What US Interstate Land Sales Full Disclosure Act (15 USC ch 42): Subdivision Registration, Disclosure and Penalties requires
The Interstate Land Sales Full Disclosure Act (15 U.S.C. ch. 42) protects purchasers of subdivided land by requiring registration and disclosure for covered interstate land sales, administered by the Consumer Financial Protection Bureau. Section 1701 supplies the definitions, including subdivision and lot. Section 1702 sets the exemptions, including for larger lots and certain improved-lot sales. Section 1703 sets the central requirements respecting the sale or lease of lots: it prohibits selling or leasing a non-exempt lot unless a statement of record is in effect and a printed property report is given to the purchaser in advance, prohibits fraud, and gives the purchaser a right to revoke the contract within the statutory period (and a longer period where the property report was not provided). Section 1704 requires the registration of subdivisions through a statement of record, section 1705 sets the information required in the statement of record, and section 1707 sets the contents of the property report. Section 1709 provides civil liabilities for violations. Section 1717 provides criminal penalties of a fine of not more than 10,000 dollars or imprisonment for not more than 5 years, or both, and section 1717a provides for civil money penalties. The Act is the legal foundation of US disclosure protection in interstate land sales.
Pillar: Construction & Real Estate · Authority: US Congress / Consumer Financial Protection Bureau (CFPB) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/USCODE-2022-title15/html/USCODE-2022-title15-chap42.htm
SHA-256 integrity: 3ee128a012d9a6f2bd0ef4d87445218e43168ba06c230732f29ca71be25a6b9e
Primary Citations — 8 traced to source
- Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701 - definitions.
- Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1702 - exemptions.
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