What are the major requirements of the Interstate Land Sales Full Disclosure Act?
The Interstate Land Sales Full Disclosure Act prohibits developers and their agents from selling or leasing, by mail or by means of interstate commerce, any lot in any subdivision of 100 or more nonexempt lots unless a Statement of Record is filed with HUD that discloses and documents current information about the …
What properties are exempt from the Interstate Land Sales Disclosure Act?
Section 1702(a)(2) of Title 15 of the United States Code exempts (1) the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building; or (2) the sale or lease of land under a contract obligating the seller or lessor to erect such a building on the lot within a …
Who administers the Interstate Land Sales Full Disclosure Act?
the Consumer Financial Protection Bureau
Currently, the responsibility for administering the Act and its regulations is with the Consumer Financial Protection Bureau (CFPB). A regulated developer is to provide each purchaser with a disclosure document called a Property Report.
What regulations are under CFPB?
Regulations implementing consumer financial protection laws
- Regulation B : Equal Credit Opportunity Act.
- Regulation C : Home Mortgage Disclosure.
- Regulation D : Alternative Mortgage Parity.
- Regulation E : Electronic Fund Transfers.
- Regulation F : Fair Debt Collection Practices Act.
When was the Interstate Full Disclosure Act created?
Developed after Regulation G, Regulation H requires all states to adopt minimum uniform standards for the licensing and registration of mortgage loan originators. Enacted in 1968, the Interstate Full Disclosure Act protects consumers from fraud in the sale or lease of land by regulating all interstate land sales.
What are the provisions of the interstate land sales act?
The Act also contains antifraud provisions, applicable to subdivisions with 25 or more lots, which prohibit developers from engaging in misleading sales practices. Any willful violation of the Act is subject to criminal penalties of imprisonment or fine, civil damages, civil money penalties, or suspension of registration.
What is the 12 CFR Part 1010 land registration?
12 CFR Part 1010 – Land Registration (Regulation J) Most recently amended June 10, 2016 Regulations J implements registration, disclosure, and anti-fraud requirements under the Interstate Land Sales Full Disclosure Act for the sale or lease of non-exempt lots in a subdivision.
What happens if you violate the National Land Sales Act?
Any willful violation of the Act is subject to criminal penalties of imprisonment or fine, civil damages, civil money penalties, or suspension of registration. U.S. Department of Housing and Urban Development, Washington, DC 20410-8000.