2005 Illinois Code - 765 ILCS 101/ Real Estate Timeshare Act of 1999. Article 20 - Administration
(765 ILCS 101/Art. 20 heading)
Article 20.
Administration
(765 ILCS 101/20‑5)
Sec. 20‑5.
Administration of Act.
The Office of Banks and Real Estate
shall exercise the powers and duties prescribed by the Civil Administrative
Code
of Illinois and shall exercise other powers and duties necessary for
effectuating the
purposes of this Act. The Office of Banks and Real Estate may contract with
third
parties for services necessary for the proper administration of this Act. The
Office
of Banks and Real Estate has the authority to establish public policies and
procedures necessary for the administration of this Act.
(Source: P.A. 91‑585, eff. 1‑1‑00.)
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(765 ILCS 101/20‑10)
Sec. 20‑10.
Administrative rules.
The Office of Banks and Real Estate
shall adopt rules for the implementation and enforcement of this Act.
(Source: P.A. 91‑585, eff. 1‑1‑00.)
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(765 ILCS 101/20‑15)
Sec. 20‑15.
Real Estate License Administration Fund.
All fees collected for registration and for civil penalties pursuant to this
Act and administrative rules adopted under this Act shall be deposited into
the Real Estate License Administration Fund. The moneys deposited in the Real
Estate License Administration Fund shall be appropriated to the Office of Banks
and Real Estate for expenses for the administration and enforcement of this
Act.
(Source: P.A. 91‑585, eff. 1‑1‑00.)
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(765 ILCS 101/20‑20)
Sec. 20‑20.
Forms.
The Office of Banks and Real Estate may prescribe
forms
and procedures for submitting information to the Office of Banks and Real
Estate.
(Source: P.A. 91‑585, eff. 1‑1‑00.)
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(765 ILCS 101/20‑25)
Sec. 20‑25.
Site inspections.
The Office of Banks and Real Estate shall
thoroughly investigate all matters relating to an application for registration
under this Act and may
require a personal inspection of any developer, timeshare plan, accommodation,
exchange company, or resale company and any offices where any of the foregoing
may transact
business. All reasonable expenses incurred by the Office of Banks and Real
Estate in
investigating such matters shall be borne by the registrant, and the registrant
shall
reimburse the Office of Banks and Real Estate for those expenses within 30
calendar days of receipt of notice of
the expenses from the Office. The
Office of Banks and Real Estate may require a deposit sufficient to cover the
expenses
prior to incurring the expenses.
(Source: P.A. 91‑585, eff. 1‑1‑00.)
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