The Interstate Land Sales Full Disclosure Act (ILSA) protects consumers by requiring certain land developers to register their plans and to provide prescribed disclosures to prospective purchasers. Developers of subdivisions with one hundred or more nonexempt lots, and developers of condominiums with one hundred or more nonexempt units, must register development plans with the Federal regulator designated by ILSA. These developers must also provide purchasers with a comprehensive disclosure statement known as a property report before a contract of sale is signed.
The interim final rule substantially duplicates HUD’s Interstate Land Sales Registration Program regulations, 24 CFR parts 1710, 1715, and 1720, as the Consumer Financial Protection Bureau’s new Regulation J (Land Registration), 12 CFR part 1010; new Regulation K (Purchasers’ Revocation Rights, Sales Practices and Standards), 12 CFR part 1011; and new Regulation L (Special Rules of Practice), 12 CFR part 1012. The interim final rules do not impose any new substantive obligations on regulated entities.
A copy of revised Regulation J is located at: https://mycomplianceresource.com/CFPB-Reg-J-Land-Registration.html. A copy of revised Regulation K is located at: https://mycomplianceresource.com/CFPB-Reg-K-Purchasers-Revocation-Rights-Sales-Practices-and-Standards.html. A copy of revised Regulation L is located at: https://mycomplianceresource.com/CFPB-Reg-L-Special-Rules-of-Practice.html. The Federal Register copies are available at: https://mycomplianceresource.com/CFPB-The-Inherited-Regulations.html.
