Illinois Compiled Statutes 765 ILCS 101 Real Estate Timeshare Act of 1999. Section 5-5

    (765 ILCS 101/5-5)

    Sec. 5-5. Exemptions from developer registration. A person shall not be required to register as a developer under this Act if:

        (1) the person is an owner of a timeshare interest

    who has acquired the timeshare interest for the person's own use and occupancy and who later offers it for resale; or

        (2) the person is a managing entity or an

    association that is not otherwise a developer of a timeshare plan in its own right, solely while acting as an association or under a contract with an association to offer or sell a timeshare interest transferred to the association through foreclosure, deed in lieu of foreclosure, or gratuitous transfer, if such acts are performed in the regular course of, or as an incident to, the management of the association for its own account in the timeshare plan; or

        (3) the person offers a timeshare plan in a national

    publication or by electronic media, as determined by the Department and provided by rule, which is not directed to or targeted to any individual located in Illinois; or

        (4) the person is conveyed, assigned, or transferred

    more than 7 timeshare periods from a developer in a single voluntary or involuntary transaction and subsequently conveys, assigns, or transfers all of the timeshare interests received from the developer to a single purchaser in a single transaction.

(Source: P.A. 96-738, eff. 8-25-09.)

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Last modified: February 18, 2015