(765 ILCS 101/10-5)
Sec. 10-5. Management and operation provisions.
(a) Before the first sale of a timeshare interest, the developer shall create or provide for a managing entity, which shall be either the developer, a separate manager or management firm, the board of directors of an owners' association, or some combination thereof.
(b) The duties of the managing entity include, but are not limited to:
(1) Management and maintenance of all accommodations
constituting the timeshare plan.
(2) Collection of all assessments as provided in the
timeshare instrument.
(3) Providing to all purchasers each year an
itemized annual budget, which shall include all estimated revenues and expenses.
(4) Maintenance of all books and records concerning
the timeshare plan.
(5) Scheduling occupancy of accommodations, when
purchasers are not entitled to use specific timeshare periods, so that all purchasers will be provided the opportunity to use and possession of the accommodations of the timeshare plan which they have purchased.
(6) Performing any other functions and duties that
are necessary and proper to maintain the accommodations or that are required by the timeshare instrument.
(c) If a developer, mortgagee, managing entity, or association does not pursue nonjudicial foreclosure as provided in Section 10-50 or 10-55 and instead forecloses against a timeshare interest pursuant to the Illinois Mortgage Foreclosure Law, the developer, mortgagee, managing entity, or association may join in the same action multiple defendant obligors and junior interest holders of separate timeshare interests, provided:
(1) the foreclosure proceeding involves a single
timeshare plan;
(2) the foreclosure proceeding is filed by a single
plaintiff;
(3) the default and remedy provisions in the written
instruments on which the foreclosure proceeding is based are substantially the same for each defendant; and
(4) the nature of the defaults alleged is the same
for each defendant.
(d) In any foreclosure proceeding involving multiple defendants filed under subsection (c), the court shall sever for separate trial any count of the complaint in which a defense or counterclaim is timely raised by a defendant.
(Source: P.A. 96-738, eff. 8-25-09.)
Sections: 10-5 10-10 10-15 10-20 10-25 10-30 10-35 10-40 10-45 10-50 10-55 Next
Last modified: February 18, 2015