Illinois Compiled Statutes 765 Property: Article 10 - Business Practices

• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 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...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-10
  (765 ILCS 101/10-10) Sec. 10-10. Cancellation of purchase contract. Any purchase contract entered into by a purchaser of a time share interest under this...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-15
  Interests, liens, and encumbrances; alternative assurances. (a) Excluding any encumbrance placed against the purchaser's timeshare interest securing the purchaser's payment of purchase-money financing for such...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-20
  (765 ILCS 101/10-20) Sec. 10-20. Licenses. Any sales or resale agent shall comply with the provisions of the Real Estate License Act of 1983,...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-25
  Liability; material misrepresentation; promotions. (a) A developer or other person offering a timeshare plan may not do any of the following: (1) Misrepresent a fact...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-30
  (765 ILCS 101/10-30) Sec. 10-30. Records. The managing entity shall keep detailed financial records directly related to the operation of the association. All financial...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-35
  (765 ILCS 101/10-35) Sec. 10-35. Maintenance of records. Every developer, exchange company, or resale agent shall maintain, for a period of 2 years, records...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-40
  Partition. No action for partition of a timeshare interest may be initiated except as permitted by the timeshare instrument. (Source: P.A. 91-585, eff. 1-1-00.)
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-45
  Managing entity lien created. (a) A managing entity has a lien on a timeshare interest for any of the following respectively levied or imposed against...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-50
  Nonjudicial foreclosure against timeshare estates. (a) Notwithstanding anything in the Illinois Mortgage Foreclosure Law or other applicable law to the contrary: (1) The holder of...
• Illinois Real Estate Timeshare Act of 1999. - 765 ILCS 101, Section 10-55
  Foreclosure of lien or security interest on a timeshare use. (a) Notwithstanding anything in the Illinois Mortgage Foreclosure Law or the Uniform Commercial Code to...

Last modified: February 18, 2015