The following information is taken directly from the FAA AFS-600 website. The original document can be viewed here. (PDF format).
September 1, 2004 -- Effective Date of Rule
Current pilots (with a recreational pilot certificate, or higher and current flight review) can begin flying under sport pilot regulations with no additional training or registration;
Non-current pilots (with a recreational pilot certificate, or higher, but expired flight review) can pass flight review and fly as sport pilots, provided they hold a valid U.S. driver's license;
Deadline for ultralight pilots and instructors to be registered with EAA, ASC or USUA to get full credit for ultralight training and flight experience.
FAA Order 8000.84, Procedures to Accept Industry-Developed Training for Light-Sport Repairmen has been signed and is available on the FAA web site. This order contains the policy to be used by AFS-610 for the acceptance and monitoring of industry-developed training for the light-sport aircraft repairman. AFS-610 will accept course applications that meet the requirements of this order on or after January 1st, 2005.
Aircraft Registration - will begin on October 15th.
FAA Form 8050-2 Aircraft Bill of Sale and FAA Form 8050-88A will be available on-line on October 1st.
Owners of two-place ultralight trainers and "fat ultralights" (single-seat and two-seat aircraft weighing more than 254 pounds) can apply for FAA registration and receive N-numbers;
FAA Practical Test Standards (PTS), for Sport Pilot/ Sport Pilot CFI, and Private Pilot (WSC and PPC) tests;
FAA Form 8110.28 - Designated Airworthiness Representatives - Applications (Light-sport) will be accepted.
FAA Order 8710.X, Sport Pilot Examiner Handbook - Establishes the Sport Pilot Examiner program.
FAA Form 8710-12, Light-Sport Standardization Board - Designated Pilot Examiner Candidate Application (Sport Pilot and Sport Pilot Flight Instructor Examiners) - November 1st.
Knowledge Tests Available to the Public at Computer Testing Centers - Sport Pilot, Sport Pilot CFI, and Private Pilot (WSC and PPC) November 15th.
Guidelines for light-sport aircraft repairman training;
Policy on how to make application, and guidelines on privileges and endorsements for a student pilot seeking a sportpilot certificate. Beginning November 15th, the FAA inspectors and designated pilot examiners may begin issuing student pilot certificates for students seeking sport pilot privileges using FAA Form 8710-1, Airman Certificate and/or Rating Application.
December 2004: The first training courses for light-sport aircraft Designated Airworthiness Representatives will be offered;
January 1, 2005:
The new FAA Form 8710-11, Airman Certificate and/or Rating Application - Sport Pilot will be available
Guidelines for issuance and endorsements published.
January 15, 2005 Airman Certification:
The FAA will be ready to issue the first certificates for the following:
Sport Pilot instructors (CFIs)
Factory-built light-sport aircraft (Special Light-Sport Aircraft or S-LSA)
Existing and kit-built light-sport aircraft (Experimental Light-Sport Aircraft or E-LSA)
Light-Sport Aircraft repairmen (maintenance and inspection ratings)
Ratings for Private Pilots who have additional training in weight-shift aircraft or powered parachutes
Applications accepted for additional category & class privileges for sport pilots and sport pilot CFI's.
Also in January 2005:
Initial Designated Pilot Examiner (Sport Pilot and Sport Pilot Flight Instructor Examiners) courses begin
AC 61.65 (revision) - Certification: Pilots and Flight and Ground Instructors - Policy and guidance to flight instructors for conducting proficiency checks and endorsement requirements.
February 2005 and beyond:
AC 61-XX - Sport and Light-Sport Aircraft Advisory Circular - Policy and Guidance to industry on aircraft and airman certification, and maintenance and inspection requirements for light-sport aircraft and pilots operating light-sport aircraft.
DAR and DPE courses as needed
Education focusing on Sport Pilot Flight Instructor privileges and responsibilities; registering and maintaining light sport aircraft.
January 31, 2007:
Deadline for registered ultralight pilots to take the sport pilot practical test without additional training hours;
January 31, 2008:
All two-place ultralight training aircraft exemptions expire (EAA, ASC, USUA).
Deadline for registered ultralight instructors to take the sport pilot flight instructor practical test without additional training hours
Final day for ELSA certificates to be granted to current two-place ultralight trainers or "fat ultralights"
January 31, 2010: Last day that a sport pilot CFI may take compensation to give instruction in a two-place ultralight trainer that was converted to an ELSA.
When will the FAA be ready to begin accepting applications and issuing new airman certificates or newairworthiness certificates under this rule?
November 2004: November 2004, the FAA will publish policy on how to make application, and guidelines on privileges and endorsements for a student pilot seeking a sport pilot certificate.
January 1, 2005 -- The new FAA Form 8710-11, Airman Application and/or Rating - Sport Pilot, will be made public.
January 15, 2005: The FAA will accept applications, FAA Form 8710-11, for the following new certificates or ratings:
The FAA will accept applications, FAA Form 8710-11, for additional sport pilot or sport pilot CFI category or class privileges on this date (completion of a proficiency check).
The FAA will accept FAA Form 8610-1, for a repairman (light-sport aircraft) certificate with a maintenance or inspection rating. FAA Form 8610-1 is currently available, but the policy for the issuance of a repairman (light-sport aircraft) will not be published until January 2005.
Note: The FAA will not accept any applications for the new certificates, rating or privileges listed above that are submitted prior to January 15, 2005. (This does not include FAA Form 8710-1, submitted for a student pilot seeking a sport pilot certificate submitted after November 15, 2004)
October 2004 - Beginning October 15, 2004, the FAA will accept AC Form 8050-1, Aircraft Registration Form and FAA Form 8050-88A, Affidavit Of Ownership, to register the following:
Transitioning ultralight-like aircraft and two-place training vehicles that have never been certificated, [ELSA under the provisions of 21.191(i)(1)],
New kit-built LSA [ELSA under the provisions of 21.191(i)(2)], or
Newly manufactured LSA that will meet the consensus standards [SLSA under the provisions of 21.190]
January 2005 - Beginning January 15, 2005, the FAA will accept FAA Form 8130-6, Application for US Airworthiness Certificate for the issuance of the following:
Experimental light-sport airworthiness certificate
Special light-sport airworthiness certificate.