News & Analysis as of

New exemption under ILSA for condo units: relief for developers, key points to note

President Barack Obama has signed into law an amendment to the Interstate Land Sales Full Disclosure Act of 1968 (ILSA). The new law, signed by the President on September 30, expands registration exemptions under ILSA...more

New Amendment to the Interstate Land Sales Full Disclosure Act (ILSA) could be Good News for Condominium Developers

On September 26, 2014, President Obama signed into law House Resolution 2600 that adds the sales of condominium units to the list of “partial” exemptions under the Interstate Land Sales Full Disclosure Act (ILSA). With the...more

Senate passes bill exempting condo unit sales from ILSFDA registration

In May 2013, we reported that the CFPB’s amicus program scored a victory when the U.S. Court of Appeals for the Second Circuit ruled that the sale of a single-floor condominium unit in a multistory building was subject to the...more

Bill Would Exempt Condominiums from Certain ILSFDA Requirements

On September 26, 2013, the U.S. House of Representatives passed H.R. 2600, which would exempt the sale and lease of condominium units from certain requirements of the Interstate Land Sales Full Disclosure Act (ILSFDA). The...more

Condo Developers May Be Getting Relief From Washington

The House of Representatives of the U.S. Congress, in a surprising nonpartisan move, passed H.R. 2600 on September 26, 2013. This bill, submitted by New York Congresswoman Carolyn Maloney, exempts developers of condominiums...more

Second Circuit ILSA decision follows CFPB position

The decision of the U.S. Court of Appeals for the Second Circuit in Berlin v. Renaissance Rental Partners, LLC issued on May 6 represents a win for the CFPB’s amicus program. At the court’s invitation, the CFPB filed a letter...more

CFPB files amicus brief in Second Circuit ILSA case

On March 12, 2013, the CFPB filed a new amicus brief supporting the consumer/appellee’s position that the Interstate Land Sales Full Disclosure Act (ILSA) applies to condominium units, even where the unit does not also...more

InfoBytes Special Alert: Detailed Analysis Of CFPB's Final Escrow Rule

On January 10, 2013, the Consumer Financial Protection Bureau issued its final rule on escrow account requirements for first-lien higher-priced mortgage loans. The rule amends existing escrow requirements and exemptions for...more

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