Full Text of HB5503 95th General Assembly
HB5503eng 95TH GENERAL ASSEMBLY
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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 | 5 |
| by changing Sections 1-15, 5-40, 5-45, 5-60, and 10-25 as | 6 |
| follows:
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| (765 ILCS 101/1-15)
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| Sec. 1-15. Definitions. In this Act, unless the context | 9 |
| otherwise
requires:
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| "Accommodation" means any apartment, condominium or | 11 |
| cooperative unit,
cabin, lodge, hotel or motel room, or other | 12 |
| private or commercial structure
containing
toilet facilities | 13 |
| therein that is designed and available, pursuant to
applicable | 14 |
| law, for use
and occupancy as a residence by one or more | 15 |
| individuals, or any unit or berth
on a
commercial cruise line | 16 |
| ship, which is included in the offering of a timeshare
plan.
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| "Acquisition agent" means a person who, directly or through | 18 |
| the person's
employees,
agents, or independent contractors, | 19 |
| induces or attempts to induce by means of a
promotion or an | 20 |
| advertisement any
individual located
within the State of | 21 |
| Illinois to attend a sales presentation for a timeshare
plan.
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| "Advertisement" means any written, oral, or electronic | 23 |
| communication that is
directed to or targeted to persons within |
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| the State of Illinois and contains a
promotion,
inducement, or | 2 |
| offer to sell a timeshare plan, including but not limited to
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| brochures,
pamphlets, radio and television scripts, electronic | 4 |
| media, telephone and
direct mail
solicitations, and other means | 5 |
| of promotion.
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| "Association" means the organized body consisting of the | 7 |
| purchasers of
interests
in a timeshare plan.
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| "Assessment" means the share of funds required for the | 9 |
| payment of common
expenses which is assessed from time to time | 10 |
| against each purchaser by the
managing
entity.
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| "Commissioner" means the Commissioner of Banks and Real | 12 |
| Estate,
or a natural person authorized by the Commissioner, the | 13 |
| Office of Banks and
Real Estate
Act, or this Act to act in the | 14 |
| Commissioner's stead.
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| "Component site" means a specific geographic location | 16 |
| where accommodations
which are part of a multi-site timeshare | 17 |
| plan are located. Separate phases of
a
single
timeshare | 18 |
| 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 | 21 |
| than a sales
agent,
acquisition agent, or resale agent, who | 22 |
| creates a timeshare plan or is in the
business of
selling | 23 |
| timeshare interests, or employs agents to do the same, or any | 24 |
| person or
entity who
succeeds to the interest of a developer by | 25 |
| sale, lease, assignment, mortgage,
or other
transfer, but the | 26 |
| term includes only those persons who offer timeshare
interests |
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| for
disposition in the ordinary course of business.
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| "Dispose" or "disposition" means a voluntary transfer or | 3 |
| assignment of any
legal
or equitable interest in a timeshare | 4 |
| plan, other than the transfer, assignment,
or release of
a | 5 |
| security interest.
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| "Exchange company" means any person owning or operating, or | 7 |
| both owning and
operating, an exchange program.
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| "Exchange program" means any method, arrangement, or | 9 |
| procedure for the
voluntary exchange of timeshare interests or | 10 |
| other property interests. The
term does not
include the | 11 |
| assignment of the right to use and occupy accommodations to
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| owners of
timeshare interests within a single-site timeshare | 13 |
| plan. Any method,
arrangement, or
procedure that otherwise | 14 |
| meets this definition, wherein the purchaser's total
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| contractual
financial obligation exceeds $3,000 per any | 16 |
| individual, recurring timeshare
period, shall
be regulated as a | 17 |
| timeshare plan in accordance with this Act.
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| "Managing entity" means the person who undertakes the | 19 |
| duties,
responsibilities,
and obligations of the management of | 20 |
| a timeshare plan.
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| "Offer" means any inducement, solicitation, or other | 22 |
| attempt, whether by
marketing, advertisement, oral or written | 23 |
| presentation, or any other means, to
encourage a
person to | 24 |
| 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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| liability company,
partnership, joint venture, association, | 2 |
| estate, trust, government,
governmental
subdivision or agency, | 3 |
| or other legal entity, or any combination thereof.
