REAL ESTATE TIMESHARE Senate SponsorsSen. Don Harmon-A. J. Wilhelmi-Michael Noland-Kirk W. Dillard House Sponsors(Rep. Dan Reitz and Franco Coladipietro) 8/25/2009SenatePublic Act . . . . . . . . . 96-0738 765 ILCS 101/1-10765 ILCS 101/1-15765 ILCS 101/5-40765 ILCS 101/5-45765 ILCS 101/5-60765 ILCS 101/10-5765 ILCS 101/10-25765 ILCS 101/10-45 new765 ILCS 101/10-50 new765 ILCS 101/10-55 new765 ILCS 101/5-35 rep.Amends the Real Estate Timeshare Act of 1999. Provides a description of the Act's scope. Provides that a resale agent is a person who for another and for compensation, or with the intention or expectation of receiving compensation, either directly or indirectly, sells or offers to sell (instead of directly or through an employee or agent sells or offers to sell a timeshare). Provides definition of "managing entity lien". Provides that the minimum requirements of a timeshare sale listing agreement include the use, rental, or exchange of the unit while listed; designation of any rental fees recipient; disclosure of any relationship between the resale agent and any person receiving a benefit from use of the timeshare; any pre-sale fees; the resale agent's prior experience; commissions; and other items (instead of requiring only disclosure of the resale agent's compensation, certain terms of the use or rental of the timeshare, and the length of the term of the listing contract). Provides for disclosures, in addition to those required, to a prospective purchaser of a timeshare that include the status of assessments and real estate or personal property taxes and the location of documents about the timeshare. Provides that a timeshare resale agent shall be a licensed real estate broker unless exempt from licensure by the Real Estate License Act of 2000 or because of selling no more than 8 timeshares per year. Provides for a managing entity lien. Provides procedures, including notices and auctions, for the nonjudicial foreclosure against time share estates and the foreclosure of a lien or security interest on a timeshare use under the Act or under the Uniform Commercial Code. Repeals certain provisions of existing law regarding resale agent registration requirements. Makes other changes. Provides for severability of the amendatory provisions. Effective immediately.House Committee Amendment No. 1 Further amends the Real Estate Timeshare Act of 1999. Provides that a "resale agent" includes a person who sells, offers to sell or advertises to sell within this State (instead of sells or offers to sell) any timeshare interest previously sold to a purchaser or solicits within this State (instead of solicits) any owner of a timeshare to sell the owner's timeshare interest. Provides that a managing entity lien is perfected on the date the managing entity records a notice of lien in the office of the recorder (instead of in the registry of deeds) where the timeshare estate is located. Makes other changes.House Floor Amendment No. 2 Adds reference to:765 ILCS 101/5-5765 ILCS 101/5-15765 ILCS 101/5-20765 ILCS 101/5-25765 ILCS 101/5-30765 ILCS 101/5-50765 ILCS 101/5-55765 ILCS 101/10-15765 ILCS 101/10-30765 ILCS 101/15-5765 ILCS 101/15-10765 ILCS 101/15-15765 ILCS 101/15-20765 ILCS 101/15-25765 ILCS 101/15-30765 ILCS 101/15-35765 ILCS 101/15-40765 ILCS 101/15-45765 ILCS 101/15-50765 ILCS 101/15-55765 ILCS 101/15-60765 ILCS 101/15-65765 ILCS 101/15-70765 ILCS 101/15-80765 ILCS 101/20-5765 ILCS 101/20-10765 ILCS 101/20-15765 ILCS 101/20-20765 ILCS 101/20-25Deletes everything after the enacting clause. Reinserts the contents of the engrossed bill with various changes and additions. Changes references to the "Office of Banks and Real Estate" and "Commissioner" to the "Department of Financial and Professional Regulation" and "Secretary". Makes various changes regarding: scope of the Act; definitions; developer registration requirements; exchange company registration and disclosure requirements; resale agent registration requirements and duties; and registration review. Makes other changes. Provides for severability. Effective immediately. 