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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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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 |
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| by changing Sections 1-15, 5-40, 5-45, 5-60, and 10-25 as |
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| follows:
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| (765 ILCS 101/1-15)
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| Sec. 1-15. Definitions. In this Act, unless the context |
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| otherwise
requires:
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| "Accommodation" means any apartment, condominium or |
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| cooperative unit,
cabin, lodge, hotel or motel room, or other |
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| private or commercial structure
containing
toilet facilities |
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| therein that is designed and available, pursuant to
applicable |
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| law, for use
and occupancy as a residence by one or more |
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| individuals, or any unit or berth
on a
commercial cruise line |
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| ship, which is included in the offering of a timeshare
plan.
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| "Acquisition agent" means a person who, directly or through |
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| the person's
employees,
agents, or independent contractors, |
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| induces or attempts to induce by means of a
promotion or an |
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| advertisement any
individual located
within the State of |
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| Illinois to attend a sales presentation for a timeshare
plan.
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| "Advertisement" means any written, oral, or electronic |
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| communication that is
directed to or targeted to persons within |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| the State of Illinois and contains a
promotion,
inducement, or |
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| offer to sell a timeshare plan, including but not limited to
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| brochures,
pamphlets, radio and television scripts, electronic |
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| media, telephone and
direct mail
solicitations, and other means |
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| of promotion.
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| "Association" means the organized body consisting of the |
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| purchasers of
interests
in a timeshare plan.
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| "Assessment" means the share of funds required for the |
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| payment of common
expenses which is assessed from time to time |
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| against each purchaser by the
managing
entity.
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| "Commissioner" means the Commissioner of Banks and Real |
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| Estate,
or a natural person authorized by the Commissioner, the |
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| Office of Banks and
Real Estate
Act, or this Act to act in the |
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| Commissioner's stead.
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| "Component site" means a specific geographic location |
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| where accommodations
which are part of a multi-site timeshare |
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| plan are located. Separate phases of
a
single
timeshare |
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| property in a specific geographic location and under common
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| management
shall be deemed a single component site.
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| "Developer" means and includes any person or entity, other |
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| than a sales
agent,
acquisition agent, or resale agent, who |
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| creates a timeshare plan or is in the
business of
selling |
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| timeshare interests, or employs agents to do the same, or any |
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| person or
entity who
succeeds to the interest of a developer by |
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| sale, lease, assignment, mortgage,
or other
transfer, but the |
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| term includes only those persons who offer timeshare
interests |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| for
disposition in the ordinary course of business.
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| "Dispose" or "disposition" means a voluntary transfer or |
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| assignment of any
legal
or equitable interest in a timeshare |
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| plan, other than the transfer, assignment,
or release of
a |
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| security interest.
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| "Exchange company" means any person owning or operating, or |
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| both owning and
operating, an exchange program.
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| "Exchange program" means any method, arrangement, or |
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| procedure for the
voluntary exchange of timeshare interests or |
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| other property interests. The
term does not
include the |
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| assignment of the right to use and occupy accommodations to
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| owners of
timeshare interests within a single-site timeshare |
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| plan. Any method,
arrangement, or
procedure that otherwise |
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| meets this definition, wherein the purchaser's total
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| contractual
financial obligation exceeds $3,000 per any |
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| individual, recurring timeshare
period, shall
be regulated as a |
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| timeshare plan in accordance with this Act.
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| "Managing entity" means the person who undertakes the |
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| duties,
responsibilities,
and obligations of the management of |
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| a timeshare plan.
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| "Offer" means any inducement, solicitation, or other |
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| attempt, whether by
marketing, advertisement, oral or written |
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| presentation, or any other means, to
encourage a
person to |
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| 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 |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| liability company,
partnership, joint venture, association, |
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| estate, trust, government,
governmental
subdivision or agency, |
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| or other legal entity, or any combination thereof.
