) Alternative assurance registration. Registration | ||
shall be deemed
effective
only upon the issuance of a | ||
certificate of registration by the Department, which, in | ||
the ordinary course of business, should occur no more than | ||
within 30 15 calendar days after of receipt by the | ||
Department. The Department shall provide a , unless the
| ||
Office of Banks and Real Estate provides to the applicant a | ||
written list of
deficiencies in the application, if any, | ||
within 30 15 calendar days of receipt. The list may be in a | ||
written or electronic format.
| ||
(4) Preliminary permit registration. A preliminary | ||
permit shall be issued only upon the written approval by | ||
the Department, which, in the ordinary course of business, | ||
should occur no more than 30
within 15
calendar days after | ||
actual of receipt of the required documentation by the | ||
Department. The Department shall provide a , unless the
| ||
Office of Banks and Real Estate provides to the applicant a | ||
written list of
deficiencies in the application, if any, | ||
within 30 15 calendar days of receipt. The list may be in a | ||
written or electronic format.
| ||
(5) Exchange company registration. Registration shall |
be effective only upon
the issuance of a certificate of | ||
registration by the Department, which, in the ordinary | ||
course of business, should occur no more than 60 calendar | ||
days after the actual receipt
by the Office of Banks and | ||
Real Estate of a properly completed application by the | ||
Department .
The Department shall
Office of Banks and Real | ||
Estate must provide a list of deficiencies in the
| ||
application, if any, within 60 30 calendar days of receipt. | ||
The list may be in a written or electronic format.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-55)
| ||
Sec. 5-55. Fees. The Department Office of Banks and Real | ||
Estate shall provide, by
rule,
for fees to be paid by | ||
applicants and registrants to cover the reasonable costs
of the | ||
Department Office
of Banks and Real Estate in administering and | ||
enforcing the provisions of
this Act.
The Department Office of | ||
Banks and Real Estate may also provide, by rule, for general | ||
fees
to cover
the reasonable expenses of carrying out other | ||
functions and responsibilities
under this
Act.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/5-60)
| ||
Sec. 5-60. Registration; offer or disposal of interest ; | ||
renewal . | ||
(a) A developer or ,
exchange
company, or resale agent, or |
any of their agents, shall not sell, offer, or
dispose of a
| ||
timeshare interest unless all necessary registrations are | ||
filed and approved by
the Department Office
of Banks and Real | ||
Estate , or while an order revoking or suspending a
registration | ||
is in
effect.
| ||
(b) An applicant for registration under this Act shall | ||
submit the necessary
information to complete the application, | ||
as required by the Department Office of Banks and
Real Estate , | ||
within 6 months from the date the initial registration
| ||
application was received by the Department Office of Banks and | ||
Real Estate . If the
applicant fails to submit the information | ||
necessary to complete the application
as required by the | ||
Department Office of Banks and Real Estate within the six month | ||
period,
said application shall be voided, and a new | ||
registration application with
applicable fees must be | ||
submitted.
| ||
(c) The registration of a developer, exchange company, | ||
individual, or entity registered under this Act shall be | ||
renewed as required by rule. | ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/10-5)
| ||
Sec. 10-5. Management and operation provisions.
| ||
(a) Before the first sale of a timeshare interest, the | ||
developer shall
create or
provide for a managing entity, which | ||
shall be either the developer, a separate
manager or
management |
firm, the board of directors of an owners' association, or some
| ||
combination
thereof.
| ||
(b) The duties of the managing entity include, but are not | ||
limited to:
| ||
(1) Management and maintenance of all accommodations | ||
constituting the
timeshare plan.
| ||
(2) Collection of all assessments as provided in the | ||
timeshare instrument.
| ||
(3) Providing to all purchasers each year an itemized | ||
annual budget, which
shall
include all estimated revenues | ||
and expenses.
| ||
(4) Maintenance of all books and records concerning the | ||
timeshare plan.
| ||
(5) Scheduling occupancy of accommodations, when | ||
purchasers are not
entitled
to use specific timeshare | ||
periods, so that all purchasers will be provided the
| ||
opportunity to use and possession of the accommodations of | ||
the timeshare plan
which they have purchased.
| ||
(6) Performing any other functions and duties that are | ||
necessary and
proper to
maintain the accommodations or that | ||
are required by the timeshare instrument.
| ||
(c) If In the event a developer, mortgagee, managing | ||
entity, or association does not pursue nonjudicial foreclosure | ||
as provided in Section 10-50 or 10-55 and instead forecloses | ||
against a timeshare interest pursuant to the Illinois Mortgage | ||
Foreclosure Law, files a
complaint in a
foreclosure proceeding |
involving timeshare interests, the developer, mortgagee, | ||
managing
entity, or
association may join in the same action | ||
multiple defendant obligors and junior
interest holders of | ||
separate timeshare interests, provided:
| ||
(1) the foreclosure proceeding involves a single | ||
timeshare plan;
| ||
(2) the foreclosure proceeding is filed by a single | ||
plaintiff;
| ||
(3) the default and remedy provisions in the written | ||
instruments on which
the
foreclosure proceeding is based | ||
are substantially the same for each defendant;
and
| ||
(4) the nature of the defaults alleged is the same for | ||
each defendant.
| ||
(d) In any foreclosure proceeding involving multiple | ||
defendants filed under
subsection (c), the court shall sever | ||
for separate trial any count of the
complaint in which
a | ||
defense or counterclaim is timely raised by a defendant.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/10-15)
| ||
Sec. 10-15. Interests, liens, and encumbrances; | ||
alternative assurances.
| ||
(a) Excluding any encumbrance placed against the | ||
purchaser's timeshare
interest
securing the purchaser's | ||
payment of purchase-money financing for such purchase,
the
| ||
developer shall not be entitled to the release of any funds |
escrowed under
subsection (c)
of Section 5-15 with respect to | ||
each timeshare interest and any other property
or rights to
| ||
property appurtenant to the timeshare interest, including any | ||
amenities
represented to the
purchaser as being part of the | ||
timeshare plan, until the developer has provided
satisfactory | ||
evidence to the Department Office of Banks and Real Estate of | ||
one of the
following:
| ||
(1) The timeshare interest together with any other
| ||
property or rights to property appurtenant to the timeshare | ||
interest, including
any amenities represented
to the
| ||
purchaser as being part of the timeshare plan, are free and | ||
clear of any of the
claims of the developer, any owner of | ||
the underlying fee, a mortgagee, judgment
creditor, or | ||
other lienor, or any other person having an interest in or | ||
lien or
encumbrance against the timeshare interest or | ||
appurtenant property or property
rights.
