REAL ESTATE TIMESHARE ACT
Synopsis of Bill as introduced:
Creates the Real Estate Timeshare Act of 1999. Provides for a
short title only.
SENATE AMENDMENT NO. 1.
Adds reference to:
765 ILCS 100/Act rep.
Deletes everything after enacting clause. Creates the Real
Estate Timeshare Act of 1999 and repeals the Illinois Real Estate
Time-Share Act. Provides for creation of real estate timeshare plans
and exchange programs. Provides that the Act shall be administered by
the Office of Banks and Real Estate. Requires that persons who sell,
offer to sell, or attempt to solicit the purchase of timeshare
interests to Illinois residents, or who create timeshare plans with
accommodations in Illinois, must register with the Office of Banks and
Real Estate. Requires similar registration by exchange companies
offering exchange programs to purchasers in Illinois and by resale
agents. Imposes standards for operation of timeshare plans and
exchange programs. Amends the Real Estate License Act of 2000, if and
only if the Act becomes law, to exempt certain exchange companies and
timeshare owners from the licensing requirements of the Act.
SENATE AMENDMENT NO. 2.
Corrects grammar, usage, terminology, and a cross-reference.
HOUSE AMENDMENT NO. 1.
In the exempt communication provisions, distinguishes between all
exempt communications and exempt communications provided they are
delivered to any person who has previously executed a contract for
the purchase of a timeshare or is an existing owner of a timeshare
interest in a timeshare plan. In the cancellation of the purchase
contract provisions, changes references from "party" to "purchaser"
and from "other party" to "developer or resale agent".
Last action on Bill: PUBLIC ACT.............................. 91-0585
Last action date: 99-08-14
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2
END OF INQUIRY
Full Text Bill Status