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15 U.S.C. § 1707 — Property report

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1707 — Property report

**(a) Contents of report** A property report relating to the lots in a subdivision shall contain such of the information contained in the statement of record, and any amendments thereto, as the Director may deem necessary, but need not include the documents referred to in paragraphs (7) to (11), inclusive, of [section 1705 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1705&num=0&edition=prelim). A property report shall also contain such other information as the Director may by rules or regulations require as being necessary or appropriate in the public interest or for the protection of purchasers. **(b) Promotional use** The property report shall not be used for any promotional purposes before the statement of record becomes effective and then only if it is used in its entirety. No person may advertise or represent that the Director approves or recommends the subdivision or the sale or lease of lots therein. No portion of the property report shall be underscored, italicized, or printed in larger or bolder type than the balance of the statement unless the Director requires or permits it.

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Source location: Title 15, Chapter 42, § 1707; chapter-042-interstate-land-sales.md

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1705 — Information required in statement of record

The statement of record shall contain the information and be accompanied by the documents specified hereinafter in this section— (1) the name and address of each person having an interest in the lots in the subdivision to be covered by the statement of record and the extent of such interest; (2) a legal description of, and a statement of the total area included in, the subdivision and a statement of the topography thereof, together with a map showing the division proposed and the dimensions of the lots to be covered by the statement of record and their relation to existing streets and roads; (3) a statement of the condition of the title to the land comprising the subdivision, including all encumbrances and deed restrictions and covenants applicable thereto; (4) a statement of the general terms and conditions, including the range of selling prices or rents at which it is proposed to dispose of the lots in the subdivision; (5) a statement of the present condition of access to the subdivision, the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer, the availability of sewage disposal facilities and other public utilities (including water, electricity, gas, and telephone facilities) in the subdivision, the proximity in miles of the subdivision to nearby municipalities, and the nature of any improvements to be installed by the developer and his estimated schedule for completion; (6) in the case of any subdivision or portion thereof against which there exists a blanket encumbrance, a statement of the consequences for an individual purchaser of a failure, by the person or persons bound, to fulfill obligations under the instrument or instruments creating such encumbrance and the steps, if any, taken

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Federal law — U.S. Code and appendices · legal_authorities

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1701 — Definitions

For the purposes of this chapter, the term— (1) “Director” means the Director of the Bureau of Consumer Financial Protection; (2) “person” means an individual, or an unincorporated organization, partnership, association, corporation, trust, or estate; (3) “subdivision” means any land which is located in any State or in a foreign country and is divided or is proposed to be divided into lots, whether contiguous or not, for the purpose of sale or lease as part of a common promotional plan; (4) “common promotional plan” means a plan, undertaken by a single developer or a group of developers acting in concert, to offer lots for sale or lease; where such land is offered for sale by such a developer or group of developers acting in concert, and such land is contiguous or is known, designated, or advertised as a common unit or by a common name, such land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan; (5) “developer” means any person who, directly or indirectly, sells or leases, or offers to sell or lease, or advertises for sale or lease any lots in a subdivision; (6) “agent” means any person who represents, or acts for or on behalf of, a developer in selling or leasing, or offering to sell or lease, any lot or lots in a subdivision; but shall not include an attorney at law whose representation of another person consists solely of rendering legal services; (7) “blanket encumbrance” means a trust deed, mortgage, judgment, or any other lien or encumbrance, including an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot offered within a subdivision except that such term shall not include any lien or other

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1703 — Requirements respecting sale or lease of lots

**(a) Prohibited activities** It shall be unlawful for any developer or agent, directly or indirectly, to make use of any means or instruments of transportation or communication in interstate commerce, or of the mails— (1) with respect to the sale or lease of any lot not exempt under [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1702&num=0&edition=prelim)— (A) to sell or lease any lot unless a statement of record with respect to such lot is in effect in accordance with [section 1706 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1706&num=0&edition=prelim); (B) to sell or lease any lot unless a printed property report, meeting the requirements of [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1707&num=0&edition=prelim), has been furnished to the purchaser or lessee in advance of the signing of any contract or agreement by such purchaser or lessee; (C) to sell or lease any lot where any part of the statement of record or the property report contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein pursuant to sections 1704 through 1707 of this title or any regulations thereunder; or (D) to display or deliver to prospective purchasers or lessees advertising and promotional material which is inconsistent with information required to be disclosed in the property report; or (2) with respect to the sale or lease, or offer to sell or lease, any lot not exempt under [section 1702(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1702/a&num=0&edition=prelim)— (A) to employ any device, scheme, or artifice t

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1708 — Certification of substantially equivalent State law

**(a) Criteria; request by State** (1) A State shall be certified if the Director determines— (A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1702&num=0&edition=prelim) require the seller or lessor of such lots to disclose information which is at least substantially equivalent to the information required to be disclosed by [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1707&num=0&edition=prelim); and (B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that such information is accurate. (2) In the case of any State which is not certified under paragraph (1), such State shall be certified if the Director determines— (A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under [section 1702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1702&num=0&edition=prelim) provide sufficient protection for purchasers and lessees with respect to the matters for which information is required to be disclosed by [section 1707 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1707&num=0&edition=prelim) but which is not required to be disclosed by such State’s laws and regulations; and (B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that (i) information required to be disclosed by such laws and regulations is accurate, and (ii) sufficient protection for purchasers and l

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1707 — Property report

Page 1675 TITLE 15—COMMERCE AND TRADE § 1708 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title. § 1707. Property report (a) Contents of report A property report relating to the lots in a sub- division shall contain such of the information contained in the statement of record, and any amendments thereto, as the Director may deem necessary, but need not include the documents referred to in paragraphs (7) to (11), inclusive, of section 1705 of this title. A property report shall also contain such other information as the Di- rector may by rules or regulations require as being necessary or appropriate in the public in- terest or for the protection of purchasers. (b) Promotional use The property report shall not be used for any promotional purposes before the statement of record becomes effective and then only if it is used in its entirety. No person may advertise or represent that the Director approves or rec- ommends the subdivision or the sale or lease of lots therein. No portion of the property report shall be underscored, italicized, or printed in larger or bolder type than the balance of the statement unless the Director requires or per- mits it. (Pub. L. 90–448, title XIV, § 1408, Aug. 1, 1968, 82 Stat. 594; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Director’’ for ‘‘Sec- retary’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on

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