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| "Promotion" means a plan or device, including one involving | 5 |
| the possibility
of a
prospective purchaser receiving a | 6 |
| vacation, discount vacation, gift, or prize,
used by a
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| developer, or an agent, independent contractor, or employee of | 8 |
| any of the same
on behalf
of the developer, in connection with | 9 |
| the offering and sale of timeshare
interests in a
timeshare | 10 |
| plan.
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| "Purchaser" means any person, other than a developer, who | 12 |
| by means of a
voluntary transfer acquires a legal or equitable | 13 |
| interest in a timeshare plan
other than as
security for an | 14 |
| obligation.
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| "Purchase contract" means a document pursuant to which a | 16 |
| person becomes
legally obligated to sell, and a purchaser | 17 |
| becomes legally obligated to buy, a
timeshare
interest.
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| "Resale agent" means a person who, for another and for | 19 |
| compensation, or with the intention or expectation of receiving | 20 |
| compensation, either directly or indirectly directly or | 21 |
| through the person's employees
or
agents ,
sells , or offers to | 22 |
| sell , or advertises to sell a timeshare interest previously | 23 |
| sold to a purchaser or
solicits an
owner of a timeshare | 24 |
| interest to list the owner's timeshare interest for sale.
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| "Reservation system" means the method, arrangement, or | 26 |
| procedure by which a
purchaser, in order to reserve the use or |
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| occupancy of any accommodation of a
multi-site
timeshare plan | 2 |
| for one or more timeshare periods, is required to compete with
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| other
purchasers in the same multi-site timeshare plan, | 4 |
| regardless of whether the
reservation
system is operated and | 5 |
| 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 | 7 |
| purchaser is
required to use
an exchange program as the | 8 |
| purchaser's principal means of obtaining the right
to use and
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| occupy accommodations, that arrangement shall be deemed a | 10 |
| reservation system.
When
an exchange company utilizes a | 11 |
| mechanism for the exchange of use of timeshare
periods
among | 12 |
| members of an exchange program, that utilization is not a | 13 |
| reservation
system of a
multi-site timeshare plan.
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| "Sales agent" means a person, other than a resale agent, | 15 |
| who, directly or
through the person's employees,
agents,
or
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| independent contractors, sells or offers to sell timeshare | 17 |
| interests in a
timeshare plan to
any individual located in the | 18 |
| State of Illinois.
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| "Timeshare instrument" means one or more documents, by | 20 |
| whatever name
denominated, creating or governing the operation | 21 |
| 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 | 24 |
| a timeshare
property,
coupled with a freehold estate or an | 25 |
| estate for years with a future interest in
a
timeshare | 26 |
| property or a specified portion thereof; or
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| (2) a "timeshare use", which is the right to occupy a | 2 |
| timeshare property,
which right is neither coupled with a | 3 |
| freehold interest, nor coupled with an
estate
for years | 4 |
| with a future interest, in a timeshare property.
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| "Timeshare period" means the period or periods of time when | 6 |
| the purchaser of
a
timeshare plan is afforded the opportunity | 7 |
| to use the accommodations of a
timeshare
plan.
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| "Timeshare plan" means any arrangement, plan, scheme, or | 9 |
| similar device,
other
than an exchange program, whether by | 10 |
| membership agreement, sale, lease, deed,
license,
or | 11 |
| right-to-use agreement or by any other means, whereby a | 12 |
| purchaser, in
exchange for
consideration, receives ownership | 13 |
| rights in or the right to use accommodations
for a
period of | 14 |
| time less than a full year during any given year, but not | 15 |
| necessarily
for
consecutive years. A timeshare plan may be:
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| (1) a "single-site timeshare plan", which is the right | 17 |
| 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 | 20 |
| right to use
accommodations at a specific timeshare | 21 |
| property, together with use rights
in accommodations | 22 |
| at one or more other component sites created by or
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| acquired through the timeshare plan's reservation | 24 |
| system; or
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| (B) a "non-specific timeshare interest", which is | 26 |
| the right to use
accommodations at more than one |
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| component site created by or acquired
through the | 2 |
| timeshare plan's reservation system, but including no | 3 |
| specific
right to use any particular accommodations.