| ||
(2) The developer, any owner of the underlying fee, a | ||
mortgagee, judgment
creditor, or other lienor, or any other | ||
person having an interest in or lien or
encumbrance against | ||
the timeshare interest or appurtenant property or property
| ||
rights, including any amenities represented to the | ||
purchaser as being part of
the
timeshare plan, has recorded | ||
a subordination and notice to creditors document
in
the | ||
appropriate public records of the jurisdiction in which
the
| ||
timeshare interest is located. The subordination document | ||
shall expressly and
effectively provide that the interest |
holder's right, lien, or encumbrance
shall
not
adversely | ||
affect, and shall be subordinate to, the rights of the | ||
owners of the
timeshare interests in the timeshare plan | ||
regardless of the date of purchase,
from
and after the | ||
effective date of the subordination document.
| ||
(3) The developer, any owner of the underlying fee, a | ||
mortgagee, judgment
creditor, or other lienor, or any other | ||
person having an interest in or lien or
encumbrance against | ||
the timeshare interest or appurtenant property or property
| ||
rights, including any amenities represented to the | ||
purchaser as being part of
the
timeshare plan, has | ||
transferred the subject accommodations or amenities or all
| ||
use
rights therein to a nonprofit organization or owners' | ||
association to be held
for the
use and benefit of the | ||
owners of the timeshare plan, which entity shall act as
a
| ||
fiduciary to the purchasers, provided that the developer | ||
has transferred
control of such entity to the owners or | ||
does not exercise its voting rights in
such
entity with | ||
respect to the subject accommodations or amenities. Prior | ||
to the
transfer, any lien or other encumbrance against the | ||
accommodation or facility
shall be made subject to a | ||
subordination and notice to creditors instrument
pursuant | ||
to paragraph (2).
| ||
(4) Alternative arrangements have been made which are | ||
adequate to protect
the
rights of the purchasers of the | ||
timeshare interests and approved by the Department Office
|
of
Banks and Real Estate .
| ||
(b) Nothing in this Section shall prevent a developer from | ||
accessing any
escrow
funds
if the developer has complied with
| ||
subsection (c)
of Section 5-15.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/10-25)
| ||
Sec. 10-25. Liability; material misrepresentation ; | ||
promotions .
| ||
(a) A developer or other person offering a timeshare plan | ||
may not do any of
the
following:
| ||
(1) Misrepresent a fact material to a purchaser's | ||
decision to buy a
timeshare
interest.
| ||
(2) Predict specific or immediate increases in the | ||
value of a timeshare
interest
represented over a period of | ||
time, excluding bona fide pending price increases
by
the | ||
developer.
| ||
(3) Materially misrepresent the qualities or | ||
characteristics of
accommodations
or
the amenities | ||
available to the occupant of those accommodations.
| ||
(4) Misrepresent the length of time accommodations or | ||
amenities will be
available to the purchaser of a timeshare | ||
interest.
| ||
(5) Misrepresent the conditions under which a | ||
purchaser of a timeshare
interest
may exchange the right of | ||
his or her occupancy for the right to occupy other
|
accommodations.
| ||
(b) A developer or other person using a promotion in | ||
connection with the
offering
of a timeshare interest shall | ||
clearly disclose all of the following:
| ||
(1) That the purpose of the promotion is to sell | ||
timeshare interests,
which shall appear in bold face or | ||
other conspicuous type.
| ||
(2) That any person whose name or address is obtained | ||
during the promotion
may
be solicited to purchase a | ||
timeshare interest.
| ||
(3) The name of each developer or other person trying | ||
to sell a timeshare
interest
through the promotion, and the | ||
name of each person paying for the promotion.
| ||
(4) The complete rules of the promotion.
| ||
(5) The method of awarding prizes, gifts, vacations, | ||
discount vacations,
or
other
benefits under the promotion; | ||
a complete and fully detailed description,
including
| ||
approximate retail value, of all prizes, gifts, or benefits | ||
under the
promotion; the
quantity of each prize, gift, or | ||
benefit to be awarded or conferred; and the
date by
which | ||
each prize, gift, or benefit will be awarded or conferred.
| ||
(6) Any other disclosures provided by rule.
| ||
(c) If a person represents that a prize, gift, or benefit | ||
will be awarded in
connection with a promotion, the prize, | ||
gift, or benefit must be awarded or
conferred in
the manner | ||
represented, and on or before the date represented.
