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15 U.S.C. § 1701 — Definitions
Federal law — U.S. Code and appendices · legal_authorities
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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Source location: Title 15, Chapter 42, § 1701; chapter-042-interstate-land-sales.md
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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 encumbrance arising as the result of the imposition of any tax assessment by any public authority;
(8) “interstate commerce” means trade or commerce among the several States or between any foreign country and any State;
(9) “State” includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States;
(10) “purchaser” means an actual or prospective purchaser or lessee of any lot in a subdivision;
(11) “offer” includes any inducement, solicitation, or attempt to encourage a person to acquire a lot in a subdivision; and
(12) “Bureau” means the Bureau of Consumer Financial Protection.
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section, Pub. L. 90–448, title XIV, § 1421, as added Pub. L. 96–153, title IV, § 409, Dec. 21, 1979, 93 Stat. 1132, directed Secretary to submit to Congress biennial reports on administration of this chapter and its impact upon land development industry and purchasers and lessees of undeveloped land.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
This chapter may be cited as the “National Housing Act.”
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply:
(1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person.
(2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection.
(3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.
(4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual.
(5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under—
(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or
(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
(6) **Covered person** — The term “covered person” means—
(A) any person that engages in offering or providing a consumer financial product or service; and
(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
(7) **Credit** — The term “credit” means the right
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Defined terms** For purposes of this part—
(1) the term “consumer financial protection functions” means—
(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
(B) the examination authority described in subsection (c)(1), with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim); and
(2) the terms “transferor agency” and “transferor agencies” mean, respectively—
(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
(B) the agencies listed in subparagraph (A), collectively.
**(b) In general** Except as provided in subsection (c), consumer financial protection functions are transferred as follows:
(1) **Board of Governors**
(A) *Transfer of functions* — All consumer financial protection functions of the Board of Governors are transferred to the Bureau.
(B) *Board of Governors authority* — The Bureau shall have all powers and duties that were vested in the Board of Governors, relating to consumer financial protection functions, on the day before the designated transfer date.
(2) **Comptroller of the Currency**
(A) *Transfer of functions* — All consumer financial protection functions of the Comptroller of the Currency are transferred to the Bureau.
(
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Board of Governors**
(1) **Existing rights, duties, and obligations not affected** — [Section 5581(b)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5581/b/1&num=0&edition=prelim) does not affect the validity of any right, duty, or obligation of the United States, the Board of Governors (or any Federal reserve bank), or any other person that—
(A) arises under any provision of law relating to any consumer financial protection function of the Board of Governors transferred to the Bureau by this title; 11 See References in Text note below. and
(B) existed on the day before the designated transfer date.
(2) **Continuation of suits** — No provision of this Act shall abate any proceeding commenced by or against the Board of Governors (or any Federal reserve bank) before the designated transfer date with respect to any consumer financial protection function of the Board of Governors (or any Federal reserve bank) transferred to the Bureau by this title,1 except that the Bureau, subject to sections 5514, 5515, and 5516 of this title, shall be substituted for the Board of Governors (or Federal reserve bank) as a party to any such proceeding as of the designated transfer date.
**(b) Federal Deposit Insurance Corporation**
(1) **Existing rights, duties, and obligations not affected** — [Section 5581(b)(4) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5581/b/4&num=0&edition=prelim) does not affect the validity of any right, duty, or obligation of the United States, the Federal Deposit Insurance Corporation, the Board of Directors of that Corporation, or any other person, that—
(A) arises under any provision of law relating to any consumer financial protection function of th
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Sale or lease of lots generally** Unless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions of this chapter shall not apply to—
(1) the sale or lease of lots in a subdivision containing less than twenty-five lots;
(2) the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building, or the sale or lease of land under a contract obligating the seller or lessor to erect such a building thereon within a period of two years;
(3) the sale of evidence of indebtedness secured by a mortgage or deed of trust on real estate;
(4) the sale of securities issued by a real estate investment trust;
(5) the sale or lease of real estate by any government or government agency;
(6) the sale or lease of cemetery lots;
(7) the sale or lease of lots to any person who acquires such lots for the purpose of engaging in the business of constructing residential, commercial, or industrial buildings or for the purpose of resale or lease of such lots to persons engaged in such business; or
(8) the sale or lease of real estate which is zoned by the appropriate governmental authority for industrial or commercial development or which is restricted to such use by a declaration of covenants, conditions, and restrictions which has been recorded in the official records of the city or county in which such real estate is located, when—
(A) local authorities have approved access from such real estate to a public street or highway;
(B) the purchaser or lessee of such real estate is a duly organized corporation, partnership, trust, or business entity engaged in commercial or industrial business;
(C) the purchaser or lessee of such real estate is represented in the transaction of sale or leas
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Federal law — U.S. Code and appendices · legal_authorities
**(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
**(a) Filing of statement of record** A subdivision may be registered by filing with the Director a statement of record, meeting the requirements of this chapter and such rules and regulations as may be prescribed by the Director in furtherance of the provisions of this chapter. A statement of record shall be deemed effective only as to the lots specified therein.
**(b) Payment of fees; use by Director** At the time of filing a statement of record, or any amendment thereto, the developer shall pay to the Director a fee, not in excess of $1,000, in accordance with a schedule to be fixed by the regulations of the Director, which fees may be used by the Director to cover all or part of the cost of rendering services under this chapter, and such expenses as are paid from such fees shall be considered nonadministrative.
**(c) Filing deemed to have taken place upon receipt of statement of record accompanied by fee** The filing with the Director of a statement of record, or of an amendment thereto, shall be deemed to have taken place upon the receipt thereof, accompanied by payment of the fee required by subsection (b).
**(d) Availability of information to public** The information contained in or filed with any statement of record shall be made available to the public under such regulations as the Director may prescribe and copies thereof shall be furnished to every applicant at such reasonable charge as the Director may prescribe.
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Federal law — U.S. Code and appendices · legal_authorities
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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