About the Course
Introduction
This CLE webinar will provide real estate counsel with a review of the statutory framework and the latest developments relating to the Interstate Land Sales Full Disclosure Act (ILSFDA). The panel will discuss its amendments, including a partial exemption for the sale of condo units, how the Consumer Financial Protection Bureau (CFPB) and courts are addressing ILSFDA, and best practices to ensure compliance.
Description
Developers of residential property should be aware that there is a federal statute that prohibits the sale across state lines of subdivision lots or units unless they are registered with the CFPB or are exempt from registration. ILSFDA presents complex compliance issues for developers and their counsel. They include the applicability of ILSFDA to specific developments and exemption from ILSFDA registration requirements in several different development scenarios.
An amendment to ILSFDA to partially exempt condominium developments took effect on Mar. 25, 2015. In the years since some applications of the exemption are clear, but some key issues remain unresolved or fraught with ambiguity.
Court interpretations of the Act are inconsistent, and developers must continuously navigate potential legal land mines within ILSFDA. Counsel to developers must ensure properties are properly registered under ILSFDA or are exempt from the Act.
Listen as our authoritative panel of attorneys provides their unique perspectives, overview and analysis of current ILSFDA regulations, guidelines and procedures, including the partial exemption for condo developments, ILSFDA litigation developments, and CFPB ILSFDA-related enforcement activity.
Presented By
Ms. Goldman represents national and regional homebuilders with the development of their condominiums and planned development communities, including covenant drafting, special disclosures, Division of Florida Condominiums, Timeshares and Mobile Homes (Condominium) and Consumer Finance Protection Bureau (Interstate Land Sales Full Disclosure Act) filings and secondary mortgage market financing. She is currently serving a two-year term as Commissioner for the City of Sunny Isles Beach, Florida.
Ms. Lee’s real estate practice focuses primarily on issues surrounding common interest projects, including homeowners associations, commercial, residential and mixed-use condominiums, cooperatives, and timeshare resorts. She frequently represents associations after their transition to homeowner management. Ms. Lee leverages that practical operational knowledge to help clients in the formation of these associations.
Mr. Perel is a partner in the Environmental and Natural Resources Practice Group with vast experience in the real estate capital markets, financial services, real estate, insurance and reinsurance, and hospitality and travel industries. With nearly 40 years of experience, his practice encompasses all aspects of environmental law affecting corporate and real estate finance transactions, mergers and acquisitions, real estate development and redevelopment projects, environmental risk management and insurance, remediation of contaminated properties, Brownfield redevelopment, and environmental compliance and due diligence. Mr. Perel also litigates complex environmental and environmental insurance coverage claims and disputes.
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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Date + Time
- event
Thursday, February 2, 2023
- schedule
1:00 p.m. ET./10:00 a.m. PT
- ILSFDA statutory and regulatory framework
- 2015 amendment partially exempting condo developments
- The CFPB 2016 electronic filing initiative
- Legal issues with registration statements
- Exemptions and drafting pointers
- Enforcement activity
- Recent private litigation developments
The panel will review these and other key issues:
- When is registration required under ILSFDA, and what are the continuing compliance requirements?
- How does the CFPB identify targets for investigation?
- What issues have not been resolved or remain ambiguous in the condo exemption amendment?
- How are courts addressing ILSFDA cases?
- What are the compliance options, alternatives, strategies, and pitfalls for developers under ILSFDA?
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