|
(d) A developer or other person using a promotion in | ||
connection with the offering of a timeshare interest shall | ||
provide the disclosures required by this Section in writing or | ||
electronically to the prospective purchaser at least once | ||
before the earlier of (1) a reasonable period before the | ||
scheduled sales presentation to ensure that the prospective | ||
purchaser receives the disclosures before leaving to attend the | ||
sales presentation or (2) the payment of any nonrefundable | ||
monies by the prospective purchaser in regard to the promotion. | ||
(e) A developer or other person using a promotion in | ||
connection with the offering of a timeshare interest is not | ||
required to provide the disclosures required by this Section in | ||
every advertisement or other written, oral, or electronic | ||
communication provided or made to a prospective purchaser. | ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/10-30)
| ||
Sec. 10-30. Records. The managing entity shall keep | ||
detailed financial
records directly related to the operation of | ||
the association. All financial
and other records
shall be made | ||
reasonably available for examination by any purchaser, or the
| ||
authorized
agent of the purchaser, and the Department Office of | ||
Banks and Real Estate . For purposes
of this
Section, the books | ||
and records of the timeshare plan shall be considered
| ||
"reasonably
available" if copies of the requested portions are | ||
delivered to the purchaser
or the
purchaser's agent or the |
Department Office of Banks and Real Estate within 7 days of the
| ||
date the
managing entity receives a written request for the | ||
records signed by the
purchaser or the Department
Office of | ||
Banks and Real Estate . The managing entity may charge the | ||
purchaser
a
reasonable fee for copying the requested | ||
information.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/10-45 new) | ||
Sec. 10-45. Managing entity lien created. | ||
(a) A managing entity has a lien on a timeshare interest | ||
for any of the following respectively levied or imposed against | ||
a timeshare interest: | ||
(1) Assessments, which for purposes of this Act unless | ||
the timeshare instrument provides otherwise, shall include | ||
fees, charges, late charges, fines, collection costs, and | ||
interest charged in accordance with the timeshare | ||
instrument; | ||
(2) Reasonable collection and attorneys fees and costs | ||
the managing entity incurs to collect assessments; and | ||
(3) Taxes, interest, penalties, late payment fees or | ||
fines in accordance with applicable law or the timeshare | ||
instrument. | ||
(b) Managing entity liens pursuant to this Section are | ||
created and attached when the charges described in Section | ||
10-45(a) become due. If such amounts are payable in |
installments, the full amount of such charges is a managing | ||
entity lien from the time that the first installment thereof | ||
becomes due. | ||
(c) Managing entity liens pursuant to this Section are | ||
perfected on the date that the managing entity: | ||
(1) In the case of a timeshare estate, records a notice | ||
of lien against the timeshare estate in the office of the | ||
recorder in the county where the timeshare estate is | ||
located, which notice of lien must identify each of the | ||
following: | ||
(A) The name of the timeshare estate owner; | ||
(B) The name and address of the managing entity; | ||
(C) The description of the timeshare estate in the | ||
same manner required for recording a mortgage against a | ||
timeshare estate; and | ||
(D) The amount of the debt secured by the managing | ||
entity lien. | ||
(2) In the case of a timeshare use, files a notice of | ||
lien against the timeshare use in the filing office of the | ||
Illinois Secretary of State pursuant to Article 9 of the | ||
Uniform Commercial Code, which notice of lien, in addition | ||
to any other filing requirements imposed by Article 9 of | ||
the Uniform Commercial Code, must identify each of the | ||
following: | ||
(A) The name of the timeshare use owner as the | ||
debtor; |
(B) The name of the managing entity as the secured | ||
party; | ||
(C) The address of the managing entity; | ||
(D) The timeshare use as the collateral; and | ||
(E) The amount of the debt secured by the managing | ||
entity lien. | ||
(d) The managing entity must send a copy of the recorded or | ||
filed notice of lien on the timeshare interest, as the case may | ||
be, to the last known address of the timeshare interest owner. | ||
(e) A managing entity lien against a timeshare estate, at | ||
the managing entity's option, may (1) be foreclosed as provided | ||
in Section 10-50 or (2) be foreclosed in the same manner as a | ||
mortgage pursuant to the Illinois Mortgage Foreclosure Law. | ||
(f) A managing entity lien against a timeshare use, at the | ||
managing entity's option, may (1) be foreclosed as provided in | ||
Section 10-55 or (2) be enforced in the same manner as a | ||
security interest pursuant to Article 9 of the Uniform | ||
Commercial Code. | ||
(765 ILCS 101/10-50 new) | ||
Sec. 10-50. Nonjudicial foreclosure against timeshare | ||
estates. | ||
(a) Notwithstanding anything in the Illinois Mortgage | ||
Foreclosure Law or other applicable law to the contrary: | ||
(1) The holder of a mortgage against a timeshare estate | ||
may foreclose or otherwise enforce a security interest |
pursuant to this Section 10-50; and | ||
(2) The holder of a managing entity lien against a | ||
timeshare estate may foreclose such managing entity lien | ||
pursuant to this Section 10-50. | ||
(b) Upon default, and after all applicable cure periods | ||
identified in the mortgage (if such default is under a | ||
mortgage) or the timeshare instrument (if default is under a | ||
managing entity lien) have expired, the holder of the mortgage | ||
or managing entity lien must: | ||
(1) Provide written notice of the default to the | ||
timeshare estate owner at the last known address of the | ||
timeshare estate owner by (A) certified mail, return | ||
receipt requested and (B) first-class mail. | ||
(2) Provide the timeshare estate owner an additional | ||
opportunity to cure for a period of at least 30 days | ||
following the later date of the mailing of the notices | ||
pursuant to Sections 10-50(b)(1)(A) and 10-50(b)(1)(B). | ||
(c) If, the timeshare estate owner does not cure the | ||
default before the expiration of the additional cure period | ||
granted pursuant to Section 10-50(b)(2), the holder of the | ||
mortgage or managing entity lien may foreclose the mortgage or | ||
managing entity lien by conducting a public auction that | ||
complies with the following requirements: | ||
(1) The holder of the mortgage or managing entity lien | ||
must provide notice of the public auction as follows: | ||
(A) By publishing notice of the public auction in |
at least each of 3 successive weeks in a newspaper, | ||
whether printed or electronic, of general circulation | ||
