80 FR 49127 - Compliance Bulletin-Amendment to the Interstate Land Sales Full Disclosure Act

BUREAU OF CONSUMER FINANCIAL PROTECTION

Federal Register Volume 80, Issue 158 (August 17, 2015)

The Bureau of Consumer Financial Protection is issuing a compliance bulletin titled ``Amendment to the Interstate Land Sales Full Disclosure Act'' to provide information to developers and other interested parties relating to a recent Congressional amendment to the Interstate Land Sales Full Disclosure Act.

[Federal Register Volume 80, Number 158 (Monday, August 17, 2015)]
[Rules and Regulations]
[Page 49127]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2015-19998]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1010


Compliance Bulletin--Amendment to the Interstate Land Sales Full 
Disclosure Act

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Compliance bulletin.

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SUMMARY: The Bureau of Consumer Financial Protection is issuing a 
compliance bulletin titled ``Amendment to the Interstate Land Sales 
Full Disclosure Act'' to provide information to developers and other 
interested parties relating to a recent Congressional amendment to the 
Interstate Land Sales Full Disclosure Act.

DATES: This bulletin is applicable August 17, 2015.

FOR FURTHER INFORMATION CONTACT: Amanda Quester, Senior Counsel, Office 
of Regulations, at (202) 435-7700.

SUPPLEMENTARY INFORMATION:

I. Compliance Bulletin

    The Consumer Financial Protection Bureau (Bureau) issues this 
compliance bulletin to provide information to developers and other 
interested parties relating to Public Law 113-167, 128 Stat. 1882 
(2014), which amended the Interstate Land Sales Full Disclosure Act 
(ILSA). This ILSA amendment was signed by the President on September 
26, 2014. It became effective on March 25, 2015, and is codified 
primarily at 15 U.S.C. 1702(b)(9) and (d).
    The amendment exempts from ILSA's registration and disclosure 
requirements the sale or lease of a condominium unit that is not exempt 
under 15 U.S.C. 1702(a). Under 15 U.S.C. 1702(d), a ``condominium 
unit'' is defined for purposes of this new exemption as a unit of 
residential or commercial property to be designated for separate 
ownership pursuant to a condominium plan or declaration provided that 
upon conveyance: (1) The owner of such unit will have sole ownership of 
the unit and an undivided interest in the common elements appurtenant 
to the unit; and (2) the unit will be an improved lot.
    Pursuant to Sec.  1010.4(d) of the Bureau's ILSA regulations, 
eligibility for an exemption under 15 U.S.C. 1702, including the 
exemption of section 1702(b)(9), is self-determining, and a developer 
is not required to file notice with or obtain the approval of the 
Bureau in order to take advantage of an exemption. Section 1010.4(d) 
also provides that a developer is responsible for maintaining records 
to demonstrate that the requirements of an exemption have been met if a 
developer elects to take advantage of an exemption. The Bureau will 
continue to process filings made by developers seeking to fulfill their 
obligations under ILSA and its implementing regulations.
    If you have questions about ILSA program operations, you may 
contact ILSA program staff via email to [email protected] or 
at the address below: Consumer Financial Protection Bureau, Interstate 
Land Sales Program, 1700 G St. NW., Attn: 1625 Eye St., Room 3093, 
Washington, DC 20552.
    If you have a question regarding the interpretation of ILSA or the 
Bureau's implementing regulations, please email 
[email protected] with your specific question, including 
reference to the applicable regulation section(s).
    Bureau staff responding to queries cannot provide legal advice and 
are not authorized to provide official interpretations of ILSA or of 
the Bureau's implementing regulations.

II. Regulatory Requirements

    This Compliance Bulletin summarizes existing requirements under the 
law, and does not itself establish any binding obligations. It is 
therefore exempt from notice and comment rulemaking requirements under 
the Administrative Procedure Act pursuant to 5 U.S.C. 553(b). Because 
no notice of proposed rulemaking is required, the Regulatory 
Flexibility Act does not require an initial or final regulatory 
flexibility analysis. 5 U.S.C. 603(a), 604(a). The Bureau has 
determined that this Compliance Bulletin does not impose any new or 
revise any existing recordkeeping, reporting, or disclosure 
requirements on covered entities or members of the public that would be 
collections of information requiring OMB approval under the Paperwork 
Reduction Act, 44 U.S.C. 3501 et seq.

    Dated: August 10, 2015.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2015-19998 Filed 8-14-15; 8:45 am]
 BILLING CODE 4810-AM-P