(765 ILCS 86/5-10)
(Section scheduled to be repealed on January 1, 2020)
Sec. 5-10. Application for registration.
(a) Before subdivided lands are offered for sale, the subdivider or the subdivider's agent shall file with the Department an application on forms supplied by the Department. A registration fee shall accompany the application. The application shall contain all of the following information:
(1) The name and address of the fee title owner of
the subdivided lands.
(2) The name and address of the subdivider.
(3) The name and address of an agent of the
subdivider in Illinois authorized to accept service of process on behalf of the subdivider.
(4) The legal description and acreage of the lands,
together with a map showing the layout as recorded or proposed and the relation of the lands to existing streets or roads, waterways, schools, churches, shopping centers, and local bus and rail transportation, with a statement of distances to each.
(5) A true statement as to title to the subdivided
land, including all financial encumbrances and unpaid taxes thereon.
(6) If subject property is in a land trust, a true
statement of the names and addresses of all parties with a beneficial interest in the trust.
(7) A true statement of the terms and conditions by
which it is intended the subdivided land will be sold, together with copies of any and all forms of contract or conveyance intended to be used. If a language other than English was used in advertising the property or during the sales presentation, translations, in that language, of the Illinois Public Property Report, any contract or lien, and any note shall be provided to the purchaser before the purchaser executes the contract. A receipt for these translations shall be obtained and a copy of the receipt shall be kept and subject to inspection by the Department for 3 years from the date of the receipt.
(8) A true statement of provision for sewage disposal
and public utilities, if any, in the proposed or existing subdivision, including water, electricity, gas, and telephone facilities.
(9) A correct reference to applicable zoning
ordinances and regulations.
(10) Certified financial statements of the subdivider.
(11) A proposed public property report, suitable for
distribution to any proposed purchaser if a certificate of registration is issued, which shall contain the following information:
(A) the name and principal address of the
subdivider;
(B) a general description of the subdivided
lands, stating the total number of lots, parcels, units, or interests in the offering;
(C) the significant terms of any encumbrances,
easements, liens, and restrictions, including zoning and other regulations affecting the subdivided lands and each lot or unit, and a statement of all existing taxes and existing or proposed special taxes or assessments that affect the subdivided lands;
(D) a statement of the use for which the property
is offered;
(E) information concerning improvements,
including streets, water supply, levees, drainage control systems, irrigation systems, sewage disposal facilities, and customary utilities, and the estimated costs, date of completion, and responsibility for construction and maintenance of existing and proposed improvements that are referred to in connection with the offering or disposition of any interest in subdivided lands;
(F) a statement that certified financial
statements are available upon request; and
(G) such additional information consistent with
this Act which may be required by the Department to assure full and fair disclosure to prospective purchasers.
(b) The subdivider shall report all material changes with respect to subdivided lands registered for sale under this Act, and the Department may require that the public property report be amended to reflect such material change. In the event the subdivider wishes to update the public property report, the subdivider may do so upon proper application to the Department.
(c) If the subdivider registers additional subdivided lands to be offered for sale, the subdivider may consolidate the subsequent registration with any earlier registration offering subdivided lands for sale under the same promotional plan, and the public property report shall be amended to include the additional subdivided lands so registered.
(d) The Department shall, at the time the application is submitted or from time to time thereafter, require the subdivider to furnish financial assurances, in the form of a performance bond, a surety bond, or an irrevocable letter of credit in the amount and subject to terms and requirements approved by the Department, for the purpose of protecting purchasers of lots in the subdivision to ensure that the improvements will be constructed and maintained in the manner represented by the subdivider. The Department may accept evidence that such assurances have been furnished to a foreign state, or a county or municipality within such state, in fulfillment of this requirement.
(Source: P.A. 96-855, eff. 12-31-09.)
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Last modified: February 18, 2015