in the county where the timeshare estate is located. | ||
The first notice must be published no more than 30 days | ||
before the date of the public auction, which 30-day | ||
period shall be calculated by excluding the date of | ||
publication of the first notice and the date of the | ||
public auction. | ||
(B) By sending written notice identifying the | ||
time, date, and place of the public auction to the last | ||
known address of the owner of record of the timeshare | ||
estate at least 30 days before the date of the public | ||
auction by (i) certified mail, return receipt | ||
requested and (ii) first-class mail. | ||
(C) By sending notice identifying the time, date, | ||
and place of the public auction to all persons known to | ||
have a lien against the timeshare estate at least 30 | ||
days before the date of the public auction by certified | ||
mail, return receipt requested. | ||
(2) The notices given pursuant to Section 10-50(c)(1) | ||
must also contain: | ||
(A) The name of the timeshare estate owner; | ||
(B) A general description of the timeshare estate; | ||
and | ||
(C) The terms of the public auction. | ||
(3) If more than one timeshare estate is to be included |
in the public auction, all such timeshare estates may be | ||
combined into one notice of public auction. | ||
(4) The public notice required by Section | ||
10-50(c)(1)(A) for foreclosing a mortgage against a | ||
timeshare estate must be printed in substantially the | ||
following form: | ||
NOTICE OF SALE OF TIMESHARE ESTATE OR ESTATES UNDER SECTION | ||
10-50 OF THE ILLINOIS REAL ESTATE TIMESHARE ACT OF 1999 | ||
By virtue of 765 ILCS 101/10-50 and in execution of a certain | ||
mortgage (or mortgages, if more than one) on the timeshare | ||
estate (or estates, if more than one) given by the owner of the | ||
timeshare estate (or owners, if more than one) set forth below | ||
for breach of the conditions of said mortgage (or mortgages, if | ||
more than one) and for the purpose of foreclosing, the same | ||
will be sold at public auction starting at........... | ||
on............ 20.. at........, Illinois, being all and | ||
singular the premises described in said mortgage (or mortgages, | ||
if more than one). (For each mortgage, list the name and | ||
address of the timeshare estate owner, a general description of | ||
the timeshare estate, and the book and page number of the | ||
mortgage.) | ||
TERMS OF SALE: (State the deposit amount to be paid by the | ||
purchaser at the time and place of the sale and the times for |
payment of the balance or the whole, as the case may be. The | ||
timeshare estates, if more than one, must be sold in individual | ||
lots unless there are no individual bidders, in which case, | ||
they may be sold as a group.) | ||
Other terms may be announced at the public auction. | ||
Signed................................. | ||
Holder of mortgage or authorized agent. | ||
(5) The public notice required by Section | ||
10-50(c)(1)(A) for foreclosing a managing entity lien | ||
against a timeshare estate must be printed in substantially | ||
the following form: | ||
NOTICE OF SALE OF TIMESHARE ESTATE OR ESTATES UNDER SECTION | ||
10-50 OF THE ILLINOIS REAL ESTATE TIMESHARE ACT OF 1999 | ||
By virtue of the timeshare instrument of the | ||
................... (name and address of timeshare property) | ||
and 765 ILCS 101/10-45 establishing a managing entity lien for | ||
failure to pay assessments and other costs on the timeshare | ||
estate (or estates, if more than one) held by the owner of the | ||
timeshare estate (or owners, if more than one) listed below, | ||
the timeshare estate (or estates, if more than one) and for the | ||
purpose of foreclosing, the same will be sold at public auction |
starting at ......... on ........ 20.. at ............., | ||
Illinois. (For each timeshare estate, list the name and address | ||
of the timeshare estate owner, a general description of the | ||
timeshare estate, and the book and page number of the deed.) | ||
TERMS OF SALE: (State the deposit amount to be paid by the | ||
purchaser at the time and place of the sale and the times for | ||
payment of the balance or the whole, as the case may be. The | ||
timeshare estates, if more than one, must be sold in individual | ||
lots unless there are no individual bidders, in which case, | ||
they may be sold as a group.) | ||
Other terms may be announced at the public auction. | ||
Signed ................................ | ||
Managing entity lienholder or authorized agent. | ||
(6) Publishing and sending notices in compliance with | ||
this Section 10-50(c) constitutes sufficient public notice | ||
of the public auction. | ||
(d) Public auctions pursuant to this Section 10-50 must be | ||
conducted as follows: | ||
(1) The public auction must take place within the | ||
county where the timeshare estate is located. | ||
(2) The public auction must be open to the general |
public and conducted by an auctioneer licensed pursuant to | ||
the Auction License Act. | ||
(3) Notwithstanding anything in the Auction License | ||
Act to the contrary, the auctioneer, in his or her | ||
discretion, may waive the reading of the names of the | ||
timeshare estate owners, if more than one, the description | ||
of the timeshare estates, if more than one, and the | ||
recording information of the applicable mortgages or | ||
managing entity liens (as the case may be), if more than | ||
one. | ||
(4) All rights of redemption of the timeshare estate | ||
owner are extinguished upon sale of a timeshare estate at | ||
the public auction. | ||
(5) The holder of the mortgage or managing entity lien, | ||
the developer, the managing entity, and the timeshare | ||
estate owner are not precluded from bidding at the public | ||
auction. | ||
(6) The successful purchaser at the public auction is | ||
not required to complete the purchase of the timeshare | ||
estate if the timeshare estate, at the time the auctioneer | ||
accepts the successful bid, is subject to liens or other | ||
encumbrances, other than those identified in the notice of | ||
public auction and those identified at the auction before | ||
the auctioneer opens bidding on the applicable timeshare | ||
estate. | ||
(7) The purchaser at the public auction takes title to |
the timeshare estate free and clear of any outstanding | ||
assessments owed by the prior timeshare estate owner to the | ||
managing entity. | ||
(e) Upon the sale of a timeshare estate pursuant to this | ||
Section 10-50, the holder of the mortgage or managing entity | ||
lien must provide the purchaser with (1) a foreclosure deed or | ||
other appropriate instrument transferring the mortgage | ||
holder's or managing entity's interest in the timeshare estate | ||
and (2) an affidavit affirming that all requirements of the | ||
foreclosure pursuant to this Section 10-50 have been satisfied. | ||
(f) The timeshare estate is considered sold, and the deed | ||
or other instrument transferring the timeshare estate must | ||
transfer the timeshare estate, subject to municipal or other | ||