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| "Timeshare property" means one or more accommodations | 5 |
| subject to the same
timeshare instrument, together with any | 6 |
| other property or rights to property
appurtenant
to those | 7 |
| accommodations.
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| Notwithstanding any other rulemaking authority that may | 9 |
| exist, neither the Governor nor any agency or agency head under | 10 |
| the jurisdiction of the Governor has any authority to make or | 11 |
| promulgate rules to implement or enforce the provisions of this | 12 |
| amendatory Act of the 95th General Assembly. If, however, the | 13 |
| Governor believes that rules are necessary to implement or | 14 |
| enforce the provisions of this amendatory Act of the 95th | 15 |
| General Assembly, the Governor may suggest rules to the General | 16 |
| Assembly by filing them with the Clerk of the House and | 17 |
| Secretary of the Senate and by requesting that the General | 18 |
| Assembly authorize such rulemaking by law, enact those | 19 |
| suggested rules into law, or take any other appropriate action | 20 |
| in the General Assembly's discretion. Nothing contained in this | 21 |
| amendatory Act of the 95th General Assembly shall be | 22 |
| interpreted to grant rulemaking authority under any other | 23 |
| Illinois statute where such authority is not otherwise | 24 |
| explicitly given. For the purposes of this amendatory Act of | 25 |
| the 95th General Assembly, "rules" is given the meaning | 26 |
| contained in Section 1-70 of the Illinois Administrative |
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| Procedure Act, and "agency" and "agency head" are given the | 2 |
| meanings contained in Sections 1-20 and 1-25 of the Illinois | 3 |
| Administrative Procedure Act to the extent that such | 4 |
| definitions apply to agencies or agency heads under the | 5 |
| jurisdiction of the Governor. | 6 |
| (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 | 9 |
| exempt from
registration under Section 5-35, a resale agent | 10 |
| shall comply with all of the
following:
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| (a) Prior to engaging in any resale activities on behalf of | 12 |
| any owner of a
timeshare interest or accepting anything of | 13 |
| value from any owner of a timeshare interest , a resale agent | 14 |
| 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 | 16 |
| resale agent and
the timeshare
interest owner. The requirements | 17 |
| of the written listing agreement shall be
established by
rule, | 18 |
| but at a minimum the listing agreement shall disclose the | 19 |
| following: | 20 |
| (1) Whether any person other than the timeshare | 21 |
| interest owner may use the timeshare interest during the | 22 |
| period before the timeshare interest is resold. | 23 |
| (2) Whether any person other than the timeshare | 24 |
| interest owner may rent or exchange the use of the | 25 |
| timeshare interest during the period before the timeshare |
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| interest is resold. | 2 |
| (3) The name of any person who will receive any rents, | 3 |
| profits, or other consideration generated from the use of | 4 |
| the timeshare interest during the period before the | 5 |
| timeshare interest is resold. | 6 |
| (4) A detailed description of any relationship between | 7 |
| the resale agent and any other person who receives any | 8 |
| benefit from the use of the timeshare interest. | 9 |
| (5) A description of any fee, including the amount, to | 10 |
| be paid by the timeshare interest owner to the resale agent | 11 |
| prior to the sale of the timeshare interest. If any such | 12 |
| fee is charged by the resale agent prior to the sale of the | 13 |
| timeshare interest, then a statement must be included | 14 |
| disclosing either (A) the number of timeshare interests | 15 |
| sold by the resale agent for each of the past 3 years or | 16 |
| (B) the ratio or percentage of the number of listings | 17 |
| versus the number of timeshare interests sold by the resale | 18 |
| agent for each of the past 3 years. | 19 |
| (6) A description of the amount or percentage and | 20 |
| procedures for paying any commissions due to the resale | 21 |
| agent upon resale of the timeshare interest. the method of
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| compensation, a
definite date of termination, whether any | 23 |
| fees are non-refundable, and whether
the
agreement permits | 24 |
| the timeshare resale agent or any other person to make
any | 25 |
| use
whatsoever of the owner's timeshare interest or receive | 26 |
| any rents or profits
generated
from such use of the |
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| timeshare interest.
