(765 ILCS 101/5-10)
Sec. 5-10. Exempt communications.
(a) The following communications are exempt from the provisions of this Act:
(1) Any stockholder communication such as an annual
report or interim financial report, proxy material, a registration statement, a securities prospectus, a registration, a property report, or other material required to be delivered to a prospective purchaser by an agency of any state or the federal government.
(2) Any oral or written statement disseminated by a
developer to broadcast or print media, other than paid advertising or promotional material, regarding plans for the acquisition or development of timeshare property. However, any rebroadcast or any other dissemination of such oral statements to a prospective purchaser by a seller in any manner, or any distribution of copies of newspaper magazine articles or press releases, or any other dissemination of such written statements to a prospective purchaser by a seller in any manner, shall constitute an advertisement.
(3) Any advertisement or promotion in any medium to
the general public if such advertisement or promotion clearly states that it is not an offer in any jurisdiction in which any applicable registration requirements have not been fully satisfied.
(4) Any audio, written, or visual publication or
material relating to the availability of any accommodations for transient rental, so long as a sales presentation is not a term or condition of the availability of such accommodations and so long as the failure of any transient renter to take a tour of a timeshare property or attend a sales presentation does not result in any reduction in the level of services which would otherwise be available to such transient renter.
(b) The following communications are exempt from the provisions of this Act, provided they are delivered to any person who has previously executed a contract for the purchase of or is an existing owner of a timeshare interest in a timeshare plan:
(1) Any communication addressed to and relating to
the account of any person who has previously executed a contract for the sale or purchase of a timeshare period in a timeshare plan to which the communication relates.
(2) Any audio, written, or visual publication or
material relating to an exchange company or exchange program provided to an existing member of that exchange company or exchange program.
(3) Any communication by a developer to encourage a
person who has previously acquired a timeshare interest from the developer to acquire additional use or occupancy rights or benefits, or additional timeshare interests, offered by the same developer.
(Source: P.A. 91-585, eff. 1-1-00.)
Last modified: February 18, 2015