taxes and any liens or encumbrances recorded before the | ||
recording of the mortgage or the managing entity lien | ||
foreclosed pursuant to this Section 10-50 (as the case may be), | ||
but not including such managing entity lien. | ||
(g) The purchaser of a timeshare estate at a public auction | ||
pursuant to this Section 10-50 must record the foreclosure deed | ||
or other instrument with the appropriate recorder of deeds | ||
within 30 days after the date the foreclosing mortgage holder | ||
or managing entity (as the case may be) delivers the | ||
foreclosure deed or other instrument to the purchaser. | ||
(h) If the holder of a mortgage or managing entity lien | ||
conducts a nonjudicial foreclosure pursuant to this Section | ||
10-50, the holder of the mortgage or managing entity lien |
forfeits its right to pursue a claim for any deficiency in the | ||
payment of the obligations of the timeshare estate owner | ||
resulting from the application of the proceeds of the sale to | ||
such obligations. | ||
(i) For purposes of this Section 10-50, obligations to pay | ||
assessments secured by a lien established pursuant to a | ||
timeshare instrument before the effective date of this | ||
amendatory Act of the 96th General Assembly are considered | ||
managing entity liens. | ||
(j) This Section 10-50 applies to the foreclosure of | ||
mortgages and liens considered to be managing entity liens that | ||
arose before or after the effective date of this amendatory Act | ||
of the 96th General Assembly. | ||
(765 ILCS 101/10-55 new) | ||
Sec. 10-55. Foreclosure of lien or security interest on a | ||
timeshare use. | ||
(a) Notwithstanding anything in the Illinois Mortgage | ||
Foreclosure Law or the Uniform Commercial Code to the contrary, | ||
the holder of a managing entity lien on a timeshare use created | ||
by Section 10-45, in the case of the failure to pay assessments | ||
when due, or a security interest against a timeshare use, in | ||
the case of a breach of the security agreement, may do either | ||
of the following: | ||
(1) Enforce the security interest pursuant to Part 6 of | ||
Article 9 of the Uniform Commercial Code, including |
(without limitation) accepting the timeshare use in full or | ||
partial satisfaction of the timeshare use owner's | ||
obligation pursuant to Section 9-620 of the Uniform | ||
Commercial Code; or | ||
(2) Nonjudicially foreclose in the same manner as | ||
authorized by Section 10-50 for holders of a mortgage or | ||
managing entity lien against a timeshare estate. | ||
(b) All rights of redemption of a timeshare use owner are | ||
extinguished upon sale of a timeshare use as authorized by | ||
Section 10-55(a). | ||
(c) The holder of the security interest or managing entity | ||
lien, the developer, the managing entity and the timeshare use | ||
owner are not precluded from bidding at the sale of the | ||
timeshare use pursuant to this Section 10-55 and may enter into | ||
agreements for the purchase of one or more timeshare uses | ||
following the completion of the sale proceedings. | ||
(d) The purchaser at the public auction takes title to the | ||
timeshare use free and clear of any outstanding assessments | ||
owed by the prior timeshare use owner to the managing entity.
| ||
(765 ILCS 101/15-5)
| ||
Sec. 15-5. Investigation. The Department Office of Banks | ||
and Real Estate may
investigate the actions or qualifications | ||
of any person or persons holding or
claiming to hold a | ||
certificate of registration under this Act. Such a person
is
| ||
referred to as "the respondent" in this Article.
|
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-10)
| ||
Sec. 15-10.
Disciplinary hearings; record; appointment of | ||
administrative
law judge.
| ||
(a) The Department Office of Banks and Real Estate has the | ||
authority to conduct hearings
before an administrative law | ||
judge on proceedings to revoke, suspend, place on
probation, | ||
reprimand, or refuse to issue or renew registrants registered | ||
under
this
Act, or to impose a civil penalty not to exceed | ||
$25,000 upon any registrant
registered under this Act.
| ||
(b) The Department Office of Banks and Real Estate , at its | ||
expense, shall preserve a
record
of all proceedings at the | ||
formal hearing of any case involving the refusal to
issue
or | ||
the revocation, suspension, or other discipline of a | ||
registrant. The
notice of
hearing, complaint, and all other | ||
documents in the nature of pleadings and
written
motions filed | ||
in the proceedings, the transcript of testimony, the report of
| ||
the
Board, and the orders of the Department Office of Banks and | ||
Real Estate shall be the
record of
proceeding. At all hearings | ||
or prehearing conferences, the Department Office of Banks and
| ||
Real Estate and the respondent shall be entitled to have a | ||
court reporter in
attendance for purposes of transcribing the | ||
proceeding or prehearing
conference.
| ||
(c) The Secretary Commissioner has the authority to appoint | ||
any attorney duly
licensed
to practice law in the State of |
Illinois to serve as an administrative law
judge in
any action | ||
for refusal to issue or renew a certificate of registration or | ||
to
discipline
a registrant or person holding a certificate of | ||
registration. The
administrative law
judge has full authority | ||
to conduct the hearing. The administrative law judge
shall
| ||
report his or her findings and recommendations to the Secretary | ||
Commissioner . If the Secretary
Commissioner disagrees with the | ||
recommendation of the administrative law
judge, the Secretary | ||
Commissioner may issue an order in contravention of the
| ||
recommendation.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-15)
| ||
Sec. 15-15. Notice of proposed disciplinary action; | ||
hearing.
| ||
(a) Before taking any disciplinary action with regard to | ||
any registrant,
the
Department Office of Banks and Real Estate | ||
shall:
| ||
(1) notify the respondent in writing, at least 30 | ||
calendar days prior to
the
date
set for the hearing, of any | ||
charges made, the time and place for the hearing of
the
| ||
charges, and that testimony at the hearing will be heard | ||
under oath; and
| ||
(2) inform the respondent that upon failure to file an | ||
answer and request
a
hearing before the date originally set | ||
for the hearing, default will be taken
against
the |
respondent and the respondent's registration may be | ||
suspended or revoked,
or the respondent may be
otherwise | ||
disciplined, as the Department Office of Banks and Real | ||
Estate may deem
proper.
| ||
(b) If the respondent fails to file an answer after | ||
receiving notice, the
respondent's registration may, in the | ||
discretion of the Department Office of Banks and
Real
Estate , | ||
be revoked or suspended, or the respondent may be
otherwise
| ||
disciplined as deemed proper,
without
a hearing, if the act or | ||
acts charged constitute sufficient grounds for that
action
| ||
under this Act.