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| "Promotion" means a plan or device, including one involving |
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| the possibility
of a
prospective purchaser receiving a |
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| vacation, discount vacation, gift, or prize,
used by a
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| developer, or an agent, independent contractor, or employee of |
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| any of the same
on behalf
of the developer, in connection with |
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| the offering and sale of timeshare
interests in a
timeshare |
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| plan.
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| "Purchaser" means any person, other than a developer, who |
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| by means of a
voluntary transfer acquires a legal or equitable |
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| interest in a timeshare plan
other than as
security for an |
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| obligation.
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| "Purchase contract" means a document pursuant to which a |
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| person becomes
legally obligated to sell, and a purchaser |
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| becomes legally obligated to buy, a
timeshare
interest.
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| "Resale agent" means a person who, for another and for |
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| compensation, or with the intention or expectation of receiving |
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| compensation, either directly or indirectly directly or |
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| through the person's employees
or
agents ,
sells , or offers to |
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| sell , or advertises to sell a timeshare interest previously |
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| sold to a purchaser or
solicits an
owner of a timeshare |
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| interest to list the owner's timeshare interest for sale.
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| "Reservation system" means the method, arrangement, or |
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| procedure by which a
purchaser, in order to reserve the use or |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| occupancy of any accommodation of a
multi-site
timeshare plan |
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| for one or more timeshare periods, is required to compete with
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| other
purchasers in the same multi-site timeshare plan, |
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| regardless of whether the
reservation
system is operated and |
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| 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 |
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| purchaser is
required to use
an exchange program as the |
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| purchaser's principal means of obtaining the right
to use and
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| occupy accommodations, that arrangement shall be deemed a |
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| reservation system.
When
an exchange company utilizes a |
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| mechanism for the exchange of use of timeshare
periods
among |
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| members of an exchange program, that utilization is not a |
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| reservation
system of a
multi-site timeshare plan.
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| "Sales agent" means a person, other than a resale agent, |
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| who, directly or
through the person's employees,
agents,
or
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| independent contractors, sells or offers to sell timeshare |
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| interests in a
timeshare plan to
any individual located in the |
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| State of Illinois.
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| "Timeshare instrument" means one or more documents, by |
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| whatever name
denominated, creating or governing the operation |
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| of a timeshare plan.
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| "Timeshare interest" means and includes either:
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| (1) a "timeshare estate", which is the right to occupy |
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| a timeshare
property,
coupled with a freehold estate or an |
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| estate for years with a future interest in
a
timeshare |
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| property or a specified portion thereof; or
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| (2) a "timeshare use", which is the right to occupy a |
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| timeshare property,
which right is neither coupled with a |
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| freehold interest, nor coupled with an
estate
for years |
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| with a future interest, in a timeshare property.
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| "Timeshare period" means the period or periods of time when |
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| the purchaser of
a
timeshare plan is afforded the opportunity |
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| to use the accommodations of a
timeshare
plan.
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| "Timeshare plan" means any arrangement, plan, scheme, or |
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| similar device,
other
than an exchange program, whether by |
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| membership agreement, sale, lease, deed,
license,
or |
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| right-to-use agreement or by any other means, whereby a |
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| purchaser, in
exchange for
consideration, receives ownership |
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| rights in or the right to use accommodations
for a
period of |
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| time less than a full year during any given year, but not |
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| necessarily
for
consecutive years. A timeshare plan may be:
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| (1) a "single-site timeshare plan", which is the right |
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| 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 |
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| right to use
accommodations at a specific timeshare |
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| property, together with use rights
in accommodations |
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| at one or more other component sites created by or
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| acquired through the timeshare plan's reservation |
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| system; or
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| (B) a "non-specific timeshare interest", which is |
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| the right to use
accommodations at more than one |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| component site created by or acquired
through the |
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| timeshare plan's reservation system, but including no |
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| specific
right to use any particular accommodations.
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| "Timeshare property" means one or more accommodations |
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| subject to the same
timeshare instrument, together with any |
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| other property or rights to property
appurtenant
to those |
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| accommodations.
