91st General Assembly
Summary of HB1113
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House Sponsors:

Senate Sponsors:

Short description: 
REAL ESTATE TIMESHARE ACT-TECH                                             

Synopsis of Bill as introduced:
        Creates the Real Estate Timeshare  Act.   Provides  for  a  short      
   title only.                                                                 
        HOUSE 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.                
        HOUSE AMENDMENT NO. 2.                                                 
        Corrects grammar, usage, terminology, and a cross-reference.           
        SENATE 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 to "party" to "purchaser"  and      
   a reference to "other party" to "developer or resale agent".                
Last action on Bill: SESSION SINE DIE

   Last action date: 01-01-09

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


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