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| (b) A resale agent shall maintain records as required by | 3 |
| rule. The records
required to be maintained include, but are | 4 |
| not limited to, all listing
agreements, copies of
disbursement | 5 |
| 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 | 8 |
| transfer of an interest
from any
owner shall deposit the fees | 9 |
| 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 | 11 |
| account only
upon receipt
of a disbursement authorization, | 12 |
| signed by the owner, in the following form:
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| "I, (name of owner), am the owner of a timeshare | 14 |
| interest in
(name of timeshare
plan). I understand that for | 15 |
| my protection I can require the
entire fee to be held
in | 16 |
| escrow until the closing on the resale of my timeshare | 17 |
| interest, but I am
authorizing a release before the | 18 |
| transfer in the following amount: (amount
written
in words) | 19 |
| ($ (amount in numbers)), for the following purpose or | 20 |
| purposes
(description of purpose or purposes). I | 21 |
| understand that the resale agent is
regulated
by the Office | 22 |
| of Banks and Real Estate under the Real Estate Timeshare | 23 |
| Act of
1999. The
Office of Banks and Real Estate requires | 24 |
| the resale agent to obtain this
disbursement authorization | 25 |
| 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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| discloses to a
purchaser of a timeshare interest all of the | 2 |
| following:
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| (1) A legally sufficient description of the timeshare | 4 |
| interest being
purchased.
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| (2) The name and address of the managing entity of the | 6 |
| timeshare property.
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| (3) The current year's assessment for the common | 8 |
| expenses allocated to the
timeshare interest being | 9 |
| purchased including the time period to which the
assessment | 10 |
| relates and the date on which it is due. If not included in | 11 |
| the
applicable common expense assessment, the amount of any | 12 |
| real or personal
property taxes allocated to the timeshare | 13 |
| interest being purchased. | 14 |
| (3.5) Whether all assessments and real property taxes | 15 |
| against the timeshare interest are paid in full and, if | 16 |
| not, the amount owed and the consequences of failure to pay | 17 |
| any assessment or real property taxes.
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| (4) A complete and accurate disclosure of the terms and | 19 |
| conditions of the
purchase and closing, including the | 20 |
| obligations of the owner, the
purchaser, or both for | 21 |
| closing costs and the title insurance.
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| (5) The entity responsible for providing notification | 23 |
| to the managing
entity of the timeshare plan and the | 24 |
| applicable exchange company regarding any
change in the | 25 |
| ownership of the timeshare interest.
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| (6) A statement of the first year in which the |
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| purchaser is entitled to
receive the actual use rights and | 2 |
| occupancy of the timeshare interest, as
determined by the | 3 |
| 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 | 6 |
| association, if any, and the timeshare instrument may be | 7 |
| obtained, together with the following disclosure: | 8 |
| "There are many important documents relating to the | 9 |
| timeshare plan that you should review prior to purchasing a | 10 |
| timeshare interest, which may include the declaration of | 11 |
| restrictions, covenants, and conditions; the owners' | 12 |
| association articles and bylaws; the current year's | 13 |
| operating and reserve budgets; and any rules and | 14 |
| regulations affecting the use of the timeshare plan | 15 |
| accommodations and amenities."
| 16 |
| (7) In making the disclosures required by this | 17 |
| subsection (d), the
timeshare resale agent may rely upon | 18 |
| information provided in writing by the
owner or managing | 19 |
| 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 | 26 |
| Estate License Act of 2000 or its successor Act. |
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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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| (765 ILCS 101/5-45)
| 2 |
| 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 | 9 |
| 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 |
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LRB095 17259 AJO 45956 b |
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| 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 |
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| must be submitted.
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| (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 |
|
| 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 |
|
| 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 |
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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. |
|