Senate Sponsors: MADIGAN,R-DELEO-BURZYNSKI-HENDON-SULLIVAN. House Sponsors: SAVIANO-BURKE-TURNER,ART-TENHOUSE-BUGIELSKI Short description: 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 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 2 END OF INQUIRY Full Text Bill Status