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 partially exempts condominium developments. In the years since the amendment, 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
Mr. Dixon is Counsel at Smith, Gambrell & Russell, LLP and has deep knowledge and experience with respect to environmental issues in a multitude of areas of law. He counsels clients on a wide range of environmental and regulatory matters, with a particular focus on helping financial institutions, real estate developers, electric utilities, and industrial/manufacturing companies manage and mitigate environmental risks in complex transactions and operations. Mr. Dixon has extensive experience conducting environmental due diligence in large loan and M&A transactions and crafting unique remediation and mitigation strategies tailored to address the particular concerns at hand. He also has extensive experience advising clients on compliance and enforcement matters concerning environmental laws, including RCRA, CERCLA, the Clean Air Act, the Clean Water Act, and their state counterparts.
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, March 5, 2026
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. ILSFDA statutory and regulatory framework
II. Amendment partially exempting condo developments
III. The CFPB 2016 electronic filing initiative
IV. Legal issues with registration statements
V. Exemptions and drafting pointers
VI. Enforcement activity
VII. 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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