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2005 Illinois Code - 765 ILCS 86/      Land Sales Registration Act of 1999. Article 1 - General Provisions


      (765 ILCS 86/Art. 1 heading)
Article 1. General Provisions

    (765 ILCS 86/1‑1)
    (Section scheduled to be repealed on January 1, 2010)
    Sec. 1‑1. Short title. This Act may be cited as the Land Sales Registration Act of 1999.
(Source: P.A. 91‑338, eff. 12‑30‑99.)

    (765 ILCS 86/1‑2)
    (Section scheduled to be repealed on January 1, 2010)
    Sec. 1‑2. Supersedes prior Act. This Act supersedes the Land Sales Registration Act of 1989.
(Source: P.A. 91‑338, eff. 12‑30‑99.)

    (765 ILCS 86/1‑5)
    (Section scheduled to be repealed on January 1, 2010)
    Sec. 1‑5. Declaration of public policy. The practice of selling land that is located outside the State of Illinois and offered for sale to individuals who are located in the State of Illinois is declared to affect the public health, safety, and welfare and to be subject to regulation and control in the public interest. It is further declared to be a matter of public interest and concern that the business of selling and conveying parcels of land from real estate subdivisions located outside the State of Illinois and the practice of land sales as defined in this Act merit and receive the confidence of the public, so that only qualified persons be authorized to practice the sale of foreign land within the State of Illinois. This Act shall be liberally construed to best carry out these subjects and purposes.
(Source: P.A. 91‑338, eff. 12‑30‑99.)

    (765 ILCS 86/1‑10)
    (Section scheduled to be repealed on January 1, 2010)
    Sec. 1‑10. Definitions. In this Act, unless the context otherwise requires:
    "Blanket encumbrance" means a trust deed, mortgage, mechanics lien, or any other lien or financial encumbrance securing or evidencing money debt and affecting land to be subdivided or affecting more than one lot or parcel of subdivided land; or an agreement affecting more than one such lot or parcel by which the subdivider holds the subdivision under an option, contract to purchase, or trust agreement. Taxes and assessments levied by public authority are not an encumbrance under this Act.
    "Commissioner" means the Commissioner of Banks and Real Estate or a natural person authorized by the Commissioner, the Office of Banks and Real Estate Act, or this Act to act in the Commissioner's stead.
    "Common promotional plan" means a plan, undertaken by a single developer or a group of developers acting in concert, to offer lots for sale or lease. Where land is offered for sale by a developer or group of developers acting in concert and the land is contiguous or is known, designated, or advertised as a common unit or by a common name, the land is presumed, without regard to the number of lots covered by each individual offering, to be offered for sale or lease as part of a common promotional plan.
    "Offer" includes every inducement, solicitation, or attempt to encourage a person to acquire an interest in a subdivision or subdivided land, if undertaken for gain or profit.
    "Person" means an individual, corporation, government or governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, 2 or more of any of the foregoing having a joint or common interest, or any other legal or commercial entity.
    "Sale" includes a sale, lease, assignment, or award by lottery, or any offer or solicitation of an offer to do any of the foregoing, concerning a subdivision or any part of a subdivision, if undertaken for gain or profit.
    "Subdivided land" and "subdivision" mean improved or unimproved lands located outside the State of Illinois, divided or proposed to be divided into 25 or more lots or parcels, and also include any land, whether contiguous or not, if 25 or more lots, parcels, units or interests are offered as a part of a common promotional plan of advertising and sale.
(Source: P.A. 91‑338, eff. 12‑30‑99.)

    (765 ILCS 86/1‑15)
    (Section scheduled to be repealed on January 1, 2010)
    Sec. 1‑15. Powers and duties of the Office of Banks and Real Estate. The Office of Banks and Real Estate shall exercise the powers and duties established by this Act. The Commissioner may adopt rules consistent with the provisions of this Act for its administration and enforcement and may prescribe forms that shall be issued in connection with this Act. The Office of Banks and Real Estate shall issue a certificate of registration to any person who meets the qualifications set forth in this Act.
(Source: P.A. 91‑338, eff. 12‑30‑99.)

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