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Illinois Compiled Statutes

Information maintained by the Legislative Reference Bureau
Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide.

Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.

PROPERTY
(765 ILCS 86/) Land Sales Registration Act of 1999.

765 ILCS 86/Art. 5

 
    (765 ILCS 86/Art. 5 heading)
Article 5. Registration Requirements

765 ILCS 86/5-5

    (765 ILCS 86/5-5)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-5. Registration requirement; exemptions. It is unlawful for any person to engage in the business of selling land that is located outside the State of Illinois to any individual located in Illinois without a certificate of registration issued by the Department pursuant to this Act. Unless the method of sale is adopted for the purpose of evasion of this Act, the provisions of this Act do not apply to an offer or disposition of an interest in land:
        (1) by a purchaser of subdivided lands for the
    
purchaser's own account in a single or isolated transaction;
        (2) if fewer than 25 separate lots, parcels, units or
    
interests in subdivided lands are offered by a person;
        (3) on which there is a commercial or industrial
    
building, shopping center, house, apartment house, condominium structure, or town house, or as to which there is a legal obligation on the part of the seller to construct such a building within 2 years from the date of disposition;
        (4) that is sold for industrial, commercial, or
    
institutional purposes;
        (5) that consists of cemetery lots or interests;
        (6) that consists of a subdivision as to which the
    
plan of sale is to dispose of it to 10 or fewer persons; or
        (7) in lots or parcels of 20 or more acres,
    
unconditionally, or of 10 or more acres if there is free and ready access leading to county-maintained roads.
(Source: P.A. 96-855, eff. 12-31-09.)

765 ILCS 86/5-10

    (765 ILCS 86/5-10)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-10. Application for registration.
    (a) Before subdivided lands are offered for sale, the subdivider or the subdivider's agent shall file with the Department an application on forms supplied by the Department. A registration fee shall accompany the application. The application shall contain all of the following information:
        (1) The name and address of the fee title owner of
    
the subdivided lands.
        (2) The name and address of the subdivider.
        (3) The name and address of an agent of the
    
subdivider in Illinois authorized to accept service of process on behalf of the subdivider.
        (4) The legal description and acreage of the lands,
    
together with a map showing the layout as recorded or proposed and the relation of the lands to existing streets or roads, waterways, schools, churches, shopping centers, and local bus and rail transportation, with a statement of distances to each.
        (5) A true statement as to title to the subdivided
    
land, including all financial encumbrances and unpaid taxes thereon.
        (6) If subject property is in a land trust, a true
    
statement of the names and addresses of all parties with a beneficial interest in the trust.
        (7) A true statement of the terms and conditions by
    
which it is intended the subdivided land will be sold, together with copies of any and all forms of contract or conveyance intended to be used. If a language other than English was used in advertising the property or during the sales presentation, translations, in that language, of the Illinois Public Property Report, any contract or lien, and any note shall be provided to the purchaser before the purchaser executes the contract. A receipt for these translations shall be obtained and a copy of the receipt shall be kept and subject to inspection by the Department for 3 years from the date of the receipt.
        (8) A true statement of provision for sewage disposal
    
and public utilities, if any, in the proposed or existing subdivision, including water, electricity, gas, and telephone facilities.
        (9) A correct reference to applicable zoning
    
ordinances and regulations.
        (10) Certified financial statements of the subdivider.
        (11) A proposed public property report, suitable for
    
distribution to any proposed purchaser if a certificate of registration is issued, which shall contain the following information:
            (A) the name and principal address of the
        
subdivider;
            (B) a general description of the subdivided
        
lands, stating the total number of lots, parcels, units, or interests in the offering;
            (C) the significant terms of any encumbrances,
        
easements, liens, and restrictions, including zoning and other regulations affecting the subdivided lands and each lot or unit, and a statement of all existing taxes and existing or proposed special taxes or assessments that affect the subdivided lands;
            (D) a statement of the use for which the property
        
is offered;
            (E) information concerning improvements,
        
including streets, water supply, levees, drainage control systems, irrigation systems, sewage disposal facilities, and customary utilities, and the estimated costs, date of completion, and responsibility for construction and maintenance of existing and proposed improvements that are referred to in connection with the offering or disposition of any interest in subdivided lands;
            (F) a statement that certified financial
        
statements are available upon request; and
            (G) such additional information consistent with
        
this Act which may be required by the Department to assure full and fair disclosure to prospective purchasers.
    (b) The subdivider shall report all material changes with respect to subdivided lands registered for sale under this Act, and the Department may require that the public property report be amended to reflect such material change. In the event the subdivider wishes to update the public property report, the subdivider may do so upon proper application to the Department.
    (c) If the subdivider registers additional subdivided lands to be offered for sale, the subdivider may consolidate the subsequent registration with any earlier registration offering subdivided lands for sale under the same promotional plan, and the public property report shall be amended to include the additional subdivided lands so registered.
    (d) The Department shall, at the time the application is submitted or from time to time thereafter, require the subdivider to furnish financial assurances, in the form of a performance bond, a surety bond, or an irrevocable letter of credit in the amount and subject to terms and requirements approved by the Department, for the purpose of protecting purchasers of lots in the subdivision to ensure that the improvements will be constructed and maintained in the manner represented by the subdivider. The Department may accept evidence that such assurances have been furnished to a foreign state, or a county or municipality within such state, in fulfillment of this requirement.
(Source: P.A. 96-855, eff. 12-31-09.)

