(765 ILCS 86/Art. 1 heading)
Article 1.
General Provisions
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(765 ILCS 86/1-1)
(Section scheduled to be repealed on January 1, 2020)
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 .)
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(765 ILCS 86/1-2)
(Section scheduled to be repealed on January 1, 2020)
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 .)
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(765 ILCS 86/1-5)
(Section scheduled to be repealed on January 1, 2020)
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 .)
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(765 ILCS 86/1-10)
(Section scheduled to be repealed on January 1, 2020)
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.
"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.
"Department" means the Illinois Department of Financial and Professional Regulation.
"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.
"Secretary" means the Secretary of Financial and Professional Regulation.
"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. 96-855, eff. 12-31-09.)
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(765 ILCS 86/1-15)
(Section scheduled to be repealed on January 1, 2020)
Sec. 1-15. Powers and duties of the Department.
The Department
shall exercise the powers and duties
established
by this Act. The Secretary 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 Department
shall
issue a certificate of registration to any person who meets the qualifications
set
forth in this Act.
(Source: P.A. 96-855, eff. 12-31-09.)
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