(765 ILCS 101/5-60)
Sec. 5-60. Registration; offer or disposal of interest; renewal.
(a) A developer or exchange company, or any of their agents, shall not sell, offer, or dispose of a timeshare interest unless all necessary registrations are filed and approved by the Department, or while an order revoking or suspending a registration is in effect.
(b) An applicant for registration under this Act shall submit the necessary information to complete the application, as required by the Department, within 6 months from the date the initial registration application was received by the Department. If the applicant fails to submit the information necessary to complete the application as required by the Department within the six month period, said application shall be voided, and a new registration application with applicable fees must be submitted.
(c) The registration of a developer, exchange company, individual, or entity registered under this Act shall be renewed as required by rule.
(Source: P.A. 96-738, eff. 8-25-09.)
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Last modified: February 18, 2015