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| Notwithstanding any other rulemaking authority that may |
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| exist, neither the Governor nor any agency or agency head under |
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| the jurisdiction of the Governor has any authority to make or |
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| promulgate rules to implement or enforce the provisions of this |
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| amendatory Act of the 95th General Assembly. If, however, the |
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| Governor believes that rules are necessary to implement or |
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| enforce the provisions of this amendatory Act of the 95th |
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| General Assembly, the Governor may suggest rules to the General |
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| Assembly by filing them with the Clerk of the House and |
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| Secretary of the Senate and by requesting that the General |
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| Assembly authorize such rulemaking by law, enact those |
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| suggested rules into law, or take any other appropriate action |
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| in the General Assembly's discretion. Nothing contained in this |
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| amendatory Act of the 95th General Assembly shall be |
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| interpreted to grant rulemaking authority under any other |
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| Illinois statute where such authority is not otherwise |
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| explicitly given. For the purposes of this amendatory Act of |
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| the 95th General Assembly, "rules" is given the meaning |
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| contained in Section 1-70 of the Illinois Administrative |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| Procedure Act, and "agency" and "agency head" are given the |
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| meanings contained in Sections 1-20 and 1-25 of the Illinois |
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| Administrative Procedure Act to the extent that such |
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| definitions apply to agencies or agency heads under the |
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| jurisdiction of the Governor. |
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| (Source: P.A. 91-585, eff. 1-1-00.)
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| (765 ILCS 101/5-40)
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| Sec. 5-40. Resale agent duties. A Whether registered or |
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| exempt from
registration under Section 5-35, a resale agent |
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| shall comply with all of the
following:
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| (a) Prior to engaging in any resale activities on behalf of |
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| any owner of a
timeshare interest or accepting anything of |
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| value from any owner of a timeshare interest , a resale agent |
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| shall enter into a listing agreement with
that owner. Every
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| listing agreement shall be in writing and signed by both the |
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| resale agent and
the timeshare
interest owner. The requirements |
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| of the written listing agreement shall be
established by
rule, |
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| but at a minimum the listing agreement shall disclose the |
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| following: |
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| (1) Whether any person other than the timeshare |
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| interest owner may use the timeshare interest during the |
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| period before the timeshare interest is resold. |
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| (2) Whether any person other than the timeshare |
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| interest owner may rent or exchange the use of the |
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| timeshare interest during the period before the timeshare |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| interest is resold. |
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| (3) The name of any person who will receive any rents, |
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| profits, or other consideration generated from the use of |
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| the timeshare interest during the period before the |
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| timeshare interest is resold. |
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| (4) A detailed description of any relationship between |
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| the resale agent and any other person who receives any |
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| benefit from the use of the timeshare interest. |
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| (5) A description of any fee, including the amount, to |
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| be paid by the timeshare interest owner to the resale agent |
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| prior to the sale of the timeshare interest. If any such |
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| fee is charged by the resale agent prior to the sale of the |
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| timeshare interest, then a statement must be included |
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| disclosing either (A) the number of timeshare interests |
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| sold by the resale agent for each of the past 3 years or |
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| (B) the ratio or percentage of the number of listings |
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| versus the number of timeshare interests sold by the resale |
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| agent for each of the past 3 years. |
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| (6) A description of the amount or percentage and |
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| procedures for paying any commissions due to the resale |
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| agent upon resale of the timeshare interest. the method of
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| compensation, a
definite date of termination, whether any |
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| fees are non-refundable, and whether
the
agreement permits |
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| the timeshare resale agent or any other person to make
any |
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| use
whatsoever of the owner's timeshare interest or receive |
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| any rents or profits
generated
from such use of the |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| timeshare interest.
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| (b) A resale agent shall maintain records as required by |
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| rule. The records
required to be maintained include, but are |
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| not limited to, all listing
agreements, copies of
disbursement |
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| authorizations in accordance with subsection (c), and resale
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| contracts.