| ||
(c) At the time and place fixed in the notice, the | ||
Department Office of Banks and Real
Estate shall proceed to | ||
hearing of the charges. Both the respondent and the
complainant | ||
shall be accorded ample opportunity to present in person, or by
| ||
counsel, statements, testimony, evidence, and argument that | ||
may be pertinent to
the charges or any defense to the charges.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-20)
| ||
Sec. 15-20. Disciplinary consent orders. Notwithstanding | ||
any other
provisions of this Act concerning
the conduct of | ||
hearings and recommendations for disciplinary actions, the
| ||
Department Office
of Banks and Real Estate has the authority to | ||
negotiate agreements with
registrants
and applicants resulting | ||
in disciplinary consent orders. Any such consent
order
may |
provide for any form of discipline provided for in the Act. Any | ||
such
consent
order shall provide that it is not entered into as | ||
a result of any coercion by
the Department
Office of Banks and | ||
Real Estate . Any such consent order shall be accepted by
| ||
signature or rejected by the Secretary Commissioner in a timely | ||
manner.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-25)
| ||
Sec. 15-25. Disciplinary action; civil penalty. The | ||
Department Office
of
Banks and Real Estate may refuse to issue | ||
or renew any registration, or revoke
or suspend
any | ||
registration or
place on probation or administrative | ||
supervision, or reprimand any
registrant, or impose a civil | ||
penalty not to exceed $25,000, for any one or
any
combination | ||
of the following causes:
| ||
(1) A registrant's disregard or violation of any | ||
provision of this Act or
of
the
rules adopted by the | ||
Department Office of Banks and Real Estate to enforce this | ||
Act.
| ||
(2) A conviction of the registrant or any principal of | ||
the registrant of
(i) a
felony under the laws of any U.S. | ||
jurisdiction, (ii) a misdemeanor under the
laws
of any U.S. | ||
jurisdiction if an essential element of the offense is | ||
dishonesty,
or (iii)
a crime under the laws of any U.S. | ||
jurisdiction if the crime relates directly
to the
practice |
of the profession regulated by this Act.
| ||
(3) A registrant's making any misrepresentation for | ||
the purpose of
obtaining a
registration or certificate of | ||
registration.
| ||
(4) A registrant's discipline by another U.S. | ||
jurisdiction, state agency,
or
foreign nation regarding | ||
the practice of the profession regulated by this Act,
if at
| ||
least one of the grounds for the discipline is the same as | ||
or substantially
equivalent to one of those set forth in | ||
this Act.
| ||
(5) A finding by the Department Office of Banks and | ||
Real Estate that the registrant,
after
having his or her | ||
registration placed on probationary status, has violated | ||
the
terms
of probation.
| ||
(6) A registrant's practicing or attempting to | ||
practice under a name other
than the name as shown on his | ||
or her registration or any other legally
authorized
name.
| ||
(7) A registrant's failure to file a return, or to pay | ||
the tax, penalty, or
interest
shown in a filed return, or | ||
to pay any final assessment of tax, penalty, or
interest,
| ||
as required by any tax Act administered by the Illinois | ||
Department of Revenue,
until the requirements of any such | ||
tax Act are satisfied.
| ||
(8) A registrant's engaging in dishonorable, | ||
unethical, or unprofessional
conduct of a character likely | ||
to deceive, defraud, or harm the public.
|
(9) A registrant's aiding or abetting another person or | ||
persons in
disregarding
or violating any provision of this | ||
Act or of the rules adopted by the Department Office of
| ||
Banks and Real Estate to enforce this Act.
| ||
(10) Any representation in any document or information | ||
filed with the
Department Office
of Banks and Real Estate | ||
which is false or misleading.
| ||
(11) A registrant's disseminating or causing to be | ||
disseminated any false
or
misleading promotional materials | ||
or advertisements in connection with a
timeshare plan.
| ||
(12) A registrant's concealing, diverting, or | ||
disposing of any funds or
assets
of
any person in a manner | ||
that impairs the rights of purchasers of timeshare
| ||
interests in the timeshare plan.
| ||
(13) A registrant's failure to perform any stipulation | ||
or agreement made to
induce the Department Office of Banks | ||
and Real Estate to issue an order relating to the
timeshare | ||
plan.
| ||
(14) A registrant's engaging in any act that | ||
constitutes a violation of
Section
3-102, 3-103, 3-104, or | ||
3-105 of the Illinois Human Rights Act.
| ||
(15) A registrant's failure to provide information | ||
requested in writing by
the Department
Office of Banks and | ||
Real Estate , within 30 days of the request, either as the
| ||
result
of a formal or informal complaint to the Department | ||
Office of Banks and Real Estate or as
a
result of a random |
audit conducted by the Department Office of Banks and Real | ||
Estate ,
which
would indicate a violation of this Act.
| ||
(16) A registrant's failure to account for or remit any | ||
escrow funds coming
into
his or her possession which | ||
belonged to others.
| ||
(17) A registrant's failure to make available to | ||
Department Office of Banks and Real
Estate
personnel during | ||
normal business hours all escrow records and related | ||
documents
maintained in connection therewith, within 24 | ||
hours after a request from the Department
Office
of Banks | ||
and Real Estate personnel.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-30)
| ||
Sec. 15-30. Subpoenas; attendance of witnesses; oaths.
| ||
(a) The Department Office of Banks and Real Estate has the | ||
power to issue subpoenas ad
testificandum and to bring before | ||
it any persons, and to take testimony either
orally or by | ||
deposition, or both, with the same fees and mileage and in the
| ||
same
manner as prescribed in civil cases in the courts of this | ||
State. The Department Office of
Banks
and Real Estate has the | ||
power to issue subpoenas duces tecum and to bring
before
it any | ||
documents, papers, files, books, and records, with the same | ||
costs and in
the
same manner as prescribed in civil cases in | ||
the courts of this State.
| ||
(b) Upon application of the Department Office of Banks and |
Real Estate or its designee
or
of the applicant, registrant, or | ||
person holding a certificate of registration
against
whom | ||
proceedings under this Act are pending, any circuit court may | ||
enter an
order compelling the enforcement of any subpoena | ||
issued by the Department Office of Banks
and Real Estate in | ||
connection with any hearing or investigation.
| ||
(c) The Secretary Commissioner and the designated | ||
administrative law judge have power
to administer oaths to | ||
witnesses at any hearing that the Department Office of Banks | ||
and
Real
Estate is authorized to conduct and any other oaths | ||
authorized in any Act
administered by the Department Office of | ||
Banks and Real Estate .
