CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB has announced that it is amending the Interstate Land Sales Full Disclosure Act’s implementing regulations to allow electronic registration filings.
The Dodd-Frank Act transferred rulemaking authority over the ILSA from HUD to the CFPB. The ILSA requires certain developers to register their subdivisions plans and provide disclosures to consumers regarding the lots or condominiums being purchased.… Continue Reading
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 Land Sales Full Disclosure Act (ILSA). According to the findings of fact and conclusions of law in the consent order which were admitted by the respondents, the respondents made misrepresentations related to the roads in a Tennessee property development in which they were selling “lots” within the meaning of ILSA. … Continue Reading
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). While the CFPB did not publicly announce this investigation, which is the first involving potential ILSA violations, the investigation was disclosed in a proof of claim filed in the U.S.… Continue Reading
On March 12, 2013, the CFPB filed a new amicus brief supporting the consumer/appellee’s position that the Interstate Land Sales Full Disclosure Act (ILSA) applies to condominium units, even where the unit does not also include access to the land on which the building is constructed, such as a patio or parking space.… Continue Reading
