(765 ILCS 86/5-5)
(Section scheduled to be repealed on January 1, 2020)
Sec. 5-5. Registration requirement; exemptions. It is unlawful for any person to engage in the business of selling land that is located outside the State of Illinois to any individual located in Illinois without a certificate of registration issued by the Department pursuant to this Act. Unless the method of sale is adopted for the purpose of evasion of this Act, the provisions of this Act do not apply to an offer or disposition of an interest in land:
(1) by a purchaser of subdivided lands for the
purchaser's own account in a single or isolated transaction;
(2) if fewer than 25 separate lots, parcels, units or
interests in subdivided lands are offered by a person;
(3) on which there is a commercial or industrial
building, shopping center, house, apartment house, condominium structure, or town house, or as to which there is a legal obligation on the part of the seller to construct such a building within 2 years from the date of disposition;
(4) that is sold for industrial, commercial, or
institutional purposes;
(5) that consists of cemetery lots or interests;
(6) that consists of a subdivision as to which the
plan of sale is to dispose of it to 10 or fewer persons; or
(7) in lots or parcels of 20 or more acres,
unconditionally, or of 10 or more acres if there is free and ready access leading to county-maintained roads.
(Source: P.A. 96-855, eff. 12-31-09.)
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Last modified: February 18, 2015