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-35)
| ||
Sec. 15-35.
Administrative law judge's findings of fact, | ||
conclusions of
law,
and recommendations. At the conclusion of | ||
the hearing, the administrative law
judge shall present to the | ||
Secretary Commissioner a written report of the administrative
| ||
law
judge's findings of fact, conclusions of law, and | ||
recommendations regarding
discipline or a civil penalty. The | ||
report shall contain a finding of whether
or not the respondent
| ||
violated this Act or failed to comply with conditions
required
| ||
in this Act. The administrative law judge shall specify the | ||
nature of the
violation
or failure to comply.
| ||
If the Secretary Commissioner disagrees in any regard with |
the report of the
administrative law judge, the Secretary | ||
Commissioner may issue an order in contravention
of the report. | ||
The Secretary Commissioner shall provide a written report to | ||
the
administrative law judge on any deviation and shall specify | ||
with particularity
the
reasons for that action in the final | ||
order.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-40)
| ||
Sec. 15-40. Rehearing. After any hearing involving | ||
disciplinary action
against a
registrant, a copy of the | ||
administrative law judge's report shall be served on
the
| ||
respondent by the Department Office of Banks and Real Estate , | ||
either personally or as
provided in this Act for the service of | ||
the notice of hearing. Within 20
calendar
days after the | ||
service, the respondent may present to the Department Office of | ||
Banks and
Real
Estate a motion in writing for a rehearing. The | ||
motion shall specify the
particular grounds for rehearing.
If | ||
the respondent orders a transcript of the record from the | ||
reporting service
and pays for it within the time for filing a | ||
motion for rehearing, the 20
calendar
day period within which a | ||
motion for rehearing may be filed shall commence upon
the | ||
delivery of the transcript to the respondent.
| ||
If no motion for rehearing is filed, then upon the | ||
expiration of the time
specified for filing a motion, or if a | ||
motion for rehearing is denied, then
upon
denial, the Secretary |
Commissioner may enter an order in accordance with the
| ||
recommendations of the administrative law judge, except as | ||
otherwise provided
in this Article.
Whenever the Secretary | ||
Commissioner is not satisfied that substantial justice has been
| ||
done in the hearing or in the administrative law judge's | ||
report,
the Secretary Commissioner
may order a rehearing by the | ||
same or some other duly qualified administrative
law judge.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-45)
| ||
Sec. 15-45. Order or certified copy. An order or a | ||
certified copy of
an
order, over the seal of the Department | ||
Office of Banks and Real Estate and purporting to
be
signed by | ||
the Secretary Commissioner , shall be prima facie proof of the | ||
following:
| ||
(1) That the signature is the genuine signature of the | ||
Secretary Commissioner .
| ||
(2) That the Secretary Commissioner is duly appointed | ||
and qualified.
| ||
(3) That the administrative law judge is duly appointed | ||
and qualified.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-50)
| ||
Sec. 15-50. Restoration of certificate of registration. At | ||
any time
after the
suspension or revocation of any certificate |
of registration, the Department Office of
Banks and
Real Estate | ||
may restore the certificate of registration to the respondent
| ||
upon
the written recommendation of the Secretary Commissioner , | ||
unless after an
investigation and a hearing the Secretary | ||
Commissioner determines that
restoration is not in the public | ||
interest.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-55)
| ||
Sec. 15-55. Surrender of certificate of registration. Upon | ||
the
revocation or
suspension of a certificate of registration, | ||
the registrant shall immediately
surrender the certificate of | ||
registration to the Department Office of Banks and Real
Estate . | ||
If
the registrant fails to do so, the Department Office of | ||
Banks and Real Estate has the
right to
seize the certificate of | ||
registration.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-60)
| ||
Sec. 15-60. Administrative Review Law. All final | ||
administrative
decisions
of the Department Office of Banks and | ||
Real Estate under this Act are subject to judicial
review
under | ||
the Administrative Review Law and the rules implementing that | ||
Law. The
term "administrative decision" is defined as in | ||
Section 3-101 of the Code of
Civil
Procedure.
Proceedings for | ||
judicial review shall be commenced in the circuit court of the
|
county in which the party applying for review resides, but if | ||
the party
is not a
resident of this State, the venue shall be | ||
in Cook or Sangamon County.
| ||
Pending the court's final decision on administrative | ||
review, the acts,
orders,
sanctions, and rulings of the | ||
Department Office of Banks and Real Estate regarding any
| ||
registration shall remain in full force and effect unless | ||
modified or stayed
by
court order pending a final judicial | ||
decision.
| ||
The Department Office of Banks and Real
Estate
shall not be | ||
required to certify any record to the court or file any answer
| ||
in court
or otherwise appear in any court in a judicial review | ||
proceeding unless
there is
filed in the court, with the | ||
complaint, a receipt from the Department Office of Banks and
| ||
Real
Estate acknowledging payment of the costs of furnishing | ||
and certifying the
record.
Failure on the part of the plaintiff | ||
to file a receipt in the court is grounds
for
dismissal of the | ||
action.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-65)
| ||
Sec. 15-65. Public interest, safety, or welfare; summary | ||
suspension. The Secretary
Commissioner may temporarily
suspend | ||
any registration pursuant to this Act, without hearing, | ||
simultaneously
with the institution of proceedings for a | ||
hearing provided for in this Section,
if the
Secretary |
Commissioner finds that the evidence indicates that the public | ||
interest,
safety, or
welfare imperatively requires emergency | ||
action. If the Secretary Commissioner
temporarily
suspends any | ||
registration without a hearing, a hearing must be held within | ||
30
calendar days after the suspension. The person whose | ||
registration is suspended
may seek a continuance of the | ||
hearing, during which the suspension shall remain
in effect. | ||
The proceeding shall be concluded without appreciable delay.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/15-70)
| ||
Sec. 15-70. Non-registered practice; civil penalty; | ||
injunction.
