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Illinois Timeshare Laws
Please be advised that you should not act upon any of this information without seeking proper legal counsel from an attorney experienced in timeshare law. Roberts Law Group makes no representation or warranty regarding the accuracy, reliability, completeness, or timeliness of any information provided. This information is provided for information only. All information posted here should not be used as a substitute for the advice of an appropriately qualified and licensed lawyer.
In the state of Illinois, timeshare laws are regulated by the Real Estate Timeshare Act of 1999 (765 ILCS 101/). The Illinois Financial and Professional Regulation standardize the code of practice in regards to timeshare cancellation, timeshare resale, and other timeshare laws. Most recent amendments were made in 2009.
Illinois Timeshare Cancellation
765 ILCS 101/10-10: Illinois timeshare laws state that a purchaser has the right to cancel a contract within five days. The buyer must submit the request for cancellation either in person or by certified mail. These five days are defined as calendar days, therefore they include Sundays and Holidays.
Illinois Timeshare Resale Laws
765 ILCS 101/10-20M: Any timeshare sales agent or resale agent must be licensed under Illinois timeshare laws. Any salesperson, broker, or person conducting the sale of a timeshare must also comply with regulations required by the Real Estate License Act of 1983.
In addition, 765 ILCS 101/5-40 defines in detail, the timeshare laws and regulations for all timeshare resellers including for those agreements entered with both buyers and sellers. It is important that you understand your rights and have a timeshare lawyer review any documents before entering into an agreement with a timeshare resale company due to the frequency of fraudulent timeshare scams.
Timeshare Fraud and Misrepresentation
765 ILCS 101/10-25: It is unlawful for any developer or seller to present fraudulent information to a purchaser under Illinois timeshare law. The seller may also not convey any predictions or assumptions that the timeshare will increase in value. This timeshare law also declares that the seller prohibited from falsifying any information regarding the accommodations, right to use period, or features of the timeshare to the purchaser.
Timeshare Foreclosure in Illinois
765 ILCS 101/10-50: The developer or managing entity has the right to foreclose upon a purchaser who is delinquent in their mortgage payments. If you feel that you are in danger of a timeshare foreclosure, please contact a timeshare attorney immediately. The purchaser only has 30 days to file a dispute against a timeshare foreclosure in Illinois. After that 30 days period, the timeshare will be put up for sale through a public auction.
**A timeshare owner only has 30 days to dispute a timeshare foreclosure under Illinois state timeshare laws. If you are in danger of a foreclosure please contact a timeshare lawyer immediately at 1-800-242-0532**
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