BarbriSFCourseDetails
  • videocam Live Webinar with Live Q&A
  • calendar_month March 5, 2026 @ 1:00 p.m. ET./10:00 a.m. PT
  • signal_cellular_alt Intermediate
  • card_travel Real Property - Transactions
  • schedule 90 minutes

Interstate Land Sales Full Disclosure Act: Registration Requirements and Exemptions, Enforcement

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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

Buck Dixon
Counsel
Smith Gambrell Russell

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.

Andrew J. Perel
Partner
Troutman Pepper Locke LLP

Mr. Perel is an environmental partner at Troutman Pepper with more than 30 years of vast experience representing clients on all aspects of environmental law, including real estate, environmental regulatory and risk management, and assessment matters. Mr. Perel has specific experience advising on development and redevelopment projects, risk management and insurance, remediation of contaminated properties, environmental compliance and due diligence for real estate financing and corporate transactions, and litigating complex environmental and environmental insurance coverage claims and disputes. Mr. Perel’s clients include financial institutions, real estate developers, redevelopers, REITs, and major players in the insurance, corporate, and hotel and hospitality industries. For his financial institution clients, Mr. Perel counsels on real estate acquisitions, development, and financings, as well as in commercial mortgage backed securities transactions. Mr. Perel currently serves as Vice-Chair of Programs for the Environmental Disclosure Committee of the American Bar Association’s Section of Environment, Energy and Resources.

Credit Information
  • This 90-minute webinar is eligible in most states for 1.5 CLE credits.


  • Live Online


    On Demand

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?