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| (c) A resale agent who collects any fees prior to a |
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| transfer of an interest
from any
owner shall deposit the fees |
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| in an escrow account. Any fees that are to be
paid to the
|
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| resale agent prior to closing may be disbursed from the escrow |
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| account only
upon receipt
of a disbursement authorization, |
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| signed by the owner, in the following form:
|
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| "I, (name of owner), am the owner of a timeshare |
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| interest in
(name of timeshare
plan). I understand that for |
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| my protection I can require the
entire fee to be held
in |
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| escrow until the closing on the resale of my timeshare |
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| interest, but I am
authorizing a release before the |
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| transfer in the following amount: (amount
written
in words) |
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| ($ (amount in numbers)), for the following purpose or |
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| purposes
(description of purpose or purposes). I |
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| understand that the resale agent is
regulated
by the Office |
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| of Banks and Real Estate under the Real Estate Timeshare |
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| Act of
1999. The
Office of Banks and Real Estate requires |
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| the resale agent to obtain this
disbursement authorization |
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| with my signature before disbursement of my funds."
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| (d) A resale agent shall utilize a purchase agreement that |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| discloses to a
purchaser of a timeshare interest all of the |
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| following:
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| (1) A legally sufficient description of the timeshare |
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| interest being
purchased.
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| (2) The name and address of the managing entity of the |
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| timeshare property.
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| (3) The current year's assessment for the common |
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| expenses allocated to the
timeshare interest being |
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| purchased including the time period to which the
assessment |
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| relates and the date on which it is due. If not included in |
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| the
applicable common expense assessment, the amount of any |
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| real or personal
property taxes allocated to the timeshare |
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| interest being purchased. |
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| (3.5) Whether all assessments and real property taxes |
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| against the timeshare interest are paid in full and, if |
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| not, the amount owed and the consequences of failure to pay |
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| any assessment or real property taxes.
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| (4) A complete and accurate disclosure of the terms and |
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| conditions of the
purchase and closing, including the |
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| obligations of the owner, the
purchaser, or both for |
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| closing costs and the title insurance.
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| (5) The entity responsible for providing notification |
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| to the managing
entity of the timeshare plan and the |
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| applicable exchange company regarding any
change in the |
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| ownership of the timeshare interest.
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| (6) A statement of the first year in which the |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| purchaser is entitled to
receive the actual use rights and |
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| occupancy of the timeshare interest, as
determined by the |
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| managing entity of the timeshare plan and any exchange
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| company.
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| (6.5) The place where the documents of formation of the |
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| association, if any, and the timeshare instrument may be |
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| obtained, together with the following disclosure: |
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| "There are many important documents relating to the |
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| timeshare plan that you should review prior to purchasing a |
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| timeshare interest, which may include the declaration of |
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| restrictions, covenants, and conditions; the owners' |
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| association articles and bylaws; the current year's |
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| operating and reserve budgets; and any rules and |
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| regulations affecting the use of the timeshare plan |
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| accommodations and amenities."
|
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| (7) In making the disclosures required by this |
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| subsection (d), the
timeshare resale agent may rely upon |
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| information provided in writing by the
owner or managing |
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| entity of the timeshare plan.
|
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| (8) The purchaser's 5-day cancellation period as |
21 |
| required by Section
10-10.
|
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| (9) Any other information determined by the Office of |
23 |
| Banks and Real
Estate and established by rule.
