ILSA

News & Analysis as of

CFPB Targets Real Estate Developer in Recent Enforcement Action

The Consumer Financial Protection Bureau (CFPB) recently entered into a consent order against International Land Consultants, Inc. (ILC), a real estate development company, and four of its employees involved in the marketing,...more

CFPB settles action against land developers for ILSA violations

The CFPB recently announced that it had entered into a consent order with a land-development company and several individuals involved in the company’s operations to settle charges that the respondents violated the Interstate...more

Condominium unit ILSA sales exemption now effective

Effective March 25, 2015, the sale of condominium units are no longer subject to the registration requirements of the Interstate Land Sales Full Disclosure Act (ILSA) under a new exemption. This new exemption applies only to...more

Condominium Unit Sales Exemptions and Compliance under ILSA Requirements

As discussed in Ballard Spahr’s previous alert sent on September 24, 2014, effective March 25, 2015, the sale of condominium units will no longer be subject to the registration requirements of the Interstate Land Sales Full...more

Amendment to the Interstate Land Sales Full Disclosure Act

Changes to the Interstate Land Sales Full Disclosure Act will be effective March 29, 2015. These changes will exempt condominium developers from the filing and registration requirements of the Interstate Land Sales Act. This...more

New Condominium Exemption To The Interstate Land Sales Full Disclosure Act

As we previously reported, a significant amendment to the Interstate Land Sales Full Disclosure Act (ILSA) becomes effective on March 26, 2015. HR2600 adds an exemption from registration for a “condominium unit.” This is a...more

Condominium Law Alert: Condominium Units Now Exempt from ILSA Registration

On September 26, 2014, President Obama signed H.R. 2600, which amends the Interstate Land Sales Full Disclosure Act (“ILSA”) to exempt condominium pre-sales from the registration requirements of the ILSA. ...more

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

Completed Condominium Units to be Exempted from ILSA Registration Requirements

A bill exempting completed residential condominium units from the burdensome registration provisions of the Interstate Land Sales Act (“ILSA”) was passed by the U.S. Senate on September 18, 2014, after earlier passage by the...more

Congress Exempts Condominiums from Interstate Land Sales Registration Requirements

In a major break-through for condominium developers, on September 18, 2014, the United States Senate voted unanimously to adopt an amendment to the Interstate Land Sales Full Disclosure Act (often called “ILSA”) that will...more

Congress Exempts Condominiums from ILSA Registration

Last night, the U.S. Senate unanimously approved S. 2101, which would amend the Interstate Land Sales Full Disclosure Act (ILSA) to exempt condominium developments from its registration requirements. The Senate version is...more

Lender Cleared From Being Classified As a "Developer" Under the Interstate Land Sales Act

Poyner Spruill has been keeping an eye out for lawsuits where the plaintiffs attempted to lump lenders in with developers for liability purposes and we are glad to report the North Carolina Court of Appeals has refuted such...more

A Glimmer of Hope for Condominium Developers

On September 26, 2013, the House of Representatives took a major step in simplifying the sale and lease process for condominium developments, voting 410/0 in favor of H.R. 2600, introduced by New York Republican...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

Congress Takes First Step Toward Exempting Condominiums From Registration Under ILSA

On September 26th, by a vote of 410-0 (with 22 representatives not voting), the U.S. House of Representatives approved H.R. 2600, which would amend the Interstate Land Sales Full Disclosure Act ("ILSA") to exempt condominium...more

CFPB Demonstrates its Broad Scope

While it has only just begun its third year, the CFPB has already left its mark with a series of recent enforcement actions. Below are four examples of how the CFPB has wielded the broad scope of its mandate....more

New CFPB Enforcement Action Involving Alleged ILSA Violations

As we reported earlier this year, the CFPB was actively investigating a company called 3D Resorts-Bluegrass, LLC for possible violations of the Interstate Land Sales Full Disclosure Act (ILSA)....more

Three Florida Homeowners And Condo Associations Bills Passed By The 2013 Legislature

Three condominium and homeowners bills were passed by the Florida legislature: House Bill 73, Senate Bill 120, and House Bill 7119....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

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