765 ILCS 86/5-15

    (765 ILCS 86/5-15)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-15. Issuance of certificate; exemption; renewal.
    (a) The Department shall enter an order registering the subdivided lands or rejecting the registration within 60 days from the date of receipt unless the applicant has consented in writing to a delay.
    (b) If the Department affirmatively determines, upon inquiry and examination, that the requirements of this Act have been met, it shall issue a certificate of registration and shall approve the form of the public property report.
    (b-5) If the Department affirmatively determines, upon inquiry and examination, that the exemption requirements of this Act have been met, it shall issue a written approval.
    (c) If the Department determines, upon inquiry and examination, that any of the requirements of this Act have not been met, it shall notify the applicant that the application for registration or exemption must be corrected in the particulars specified within 15 days. If the requirements are not met within the time allowed, the Department shall enter an order rejecting the registration or exemption, which shall include the findings of fact upon which the order is based. The order rejecting the registration shall not become effective for 20 days, during which time the applicant may petition for reconsideration and shall be entitled to a hearing.
    (d) The Department may adopt rules authorizing the subdivider or the subdivider's agent to file an abbreviated application. Notwithstanding the requirements of Section 5-10, the Department 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.
    (e) A certificate of registration issued under this Section shall expire on June 30 following the date of issuance. In the absence of any reason or condition under Section 15-5 that might warrant the suspension or revocation of a registration, a certificate shall be renewed upon payment of the required fee and submission of documentation as provided by rule. An exemption issued under this Section shall not expire or renew. The applicant must notify the Department of any change in the status of the subdivision under which the exemption was approved.
(Source: P.A. 96-855, eff. 12-31-09.)

765 ILCS 86/5-20

    (765 ILCS 86/5-20)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-20. Fees.
    (a) The Department shall provide, by rule, for fees to be paid by applicants and registrants to cover the reasonable costs of the Department in administering and enforcing the provisions of this Act. The Department may also provide, by rule, for general fees to cover the reasonable expenses of carrying out other functions and responsibilities under this Act.
    (b) All fees collected under this Act shall be paid into the Real Estate License Administration Fund in the State treasury and appropriated to the Department for administration of this Act or any other Act administered by the Department and providing revenue to this fund.
    (c) (Blank).
    (d) (Blank).
    (e) (Blank).
(Source: P.A. 96-855, eff. 12-31-09.)

765 ILCS 86/5-23

    (765 ILCS 86/5-23)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-23. Returned checks; fines. Any person who delivers a check or other payment to the Department that is returned to the Department unpaid by the financial institution upon which it is drawn shall pay to the Department, in addition to the amount already owed to the Department, a fine of $50. The fines imposed by this Section are in addition to any other discipline provided under this Act for unregistered practice or practice on a nonrenewed registration. The Department shall notify the person that payment of fees and fines shall be paid to the Department by certified check or money order within 30 calendar days of the notification. If, after the expiration of 30 days from the date of the notification, the person has failed to submit the necessary remittance, the Department shall automatically terminate the registration or deny the application, without hearing. If, after termination or denial, the person seeks a registration, he or she shall apply to the Department for restoration or issuance of the registration and pay all fees and fines due to the Department. The Department may establish a fee for the processing of an application for restoration of a registration to pay all expenses of processing this application. The Secretary may waive the fines due under this Section in individual cases where the Secretary finds that the fines would be unreasonable or unnecessarily burdensome.
(Source: P.A. 96-855, eff. 12-31-09.)

765 ILCS 86/5-25

    (765 ILCS 86/5-25)
    (Section scheduled to be repealed on January 1, 2020)
    Sec. 5-25. Public property report. When a certificate of registration is granted by the Department, a copy of the public property report shall be given by the owner, subdivider, or agent to each prospective purchaser prior to the execution of any binding contract or agreement for the sale of any lot or parcel in a subdivision. A receipt, in duplicate, shall be taken from each purchaser to evidence compliance with this Section. Receipts taken for any published report shall be kept on file in possession of the owner, subdivider, or agent, subject to inspection by the Department for 3 years from the date the receipt is taken. The report shall not be used for advertising purposes unless the report is used in its entirety. No portion of the report shall be underscored, italicized, or printed in larger or heavier type than any other portion of the report, unless required by this Act. The report shall contain the following statement:
        If you received this report prior to signing a
    
contract or agreement, you may cancel your contract or agreement by giving notice to the seller any time before midnight of the seventh day following the signing of the contract or agreement.
        If you did not receive this report before you signed
    
a contract or agreement, you may cancel the contract or agreement any time within 2 years from the date of signing.
(Source: P.A. 96-855, eff. 12-31-09.)