TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1260 LAND SALES REGISTRATION ACT OF 1999
SECTION 1260.100 INFORMATION REGARDING THE SUBDIVIDER AND KEY PERSONNEL
Section 1260.100 Information Regarding the Subdivider and Key Personnel
The application required under Section 5-10 of the Act shall contain the following information:
a) The form of business entity of the subdivider, including a certificate of authority to transact business in Illinois, if applicable.
b) The name and address of the agent of the subdivider in Illinois authorized to accept service of process on behalf of the subdivider. The agent shall remain authorized to accept service of process on behalf of the subdivider so long as the subdivided lands are registered in Illinois, and for two years thereafter; provided, however, that, with the consent of the Department of Financial and Professional Regulation-Division of Professional Regulation, a substitute agent may be designated. If there is no such agent, the subdivider must sign a consent authorizing the Division to accept service of process on behalf of the subdivider as long as the subdivided lands are registered in Illinois and for two years thereafter.
c) The name, current business address, and residential address of each officer, director, partner, member, proprietor, managing agent and substantial owner of the subdivider. A substantial owner is any person who, directly or indirectly, owns 10% or more of the subdivision.
d) The nature and present status of any legal or administrative proceeding pending in any jurisdiction during the past five years arising out of the sale or offering for sale of real estate naming as a party:
1) The subdivider (or any predecessor entity).
2) Any person named in subsection (c).
3) Any business entity with which any person named in subsection (c) is associated as an officer, director, partner, member, proprietor, managing agent or substantial owner.
e) The name, current business address, telephone number, and Illinois real estate license number of any brokers and salespersons, located in the State of Illinois, who offer or sell subdivided land subject to the Land Sales Registration Act of 1999 (Act). A person who sells or offers to sell real estate subject to the Act shall hold a valid Illinois real estate broker or salesperson license issued pursuant to the Real Estate License Act of 2000, or its successor Act.
(Source: Amended at 35 Ill. Reg. 11407, effective June 28, 2011)