Real Estate Alert - Summer 2011: Interstate Land Sales Full Disclosure Act


Today, July 21, 2011, registration and enforcement jurisdiction over the Interstate Land Sales Full Disclosure Act ("ILSA") moves from the Office of Interstate Land Sales under the Department of Housing and Urban Development ("HUD") to the Bureau of Consumer Financial Protection ("CFPB") under the Department of Treasury, established by the Consumer Financial Protection Act of 2010, a/k/a Dodd-Frank, and organized by Elizabeth Warren at the direction of the President.

The CFPB has published in the Federal Register a list of the regulations, rules and orders promulgated over the years by agencies and departments whose jurisdiction has been transferred to CFPB that it will enforce.

Conspicuously absent from the list applicable to HUD and that will not be followed by the CFPB is a document called, "Guidelines for Exemption Available Under the Interstate Land Sales Full Disclosure Act" (the "Guidelines"), published in 1996 as supplemental guidance to the ILSA Regulations. CFPB staff advise that as of today, July 21, 2011, the Guidelines will "cease to exist" entirely.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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