Section 1260.135  Abbreviated Registration

The Office of Banks and Real Estate may accept one of the following in lieu of some or all of the registration requirements of Section 5-10 of the Act:

a)         A completed Illinois registration application and a copy of the statement of record filed with respect to the subdivision pursuant to the Federal Interstate Land Sales Full Disclosure Act if the statement complies with the requirements of that Act and regulations pertinent to that Act.

b)         A completed Illinois registration application and an acceptable certificate of registration or other evidence of registration from another jurisdiction in which the requirements for registration are substantially the same or exceed those provided in the Act. Notwithstanding the requirements of Section 5-10, the Office of Banks and Real Estate may suspend or revoke any registration under this Section that includes any registration, property report, or similar disclosure documents accepted under this subsection if the registration, property report, or similar disclosure is suspended or revoked by the registering state or by the federal government.