Section 1451.90  Public Offering Statement

a)         Each public offering statement shall:

1)         contain the information required by Section 5-25 of the Act;

2)         be provided in writing or electronic means to OBRE and purchasers; and

3)         provide for a document certifying receipt of the public offering statement by the purchaser.

b)         The public offering statement shall be submitted to OBRE in the English language and any reference in an approval letter of OBRE to the documents comprising the public offering statement shall be to such documents in the English language.  A developer may use non-English versions of the documents if:

1)         any such document is an accurate translation of the English version that has been approved by OBRE; and

2)         the developer has identified each translated document in a completed, executed statement using the form prescribed by OBRE.

            Upon request by OBRE, a developer shall promptly deliver to OBRE a copy of any translated document that has been or is being used in an offering.

c)         Approval by OBRE of a public offering statement shall not be promoted to the public as an endorsement by OBRE of the developer or the timeshare plan or be used to induce the purchase of an interest in a timeshare plan.

d)         In the case of a timeshare plan with accommodations located outside the State of Illinois, OBRE may accept the public offering statement or similar disclosure document utilized in any other state in which the timeshare plan is registered; provided, however, that such public offering statement or disclosure document contains information substantially equivalent to or greater than the information required by the Real Estate Timeshare Act of 1999.