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

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

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

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Source file: Laws/federal/codes/united-states-code/title-15/section-1708-certification-of-substantially-equivalent-state-law--f469d95bca.md
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Source location: Title 15, Chapter 42, § 1708; chapter-042-interstate-land-sales.md

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**(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 lessees is made available with respect to the matters for which information is not required to be disclosed. (3) Any State requesting certification must agree to accept a property report covering land located in another certified State but offered for sale or lease in the State requesting certification if the property report has been approved by the other certified State. Such property report shall be the only property report required by the State with respect to the sale or lease of such land. **(b) Filing of State disclosure materials and related documentation for purposes of Federal statement of record and property report requirements; acceptance by Director** After the Director has certified a State under subsection (a), the Director shall accept for filing under sections 1704 through 1707 of this title (and declare effective as the Federal statement of record and property report which shall be used in all States in which the lots are offered for sale or lease) disclosure materials found acceptable, and any related documentation required, by State authorities in connection with the sale or lease of lots located within the State. The Director may accept for such filing, and declare effective as the Federal statement of record and property report, such materials and documentation found acceptable by the State in connection with the sale or lease of lots located outside that State. Nothing in this subsection shall preclude the Director from exercising the authority conferred by subsections (d) and (e) of [section 1706 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1706&num=0&edition=prelim). **(c) Notice to State upon failure to meet requirements and remedial action necessary for certification** If a State fails to meet the standards for certification pursuant to subsection (a), the Director shall notify the State in writing of the changes in State law, regulation, or administration that are needed in order to obtain certification. **(d) Periodic review of certified States’ laws, regulations, and administration; withdrawal of certification** The Director shall periodically review the laws and regulations, and the administration thereof, of States certified under subsection (a), and may withdraw such certification upon a determination that such laws, regulations, and the administration thereof, taken as a whole, no longer meet the requirements of subsection (a). **(e) State and local governmental authorities affected; cooperation with State authorities** Nothing in this chapter may be construed to prevent or limit the authority of any State or local government to enact and enforce with regard to the sale of land any law, ordinance, or code not in conflict with this chapter. In administering this chapter, the Director shall cooperate with State authorities charged with the responsibility of regulating the sale or lease of lots which are subject to this chapter.

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

15 U.S.C. § 1706 — Effective date of statements of record and amendments thereto

**(a) Thirtieth day after filing or such earlier date as determined by Director; consolidation of subsequent statement with earlier recording** Except as hereinafter provided, the effective date of a statement of record, or any amendment thereto, shall be the thirtieth day after the filing thereof or such earlier date as the Director may determine, having due regard to the public interest and the protection of purchasers. If any amendment to any such statement is filed prior to the effective date of the statement, the statement shall be deemed to have been filed when such amendment was filed; except that such an amendment filed with the consent of the Director, or filed pursuant to an order of the Director, shall be treated as being filed as of the date of the filing of the statement of record. When a developer records additional lands to be offered for disposition, he may consolidate the subsequent statement of record with any earlier recording offering subdivided land for disposition under the same promotional plan. At the time of consolidation the developer shall include in the consolidated statement of record any material changes in the information contained in the earlier statement. **(b) Incomplete or inaccurate statements of record** If it appears to the Director that a statement of record, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the Director shall so advise the developer within a reasonable time after the filing of the statement or the amendment, but prior to the date the statement or amendment would otherwise be effective. Such notification shall serve to suspend the effective date of the statement or the amendment until thirty days after the developer files such additional information as the Director shall re

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1706

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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.

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1707

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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

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1701

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

15 U.S.C. § 1702 — Exemptions

**(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

Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1702

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

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

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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