State of Illinois
91st General Assembly
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91_SB0435ham001

 










                                           LRB9103102KSgcam01

 1                    AMENDMENT TO SENATE BILL 435

 2        AMENDMENT NO.     .  Amend Senate Bill 435 on page 9,  by
 3    replacing lines 10 through 33 with the following:

 4        "Section 5-10.  Exempt communications.
 5        (a)  The  following  communications  are  exempt from the
 6    provisions of this Act:
 7             (1)  Any stockholder communication such as an annual
 8        report or interim financial  report,  proxy  material,  a
 9        registration   statement,   a  securities  prospectus,  a
10        registration,  a  property  report,  or  other   material
11        required to be delivered to a prospective purchaser by an
12        agency of any state or the federal government.
13             (2)  Any oral or written statement disseminated by a
14        developer  to  broadcast  or print media, other than paid
15        advertising or promotional material, regarding plans  for
16        the  acquisition  or  development  of timeshare property.
17        However, any rebroadcast or any  other  dissemination  of
18        such  oral  statements  to  a  prospective purchaser by a
19        seller in any manner, or any distribution  of  copies  of
20        newspaper  magazine  articles  or  press releases, or any
21        other dissemination  of  such  written  statements  to  a
22        prospective  purchaser  by  a seller in any manner, shall
23        constitute an advertisement.
 
                            -2-            LRB9103102KSgcam01
 1             (3)  Any advertisement or promotion in any medium to
 2        the general public if  such  advertisement  or  promotion
 3        clearly   states   that   it  is  not  an  offer  in  any
 4        jurisdiction  in  which   any   applicable   registration
 5        requirements have not been fully satisfied.
 6             (4)  Any  audio,  written,  or visual publication or
 7        material   relating   to   the   availability   of    any
 8        accommodations  for  transient rental, so long as a sales
 9        presentation  is  not  a  term  or   condition   of   the
10        availability  of  such  accommodations and so long as the
11        failure of any transient renter  to  take  a  tour  of  a
12        timeshare  property  or  attend a sales presentation does
13        not result in any reduction  in  the  level  of  services
14        which  would  otherwise  be  available  to such transient
15        renter.
16        (b)  The following communications  are  exempt  from  the
17    provisions  of  this  Act, provided they are delivered to any
18    person  who  has  previously  executed  a  contract  for  the
19    purchase of or is an existing owner of a  timeshare  interest
20    in a timeshare plan:
21             (1)  Any  communication addressed to and relating to
22        the account of any person who has previously  executed  a
23        contract  for  the sale or purchase of a timeshare period
24        in a timeshare plan to which the communication relates.
25             (2)  Any audio, written, or  visual  publication  or
26        material  relating  to  an  exchange  company or exchange
27        program provided to an existing member of  that  exchange
28        company or exchange program.
29             (3)  Any communication by a developer to encourage a
30        person  who  has previously acquired a timeshare interest
31        from the developer to acquire additional use or occupancy
32        rights or benefits, or  additional  timeshare  interests,
33        offered by the same developer."; and

34    on page 10, by deleting lines 1 through 24; and
 
                            -3-            LRB9103102KSgcam01
 1    on  page  36,  by  replacing  lines  24  through  26 with the
 2    following:
 3    "Any purchase contract entered into by a purchaser of a  time
 4    share  interest  under  this  Act  shall  be  voidable by the
 5    purchaser, without"; and

 6    on page 37,  line  10,  by  replacing  "any  party"  with  "a
 7    purchaser"; and

 8    on  page  37,  line  11,  by replacing "that party" with "the
 9    purchaser"; and

10    on  page  37,  line  14,  by  replacing  "other  party"  with
11    "developer or resale agent, as applicable,"; and

12    on page 39, line 16, by replacing "1983." with "1983, or  its
13    successor Act and the rules adopted pursuant to that Act.".

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