|
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| (e) A resale agent shall be licensed as a real estate |
25 |
| broker or salesperson pursuant to the provisions of the Real |
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| Estate License Act of 2000 or its successor Act. |
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| (f) Notwithstanding any other rulemaking authority that |
2 |
| may exist, neither the Governor nor any agency or agency head |
3 |
| under the jurisdiction of the Governor has any authority to |
4 |
| make or promulgate rules to implement or enforce the provisions |
5 |
| of this amendatory Act of the 95th General Assembly. If, |
6 |
| however, the Governor believes that rules are necessary to |
7 |
| implement or enforce the provisions of this amendatory Act of |
8 |
| the 95th General Assembly, the Governor may suggest rules to |
9 |
| the General Assembly by filing them with the Clerk of the House |
10 |
| and Secretary of the Senate and by requesting that the General |
11 |
| Assembly authorize such rulemaking by law, enact those |
12 |
| suggested rules into law, or take any other appropriate action |
13 |
| in the General Assembly's discretion. Nothing contained in this |
14 |
| amendatory Act of the 95th General Assembly shall be |
15 |
| interpreted to grant rulemaking authority under any other |
16 |
| Illinois statute where such authority is not otherwise |
17 |
| explicitly given. For the purposes of this amendatory Act of |
18 |
| the 95th General Assembly, "rules" is given the meaning |
19 |
| contained in Section 1-70 of the Illinois Administrative |
20 |
| Procedure Act, and "agency" and "agency head" are given the |
21 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois |
22 |
| Administrative Procedure Act to the extent that such |
23 |
| definitions apply to agencies or agency heads under the |
24 |
| jurisdiction of the Governor. |
25 |
| (Source: P.A. 91-585, eff. 1-1-00.)
|
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HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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| (765 ILCS 101/5-45)
|
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| Sec. 5-45. Amendment to registration information or public |
3 |
| offering
statement. The developer, resale agent, and exchange |
4 |
| company shall amend or
supplement their disclosure documents |
5 |
| and registration information to reflect
any
material change in |
6 |
| any information required by this Act or the rules
implementing |
7 |
| this Act. All such
amendments,
supplements, and changes shall |
8 |
| be filed with the Office of Banks and Real
Estate within 30
20 |
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| calendar days of the material change.
|
10 |
| Notwithstanding any other rulemaking authority that may |
11 |
| exist, neither the Governor nor any agency or agency head under |
12 |
| the jurisdiction of the Governor has any authority to make or |
13 |
| promulgate rules to implement or enforce the provisions of this |
14 |
| amendatory Act of the 95th General Assembly. If, however, the |
15 |
| Governor believes that rules are necessary to implement or |
16 |
| enforce the provisions of this amendatory Act of the 95th |
17 |
| General Assembly, the Governor may suggest rules to the General |
18 |
| Assembly by filing them with the Clerk of the House and |
19 |
| Secretary of the Senate and by requesting that the General |
20 |
| Assembly authorize such rulemaking by law, enact those |
21 |
| suggested rules into law, or take any other appropriate action |
22 |
| in the General Assembly's discretion. Nothing contained in this |
23 |
| amendatory Act of the 95th General Assembly shall be |
24 |
| interpreted to grant rulemaking authority under any other |
25 |
| Illinois statute where such authority is not otherwise |
26 |
| explicitly given. For the purposes of this amendatory Act of |
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|
|
HB5503 Engrossed |
- 15 - |
LRB095 17259 AJO 45956 b |
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|
1 |
| the 95th General Assembly, "rules" is given the meaning |
2 |
| contained in Section 1-70 of the Illinois Administrative |
3 |
| Procedure Act, and "agency" and "agency head" are given the |
4 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois |
5 |
| Administrative Procedure Act to the extent that such |
6 |
| definitions apply to agencies or agency heads under the |
7 |
| jurisdiction of the Governor. |
8 |
| (Source: P.A. 91-585, eff. 1-1-00.)
|
9 |
| (765 ILCS 101/5-60)
|
10 |
| Sec. 5-60. Registration; offer or disposal of interest. |
11 |
| (a) A developer or ,
exchange
company, or resale agent, or |
12 |
| any of their agents, shall not sell, offer, or
dispose of a
|
13 |
| timeshare interest unless all necessary registrations are |
14 |
| filed and approved by
the Office
of Banks and Real Estate, or |
15 |
| while an order revoking or suspending a
registration is in
|
16 |
| effect.
