If you are the owner of a timeshare located in the state of Illinois that you need to cancel, then our team is available to help you now. Our company connects timeshare owners like yourself to reputable timeshare exit solution providers who help people cancel their timeshares.
Illinois Timeshare Laws
Timeshare laws for the state of Illinois can be found within the Illinois Real Estate Timeshare Act 765 ILCS 101. The laws related to misrepresentation can be found at 765 ILCS 101 Sec. 10-25, and the laws on timeshare developer requirements can be found at 765 ILCS 101 Sec. 5-15. The laws outlined within these sections describe the legal requirements that the state of Illinois places on timeshare developers and sellers. If timeshare developers don’t follow these legal standards, they could potentially face legal liability.
In the state of Illinois, timeshare developers are legally obligated to provide timeshare buyers with a public offering statement. A public offering statement is a document that discloses information about the timeshare, and includes:
- The name of the developer
- A description of any timeshare accommodations and amenities
- A current or projected annual budget
- Your rights related to recission of your purchase contract
The laws that explain what is required to be included in a public offering statement can be found at the Illinois Real Estate Timeshare Act at 765 ILCS 101 Sec. 5-25.
In the state of Illinois, you have five days to rescind a timeshare purchase contract or up until you receive a public offering statement, whichever is later. This Illinois timeshare law can be found at 765 ILCS 101 Sec. 10-10. If you have any questions about any laws affecting timeshares, then you should seek the advice of an experienced timeshare attorney. We can help connect you to that attorney. Give us a call at 833-416-8796 or fill out a form on the right side of the page.
Frequently Asked Questions from Illinois Timeshare Owners
1. Are there laws in Illinois that protect consumers like me from misrepresentation and high-pressure sales tactics that can occur during timeshare sales?
Answer: Yes, Illinois law prohibits timeshare sellers from misrepresenting important information regarding a timeshare. The law forbids a developer from misrepresenting any material fact associated with a timeshare. Timeshare developers are also required to follow specific rules relating to any promotions offered in connection with the sale of the timeshare. Illinois timeshare purchasers are protected under the misrepresentation section of the Illinois Real Estate Timeshare Act. 765 ILCS 101 Sec. 10-25. A violation of these rules can result in liability on the part of the developer.
2. What types of financial harm can I face as a timeshare owner if I simply stopped paying my timeshare maintenance fees?
Answer: Multiple types, while it might be possible that the ownership of a timeshare can just revert to the timeshare company if you stop paying your maintenance fees, most timeshare agreements allow timeshare companies to foreclose the timeshare in court which would likely result in a money judgement against you. This can also result in liens against the timeshare. The laws related to liens can be found at 765 ILCS 101 Sec. 10-45. Not paying fees or other money owed can damage your credit and can result in garnishment. Illinois timeshare foreclosure law can be found within the Illinois Real Estate Timeshare Act at 765 ILCS 101 Sec. 10-50.
3. Will my heirs be responsible for my timeshare when I die?
Answer: Yes, heirs will most likely be fully responsible for any timeshare that is inherited. Under Illinois law, however, you may able to give up ownership of a timeshare by filing a disclaimer of property. The law on disclaimers in Illinois can be found at 755 ILCS 5 Sec. 2-7 of the Illinois Probate Act. It is best to speak to an experienced and qualified attorney to find out if you are eligible to file for a disclaimer. We can help you find that attorney, call 833-416-8796 or fill out a form on the right side of the page.
4. Are there any laws pending in the Illinois legislature that can help timeshare owners in the future?
Answer: Latest news regarding the code of practice regarding timeshare cancellation can be found at the Illinois Financial and Professional Regulation website.
Our team of professionals is standing by to help you start the process of getting rid of your Illinois timeshare. In Illinois, our team’s network of timeshare exit solution providers have helped countless timeshare owners cancel their timeshare contracts legally and permanently without harming the timeshare owner’s credit. At Timeshare Exit Companies, we lean on our past experience to help you achieve future success. We help you discover the best timeshare exit companies that can help you get rid of your timeshare once and for all.
Disclaimer: This page is for informational purposes only. Timeshare Exit Companies does not provide legal services, and none of the information provided in this article should be considered legal advice.