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)

Page Range		49127-49127
FR Document		2015-19998

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 Issue 158 (Monday, August 17, 2015)

[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

Federal Register / Vol. 80, No. 158 / Monday, August 17, 2015 / Rules and Regulations 49127

PARTS 10003–10049—[RESERVED] an exemption under 15 U.S.C. 1702, DEPARTMENT OF TRANSPORTATION
including the exemption of section
Dated: August 11, 2015. 1702(b)(9), is self-determining, and a Federal Aviation Administration
Rebecca Cokley, developer is not required to file notice
Executive Director. with or obtain the approval of the 14 CFR Part 39
[FR Doc. 2015–20140 Filed 8–14–15; 8:45 am] Bureau in order to take advantage of an [Docket No. FAA–2015–3398; Directorate
BILLING CODE 8421–03–P exemption. Section 1010.4(d) also Identifier 2015–CE–031–AD; Amendment
provides that a developer is responsible 39–18232; AD 2015–16–07]
for maintaining records to demonstrate RIN 2120–AA64
BUREAU OF CONSUMER FINANCIAL that the requirements of an exemption
PROTECTION have been met if a developer elects to Airworthiness Directives; REIMS
take advantage of an exemption. The AVIATION S.A. Airplanes
12 CFR Part 1010 Bureau will continue to process filings
AGENCY: Federal Aviation
made by developers seeking to fulfill Administration (FAA), DOT.
Compliance Bulletin—Amendment to
their obligations under ILSA and its
the Interstate Land Sales Full ACTION: Final rule; request for
Disclosure Act implementing regulations.
comments.
If you have questions about ILSA
AGENCY: Bureau of Consumer Financial program operations, you may contact SUMMARY: We are adopting a new
Protection. airworthiness directive (AD) for REIMS
ILSA program staff via email to CFPB_
ACTION: Compliance bulletin. AVIATION S.A. Model F406 airplanes.
ILS_Inquiries@cfpb.gov or at the address
SUMMARY: The Bureau of Consumer below: Consumer Financial Protection This AD results from mandatory
Financial Protection is issuing a Bureau, Interstate Land Sales Program, continuing airworthiness information
compliance bulletin titled ‘‘Amendment 1700 G St. NW., Attn: 1625 Eye St., (MCAI) issued by the aviation authority
to the Interstate Land Sales Full Room 3093, Washington, DC 20552. of another country to identify and
Disclosure Act’’ to provide information correct an unsafe condition on an
If you have a question regarding the aviation product. The MCAI describes
to developers and other interested interpretation of ILSA or the Bureau’s
parties relating to a recent Congressional the unsafe condition as detachment of
implementing regulations, please email the pilot’s rudder control pedal in flight.
amendment to the Interstate Land Sales CFPB_reginquiries@cfpb.gov with your
Full Disclosure Act. We are issuing this AD to require
specific question, including reference to actions to address the unsafe condition
DATES: This bulletin is applicable
the applicable regulation section(s). on these products.
August 17, 2015.
FOR FURTHER INFORMATION CONTACT:
Bureau staff responding to queries DATES: This AD is effective August 18,
Amanda Quester, Senior Counsel, Office cannot provide legal advice and are not 2015.
of Regulations, at (202) 435–7700. authorized to provide official The Director of the Federal Register
interpretations of ILSA or of the approved the incorporation by reference
SUPPLEMENTARY INFORMATION:
Bureau’s implementing regulations. of a certain publication listed in the AD
I. Compliance Bulletin as of August 18, 2015.
II. Regulatory Requirements We must receive comments on this
The Consumer Financial Protection
Bureau (Bureau) issues this compliance AD by October 1, 2015.
This Compliance Bulletin summarizes
bulletin to provide information to existing requirements under the law, ADDRESSES: You may send comments by
developers and other interested parties and does not itself establish any binding any of the following methods:
relating to Public Law 113–167, 128 obligations. It is therefore exempt from • Federal eRulemaking Portal: Go to
Stat. 1882 (2014), which amended the notice and comment rulemaking http://www.regulations.gov. Follow the
Interstate Land Sales Full Disclosure instructions for submitting comments.
requirements under the Administrative
Act (ILSA). This ILSA amendment was • Fax: (202) 493–2251.
Procedure Act pursuant to 5 U.S.C.
signed by the President on September • Mail: U.S. Department of
553(b). Because no notice of proposed Transportation, Docket Operations, M–
26, 2014. It became effective on March
rulemaking is required, the Regulatory 30, West Building Ground Floor, Room
25, 2015, and is codified primarily at 15
Flexibility Act does not require an W12–140, 1200 New Jersey Avenue SE.,
U.S.C. 1702(b)(9) and (d).
The amendment exempts from ILSA’s initial or final regulatory flexibility Washington, DC 20590.
registration and disclosure requirements analysis. 5 U.S.C. 603(a), 604(a). The • Hand Delivery: U.S. Department of
the sale or lease of a condominium unit Bureau has determined that this Transportation, Docket Operations, M–
that is not exempt under 15 U.S.C. Compliance Bulletin does not impose 30, West Building Ground Floor, Room
1702(a). Under 15 U.S.C. 1702(d), a any new or revise any existing W12–140, 1200 New Jersey Avenue SE.,
‘‘condominium unit’’ is defined for recordkeeping, reporting, or disclosure Washington, DC 20590, between 9 a.m.
purposes of this new exemption as a requirements on covered entities or and 5 p.m., Monday through Friday,
unit of residential or commercial members of the public that would be except Federal holidays.
property to be designated for separate collections of information requiring For service information identified in
ownership pursuant to a condominium OMB approval under the Paperwork this AD, contact ASI Aviation,
plan or declaration provided that upon Reduction Act, 44 U.S.C. 3501 et seq. Aérodrome de Reims Prunay, 51360
conveyance: (1) The owner of such unit Prunay, FRANCE; phone: +33 3 26 48 46
tkelley on DSK3SPTVN1PROD with RULES

Dated: August 10, 2015.
will have sole ownership of the unit and 65; fax: +33 3 26 49 18 57; email: none;
Richard Cordray, Internet: http://asi-aviation.fr/asi-
an undivided interest in the common
elements appurtenant to the unit; and Director, Bureau of Consumer Financial aviation-support/1.html (requires user
(2) the unit will be an improved lot. Protection. name and password). You may view this
Pursuant to § 1010.4(d) of the [FR Doc. 2015–19998 Filed 8–14–15; 8:45 am] referenced service information at the
Bureau’s ILSA regulations, eligibility for BILLING CODE 4810–AM–P FAA, Small Airplane Directorate, 901

VerDate Sep<11>2014 16:26 Aug 14, 2015 Jkt 235001 PO 00000 Frm 00011 Fmt 4700 Sfmt 4700 E:\FR\FM\17AUR1.SGM 17AUR1

Document Created: 2015-12-15 11:06:34
Document Modified: 2015-12-15 11:06:34

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Rules and Regulations
Action		Compliance bulletin.
Dates		This bulletin is applicable August 17, 2015.
Contact		Amanda Quester, Senior Counsel, Office of Regulations, at (202) 435-7700.
FR Citation		80 FR 49127