|
17 |
| (b) An applicant for registration under this Act shall |
18 |
| submit the necessary
information to complete the application, |
19 |
| as required by the Office of Banks and
Real Estate, within 6 |
20 |
| months from the date the initial registration
application was |
21 |
| received by the Office of Banks and Real Estate. If the
|
22 |
| applicant fails to submit the information necessary to complete |
23 |
| the application
as required by the Office of Banks and Real |
24 |
| Estate within the six month period,
said application shall be |
25 |
| voided, and a new registration application with
applicable fees |
|
|
|
HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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|
1 |
| must be submitted.
|
2 |
| (c) Notwithstanding any other rulemaking authority that |
3 |
| may exist, neither the Governor nor any agency or agency head |
4 |
| under the jurisdiction of the Governor has any authority to |
5 |
| make or promulgate rules to implement or enforce the provisions |
6 |
| of this amendatory Act of the 95th General Assembly. If, |
7 |
| however, the Governor believes that rules are necessary to |
8 |
| implement or enforce the provisions of this amendatory Act of |
9 |
| the 95th General Assembly, the Governor may suggest rules to |
10 |
| the General Assembly by filing them with the Clerk of the House |
11 |
| and Secretary of the Senate and by requesting that the General |
12 |
| Assembly authorize such rulemaking by law, enact those |
13 |
| suggested rules into law, or take any other appropriate action |
14 |
| in the General Assembly's discretion. Nothing contained in this |
15 |
| amendatory Act of the 95th General Assembly shall be |
16 |
| interpreted to grant rulemaking authority under any other |
17 |
| Illinois statute where such authority is not otherwise |
18 |
| explicitly given. For the purposes of this amendatory Act of |
19 |
| the 95th General Assembly, "rules" is given the meaning |
20 |
| contained in Section 1-70 of the Illinois Administrative |
21 |
| Procedure Act, and "agency" and "agency head" are given the |
22 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois |
23 |
| Administrative Procedure Act to the extent that such |
24 |
| definitions apply to agencies or agency heads under the |
25 |
| jurisdiction of the Governor. |
26 |
| (Source: P.A. 91-585, eff. 1-1-00.)
|
|
|
|
HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
|
|
1 |
| (765 ILCS 101/10-25)
|
2 |
| Sec. 10-25. Liability; material misrepresentation.
|
3 |
| (a) A developer or other person offering a timeshare plan |
4 |
| may not do any of
the
following:
|
5 |
| (1) Misrepresent a fact material to a purchaser's |
6 |
| decision to buy a
timeshare
interest.
|
7 |
| (2) Predict specific or immediate increases in the |
8 |
| value of a timeshare
interest
represented over a period of |
9 |
| time, excluding bona fide pending price increases
by
the |
10 |
| developer.
|
11 |
| (3) Materially misrepresent the qualities or |
12 |
| characteristics of
accommodations
or
the amenities |
13 |
| available to the occupant of those accommodations.
|
14 |
| (4) Misrepresent the length of time accommodations or |
15 |
| amenities will be
available to the purchaser of a timeshare |
16 |
| interest.
|
17 |
| (5) Misrepresent the conditions under which a |
18 |
| purchaser of a timeshare
interest
may exchange the right of |
19 |
| his or her occupancy for the right to occupy other
|
20 |
| accommodations.
|
21 |
| (b) A developer or other person using a promotion in |
22 |
| connection with the
offering
of a timeshare interest shall |
23 |
| clearly disclose all of the following:
|
24 |
| (1) That the purpose of the promotion is to sell |
25 |
| timeshare interests,
which shall appear in bold face or |
|
|
|
HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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|
1 |
| other conspicuous type.
|
2 |
| (2) That any person whose name or address is obtained |
3 |
| during the promotion
may
be solicited to purchase a |
4 |
| timeshare interest.
|
5 |
| (3) The name of each developer or other person trying |
6 |
| to sell a timeshare
interest
through the promotion, and the |
7 |
| name of each person paying for the promotion.