| ||
(a) Any person who practices, offers to practice, attempts | ||
to practice, or
holds
himself or herself out to practice as a | ||
registrant under this Act without being
registered under this | ||
Act shall, in addition to any other penalty provided by
law,
| ||
pay a civil penalty to the Department Office of Banks and Real | ||
Estate in an amount not to
exceed $25,000 for each offense as | ||
determined by the Department Office of Banks and Real
Estate . | ||
The civil penalty shall be assessed by the Department Office of | ||
Banks and Real
Estate
after a hearing is held in accordance | ||
with the provisions set forth in this Act
regarding the | ||
provision of a hearing for the discipline of a registrant.
| ||
(b) The Department Office of Banks and Real Estate has the | ||
authority and power to
investigate any and all non-registered |
activity.
| ||
(c) A civil penalty imposed under subsection (a) shall be | ||
paid within 60
days after the effective date
of
the
order | ||
imposing the civil penalty. The order shall constitute a | ||
judgment and
may
be filed, and execution may be had thereon, in | ||
the same manner as any judgment
from any
court of record.
| ||
(d) Engaging in timeshare practices
in Illinois by any | ||
entity not holding a valid and current
certificate of
| ||
registration
under
this Act is declared to be inimical to the | ||
public welfare, to constitute a
public
nuisance, and to cause | ||
irreparable harm to the public welfare. The Secretary
| ||
Commissioner ,
the Attorney General, the State's Attorney of any | ||
county in the State, or any
person may maintain an action in | ||
the name of the People of the State of
Illinois,
and may apply | ||
for injunctive relief in any circuit court to enjoin such | ||
entity
from
engaging in such practice. Upon the filing of a | ||
verified petition in the
court, the
court, if satisfied by | ||
affidavit or otherwise that such entity has been engaged
in
| ||
such practice without a valid and current
certificate of
| ||
registration, may enter a temporary
restraining order without | ||
notice or bond, enjoining the defendant from such
further
| ||
practice. Only the showing of nonregistration, by affidavit or | ||
otherwise, is
necessary in order for a temporary injunction to | ||
issue. A copy of the verified
complaint shall be served upon | ||
the defendant and the proceedings shall
thereafter
be conducted | ||
as in other civil cases except as modified by this Section. If |
it
is
established that the defendant has been or is engaged in | ||
such unlawful
practice,
the court may enter an order or | ||
judgment perpetually enjoining the defendant
from
further | ||
practice. In all proceedings hereunder, the court, in its | ||
discretion,
may
apportion the costs among the parties | ||
interested in the action, including cost
of
filing the | ||
complaint, service of process, witness fees and expenses, court
| ||
reporter
charges and reasonable attorneys' fees. In the case of | ||
a violation of any
injunctive
order entered under the | ||
provisions of this Section, the court may summarily try
and | ||
punish the offender for contempt of court. Proceedings for an | ||
injunction
under this Section shall be in addition to, and not | ||
in lieu of, all penalties
and other
remedies provided in this | ||
Act.
| ||
(Source: P.A. 91-585, eff. 1-1-00 .)
| ||
(765 ILCS 101/15-80)
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Sec. 15-80. Cease and desist orders. The Department Office | ||
of Banks and Real
Estate
may issue a cease and desist order to | ||
any person who engages in any activity
prohibited by this Act. | ||
Any person in violation of a cease and desist order
entered
by | ||
the Department Office of Banks and Real Estate is subject to | ||
all of the remedies
provided
by law.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/20-5)
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Sec. 20-5. Administration of Act. The Department Office of | ||
Banks and Real Estate
shall exercise the powers and duties | ||
prescribed by the Civil Administrative
Code
of Illinois and | ||
shall exercise other powers and duties necessary for
| ||
effectuating the
purposes of this Act. The Department Office of | ||
Banks and Real Estate may contract with
third
parties for | ||
services necessary for the proper administration of this Act. | ||
The Department
Office
of Banks and Real Estate has the | ||
authority to establish public policies and
procedures | ||
necessary for the administration of this Act.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/20-10)
| ||
Sec. 20-10. Administrative rules. The Department Office of | ||
Banks and Real Estate
shall adopt rules for the implementation | ||
and enforcement of this Act.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/20-15)
| ||
Sec. 20-15. Real Estate License Administration Fund.
| ||
All fees collected for registration and for civil penalties | ||
pursuant to this
Act and administrative rules adopted under | ||
this Act shall be deposited into
the Real Estate License | ||
Administration Fund. The moneys deposited in the Real
Estate | ||
License Administration Fund shall be appropriated to the | ||
Department Office of Banks
and Real Estate for expenses for the |
administration and enforcement of this
Act.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/20-20)
| ||
Sec. 20-20. Forms. The Department Office of Banks and Real | ||
Estate may prescribe
forms
and procedures for submitting | ||
information to the Department Office of Banks and Real
Estate .
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
| ||
(765 ILCS 101/20-25)
| ||
Sec. 20-25. Site inspections. The Department Office of | ||
Banks and Real Estate shall
thoroughly investigate all matters | ||
relating to an application for registration
under this Act and | ||
may
require a personal inspection of any developer, timeshare | ||
plan, accommodation,
exchange company, or resale company and | ||
any offices where any of the foregoing
may transact
business. | ||
All reasonable expenses incurred by the Department Office of | ||
Banks and Real
Estate in
investigating such matters shall be | ||
borne by the registrant, and the registrant
shall
reimburse the | ||
Department Office of Banks and Real Estate for those expenses | ||
within 30
calendar days of receipt of notice of
the expenses | ||
from the Department Office . The Department
Office of Banks and | ||
Real Estate may require a deposit sufficient to cover the
| ||
expenses
prior to incurring the expenses.
| ||
(Source: P.A. 91-585, eff. 1-1-00.)
|
(765 ILCS 101/5-35 rep.)
| ||
Section 10. The Real Estate Timeshare Act of 1999 is | ||
amended by repealing Section 5-35. | ||
Section 97. Severability. The provisions of this Act are | ||
severable under Section 1.31 of the Statute on Statutes.
| ||
Section 99. Effective date. This Act takes effect upon | ||
becoming law.
|