2/20/2009SenateFiled with Secretary by Sen. Don Harmon 2/20/2009SenateFirst Reading 2/20/2009SenateReferred to Assignments 2/26/2009SenateAdded as Chief Co-Sponsor Sen. A. J. Wilhelmi 3/4/2009SenateAssigned to Judiciary 3/10/2009SenateAdded as Chief Co-Sponsor Sen. Michael Noland 3/11/2009SenateDo Pass Judiciary; 011-000-000 3/11/2009SenatePlaced on Calendar Order of 2nd Reading March 12, 2009 3/19/2009SenateAdded as Chief Co-Sponsor Sen. Kirk W. Dillard 3/30/2009SenateSecond Reading 3/30/2009SenatePlaced on Calendar Order of 3rd Reading March 31, 2009 4/1/2009SenateThird Reading - Passed; 059-000-000 4/2/2009HouseArrived in House 4/2/2009HousePlaced on Calendar Order of First Reading 4/2/2009HouseChief House Sponsor Rep. Dan Reitz 4/2/2009HouseFirst Reading 4/2/2009HouseReferred to Rules Committee 4/20/2009HouseAssigned to Judiciary I - Civil Law Committee 4/21/2009HouseAdded Alternate Co-Sponsor Rep. Franco Coladipietro 5/6/2009HouseHouse Committee Amendment No. 1 Filed with Clerk by Judiciary I - Civil Law Committee 5/6/2009HouseHouse Committee Amendment No. 1 Adopted in Judiciary I - Civil Law Committee; by Voice Vote 5/6/2009HouseDo Pass as Amended / Short Debate Judiciary I - Civil Law Committee; 015-000-000 5/6/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/14/2009HouseHouse Floor Amendment No. 2 Filed with Clerk by Rep. Dan Reitz 5/14/2009HouseHouse Floor Amendment No. 2 Referred to Rules Committee 5/18/2009HouseHouse Floor Amendment No. 2 Recommends Be Adopted Rules Committee; 004-000-000 5/18/2009HouseSecond Reading - Short Debate 5/18/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/18/2009HouseRecalled to Second Reading - Short Debate 5/18/2009HouseHouse Floor Amendment No. 2 Adopted by Voice Vote 5/18/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/19/2009HouseThird Reading - Short Debate - Passed 113-000-000 5/19/2009SenateSecretary's Desk - Concurrence House Amendment(s) 1, 2 5/19/2009SenatePlaced on Calendar Order of Concurrence House Amendment(s) 1, 2 - May 20, 2009 5/26/2009SenateHouse Committee Amendment No. 1 Motion to Concur Filed with Secretary Sen. Don Harmon 5/26/2009SenateHouse Committee Amendment No. 1 Motion to Concur Referred to Assignments 5/26/2009SenateHouse Floor Amendment No. 2 Motion to Concur Filed with Secretary Sen. Don Harmon 5/26/2009SenateHouse Floor Amendment No. 2 Motion to Concur Referred to Assignments 5/27/2009SenateHouse Committee Amendment No. 1 Motion to Concur Assignments Referred to Judiciary 5/27/2009SenateHouse Floor Amendment No. 2 Motion to Concur Assignments Referred to Judiciary 5/28/2009SenateHouse Committee Amendment No. 1 Motion To Concur Recommended Do Adopt Judiciary; 006-000-000 5/28/2009SenateHouse Floor Amendment No. 2 Motion To Concur Recommended Do Adopt Judiciary; 006-000-000 5/29/2009SenateHouse Committee Amendment No. 1 Senate Concurs 057-000-000 5/29/2009SenateHouse Floor Amendment No. 2 Senate Concurs 057-000-000 5/29/2009SenatePassed Both Houses 6/26/2009SenateSent to the Governor 8/25/2009SenateGovernor Approved 8/25/2009SenateEffective Date August 25, 2009 8/25/2009SenatePublic Act . . . . . . . . . 96-0738