|
8 |
| (4) The complete rules of the promotion.
|
9 |
| (5) The method of awarding prizes, gifts, vacations, |
10 |
| discount vacations,
or
other
benefits under the promotion; |
11 |
| a complete and fully detailed description,
including
|
12 |
| approximate retail value, of all prizes, gifts, or benefits |
13 |
| under the
promotion; the
quantity of each prize, gift, or |
14 |
| benefit to be awarded or conferred; and the
date by
which |
15 |
| each prize, gift, or benefit will be awarded or conferred.
|
16 |
| (6) Any other disclosures provided by rule.
|
17 |
| (c) If a person represents that a prize, gift, or benefit |
18 |
| will be awarded in
connection with a promotion, the prize, |
19 |
| gift, or benefit must be awarded or
conferred in
the manner |
20 |
| represented, and on or before the date represented.
|
21 |
| (d) A developer or other person using a promotion in |
22 |
| connection with the offering of a timeshare interest shall |
23 |
| provide the disclosures required by this Section in writing or |
24 |
| electronically to the prospective purchaser at least once |
25 |
| before the earlier of (1) a reasonable period before the |
26 |
| scheduled sales presentation to ensure that the prospective |
|
|
|
HB5503 Engrossed |
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LRB095 17259 AJO 45956 b |
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|
1 |
| purchaser receives the disclosures before leaving to attend the |
2 |
| sales presentation or (2) the payment of any nonrefundable |
3 |
| monies by the prospective purchaser in regard to the promotion. |
4 |
| (e) A developer or other person using a promotion in |
5 |
| connection with the offering of a timeshare interest is not |
6 |
| required to provide the disclosures required by this Section in |
7 |
| every advertisement or other written, oral, or electronic |
8 |
| communication provided or made to a prospective purchaser. |
9 |
| (f) Notwithstanding any other rulemaking authority that |
10 |
| may exist, neither the Governor nor any agency or agency head |
11 |
| under the jurisdiction of the Governor has any authority to |
12 |
| make or promulgate rules to implement or enforce the provisions |
13 |
| of this amendatory Act of the 95th General Assembly. If, |
14 |
| however, the Governor believes that rules are necessary to |
15 |
| implement or enforce the provisions of this amendatory Act of |
16 |
| the 95th General Assembly, the Governor may suggest rules to |
17 |
| the General Assembly by filing them with the Clerk of the House |
18 |
| and Secretary of the Senate and by requesting that the General |
19 |
| Assembly authorize such rulemaking by law, enact those |
20 |
| suggested rules into law, or take any other appropriate action |
21 |
| in the General Assembly's discretion. Nothing contained in this |
22 |
| amendatory Act of the 95th General Assembly shall be |
23 |
| interpreted to grant rulemaking authority under any other |
24 |
| Illinois statute where such authority is not otherwise |
25 |
| explicitly given. For the purposes of this amendatory Act of |
26 |
| the 95th General Assembly, "rules" is given the meaning |
|
|
|
HB5503 Engrossed |
- 20 - |
LRB095 17259 AJO 45956 b |
|
|
1 |
| contained in Section 1-70 of the Illinois Administrative |
2 |
| Procedure Act, and "agency" and "agency head" are given the |
3 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois |
4 |
| Administrative Procedure Act to the extent that such |
5 |
| definitions apply to agencies or agency heads under the |
6 |
| jurisdiction of the Governor. |
7 |
| (Source: P.A. 91-585, eff. 1-1-00.)
|
8 |
| (765 ILCS 101/5-35 rep.)
|
9 |
| Section 10. The Real Estate Timeshare Act of 1999 is |
10 |
| amended by repealing Section 5-35. |
11 |
| Section 97. Severability. The provisions of this Act are |
12 |
| severable under Section 1.31 of the Statute on Statutes. |
13 |
| Section 99. Effective date. This Act takes effect upon |
14 |
| becoming law. |