Section 1451.80  Multi-Site Timeshare Plan Disclosure Requirements

a)         If the timeshare plan is a multi-site plan, the developer shall provide additional information to the Department, including, but not limited to:

1)         whether the purchaser of such multi-site plan will receive a specific timeshare interest; or

2)         whether the purchaser of such multi-site plan will receive a non-specific timeshare interest.

b)         A developer of a multi-site timeshare plan with one or more component sites made available through a reservation system shall make the following true and correct disclosures to the Department, upon initial registration, and to the purchaser of a timeshare interest:

1)         name and address of each component site;

2)         number of accommodations and use periods expressed in periods of seven-day use availability and available for use by purchasers;

3)         each type of accommodation in terms of the number of bedrooms, bathrooms, sleeping capacity, and whether the accommodation contains a full kitchen;

4)         a description of facilities available for use by the purchaser at each component site;

5)         a description of the reservation system and the rules and regulations governing reservations;

6)         a summary of restrictions, if any, to be imposed on a purchaser concerning the use of each component site; and

7)         a description of any priority reservation rights at any component site that may affect the purchaser's odds of obtaining a reservation at that component site.

c)         A developer of a multi-site timeshare plan offering a non-specific interest, pursuant to subsection (a)(2), shall disclose the following information to the Department upon initial registration and shall provide any change in information to the Department within 30 days after the change pursuant to Section 1451.100:

1)         certification that a one-to-one purchaser-to- accommodation ratio, pursuant to Section 1-30 of the Act, is maintained;

2)         the location of all accommodations;

3)         the number of timeshare intervals available at each location or component site;

4)         the number of purchasers eligible to use the accommodations of a timeshare plan; and

5)         a statement of evidence of title for each component site for which a non-specific timeshare interest is being offered in Illinois has been filed with the Department, together with a brief description for each component site of:

A)        the type of interest for each accommodation (fee simple, leasehold, in trust);

B)        the duration of the interest (perpetual, number of years); and

C)        any liens, defects, or encumbrances on or affecting the title to the timeshare interest.

(Source:  Amended at 35 Ill. Reg. 15044, effective September 9, 2011)