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

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.

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.