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91_SB0435ham001
LRB9103102KSgcam01
1 AMENDMENT TO SENATE BILL 435
2 AMENDMENT NO. . Amend Senate Bill 435 on page 9, by
3 replacing lines 10 through 33 with the following:
4 "Section 5-10. Exempt communications.
5 (a) The following communications are exempt from the
6 provisions of this Act:
7 (1) Any stockholder communication such as an annual
8 report or interim financial report, proxy material, a
9 registration statement, a securities prospectus, a
10 registration, a property report, or other material
11 required to be delivered to a prospective purchaser by an
12 agency of any state or the federal government.
13 (2) Any oral or written statement disseminated by a
14 developer to broadcast or print media, other than paid
15 advertising or promotional material, regarding plans for
16 the acquisition or development of timeshare property.
17 However, any rebroadcast or any other dissemination of
18 such oral statements to a prospective purchaser by a
19 seller in any manner, or any distribution of copies of
20 newspaper magazine articles or press releases, or any
21 other dissemination of such written statements to a
22 prospective purchaser by a seller in any manner, shall
23 constitute an advertisement.
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1 (3) Any advertisement or promotion in any medium to
2 the general public if such advertisement or promotion
3 clearly states that it is not an offer in any
4 jurisdiction in which any applicable registration
5 requirements have not been fully satisfied.
6 (4) Any audio, written, or visual publication or
7 material relating to the availability of any
8 accommodations for transient rental, so long as a sales
9 presentation is not a term or condition of the
10 availability of such accommodations and so long as the
11 failure of any transient renter to take a tour of a
12 timeshare property or attend a sales presentation does
13 not result in any reduction in the level of services
14 which would otherwise be available to such transient
15 renter.
16 (b) The following communications are exempt from the
17 provisions of this Act, provided they are delivered to any
18 person who has previously executed a contract for the
19 purchase of or is an existing owner of a timeshare interest
20 in a timeshare plan:
21 (1) Any communication addressed to and relating to
22 the account of any person who has previously executed a
23 contract for the sale or purchase of a timeshare period
24 in a timeshare plan to which the communication relates.
25 (2) Any audio, written, or visual publication or
26 material relating to an exchange company or exchange
27 program provided to an existing member of that exchange
28 company or exchange program.
29 (3) Any communication by a developer to encourage a
30 person who has previously acquired a timeshare interest
31 from the developer to acquire additional use or occupancy
32 rights or benefits, or additional timeshare interests,
33 offered by the same developer."; and
34 on page 10, by deleting lines 1 through 24; and
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1 on page 36, by replacing lines 24 through 26 with the
2 following:
3 "Any purchase contract entered into by a purchaser of a time
4 share interest under this Act shall be voidable by the
5 purchaser, without"; and
6 on page 37, line 10, by replacing "any party" with "a
7 purchaser"; and
8 on page 37, line 11, by replacing "that party" with "the
9 purchaser"; and
10 on page 37, line 14, by replacing "other party" with
11 "developer or resale agent, as applicable,"; and
12 on page 39, line 16, by replacing "1983." with "1983, or its
13 successor Act and the rules adopted pursuant to that Act.".