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15 U.S.C. § 1703 — Requirements respecting sale or lease of lots
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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Stable record: federal_law:legal_authorities:record_usc_ba0846007d25cc7e86a25fb7
Source file: Laws/federal/codes/united-states-code/title-15/section-1703-requirements-respecting-sale-or-lease-of-lots--36443a8d2a.md
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Passage SHA-256: c30776c9eb6a3271ba4d74ab1f2c75c004d44186b2989aea64e995f684c0b2a4
Source location: Title 15, Chapter 42, § 1703; chapter-042-interstate-land-sales.md
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**(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 to defraud;
(B) to obtain money or property by means of any untrue statement of a material fact, or any omission to state a material fact necessary in order to make the statements made (in light of the circumstances in which they were made and within the context of the overall offer and sale or lease) not misleading, with respect to any information pertinent to the lot or subdivision;
(C) to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a purchaser; or
(D) to represent that roads, sewers, water, gas, or electric service, or recreational amenities will be provided or completed by the developer without stipulating in the contract of sale or lease that such services or amenities will be provided or completed.
**(b) Revocation of nonexempt contract or agreement at option of purchaser or lessee; time limit** Any contract or agreement for the sale or lease of a 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) may be revoked at the option of the purchaser or lessee until midnight of the seventh day following the signing of such contract or agreement or until such later time as may be required pursuant to applicable State laws, and such contract or agreement shall clearly provide this right.
**(c) Revocation of contract or agreement at option of purchaser or lessee where required property report not supplied** In the case of any contract or agreement for the sale or lease of a lot for which a property report is required by this chapter and the property report has not been given to the purchaser or lessee in advance of his or her signing such contract or agreement, such contract or agreement may be revoked at the option of the purchaser or lessee within two years from the date of such signing, and such contract or agreement shall clearly provide this right.
**(d) Additional authority for revocation of nonexempt contract or agreement at option of purchaser or lessee; time limit; applicability** Any contract or agreement which is for the sale or lease of a 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) and which does not provide—
(1) a description of the lot which makes such lot clearly identifiable and which is in a form acceptable for recording by the appropriate public official responsible for maintaining land records in the jurisdiction in which the lot is located;
(2) that, in the event of a default or breach of the contract or agreement by the purchaser or lessee, the seller or lessor (or successor thereof) will provide the purchaser or lessee with written notice of such default or breach and of the opportunity, which shall be given such purchaser or lessee, to remedy such default or breach within twenty days after the date of the receipt of such notice; and
(3) that, if the purchaser or lessee loses rights and interest in the lot as a result of a default or breach of the contract or agreement which occurs after the purchaser or lessee has paid 15 per centum of the purchase price of the lot, excluding any interest owed under the contract or agreement, the seller or lessor (or successor thereof) shall refund to such purchaser or lessee any amount which remains after subtracting (A) 15 per centum of the purchase price of the lot, excluding any interest owed under the contract or agreement, or the amount of damages incurred by the seller or lessor (or successor thereof) as a result of such breach, whichever is greater, from (B) the amount paid by the purchaser or lessee with respect to the purchase price of the lot, excluding any interest paid under the contract or agreement,
may be revoked at the option of the purchaser or lessee for two years from the date of the signing of such contract or agreement. This subsection shall not apply to the sale of a lot for which, within one hundred and eighty days after the signing of the sales contract, the purchaser receives a warranty deed (or, where such deed is not commonly used in the jurisdiction where the lot is located, a deed or grant that warrants at least that the grantor has not conveyed the lot to another person and that the lot is free from encumbrances made by the grantor or any other person claiming by, through, or under him or her).
**(e) Repayment of purchaser or lessee upon revocation of all money paid under contract or agreement to seller or lessor** If a contract or agreement is revoked pursuant to subsection (b), (c), or (d), if the purchaser or lessee tenders to the seller or lessor (or successor thereof) an instrument conveying his or her rights and interests in the lot, and if the rights and interests and the lot are in a condition which is substantially similar to the condition in which they were conveyed or purported to be conveyed to the purchaser or lessee, such purchaser or lessee shall be entitled to all money paid by him or her under such contract or agreement.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
**(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
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
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
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
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1702
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Violations; relief recoverable** A purchaser or lessee may bring an action at law or in equity against a developer or agent if the sale or lease was made in violation of [section 1703(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1703/a&num=0&edition=prelim). In a suit authorized by this subsection, the court may order damages, specific performance, or such other relief as the court deems fair, just, and equitable. In determining such relief the court may take into account, but not be limited to, the following factors: the contract price of the lot or leasehold; the amount the purchaser or lessee actually paid; the cost of any improvements to the lot; the fair market value of the lot or leasehold at the time relief is determined; and the fair market value of the lot or leasehold at the time such lot was purchased or leased.
**(b) Enforcement of rights by purchaser or lessee** A purchaser or lessee may bring an action at law or in equity against the seller or lessor (or successor thereof) to enforce any right under subsection (b), (c), (d), or (e) of [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1703&num=0&edition=prelim).
**(c) Amounts recoverable** The amount recoverable in a suit authorized by this section may include, in addition to matters specified in subsections (a) and (b), interest, court costs, and reasonable amounts for attorneys’ fees, independent appraisers’ fees, and travel to and from the lot.
**(d) Contributions** Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1709
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Section 1703(a) violations** No action shall be maintained under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1709&num=0&edition=prelim) with respect to—
(1) a violation of subsection (a)(1) or (a)(2)(D) of [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1703&num=0&edition=prelim) more than three years after the date of signing of the contract of sale or lease; or
(2) a violation of subsection (a)(2)(A), (a)(2)(B), or (a)(2)(C) of [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1703&num=0&edition=prelim) more than three years after discovery of the violation or after discovery should have been made by the exercise of reasonable diligence.
**(b) Section 1703(b) to (e) violations** No action shall be maintained under [section 1709 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1709&num=0&edition=prelim) to enforce a right created under subsection (b), (c), (d), or (e) of [section 1703 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1703&num=0&edition=prelim) unless brought within three years after the signing of the contract or lease, notwithstanding delivery of a deed to a purchaser.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1711
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Critical social, economic, and environmental problems facing Nation’s urban communities** The Congress finds and declares that the Nation’s cities, towns, and smaller urban communities face critical social, economic, and environmental problems arising in significant measure from—
(1) the growth of population in metropolitan and other urban areas, and the concentration of persons of lower income in central cities;
(2) inadequate public and private investment and reinvestment in housing and other physical facilities, and related public and social services, resulting in the growth and persistence of urban slums and blight and the marked deterioration of the quality of the urban environment; and
(3) increasing energy costs which have seriously undermined the quality and overall effectiveness of local community and housing development activities.
**(b) Establishment and maintenance of viable urban communities; systematic and sustained action by Federal, State, and local governments; expansion of and continuity in Federal assistance; increased private investment; streamlining programs and improvement of functioning of agencies; action to address consequences of scarce fuel supplies** The Congress further finds and declares that the future welfare of the Nation and the well-being of its citizens depend on the establishment and maintenance of viable urban communities as social, economic, and political entities, and require—
(1) systematic and sustained action by Federal, State, and local governments to eliminate blight, to conserve and renew older urban areas, to improve the living environment of low- and moderate-income families, and to develop new centers of population growth and economic activity;
(2) substantial expansion of and greater continuity in the scope a
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
Page 1671
TITLE 15—COMMERCE AND TRADE
§ 1703
Editorial Notes
REFERENCES IN TEXT
The effective date of this subsection, referred to in
subsec. (b)(2), probably means the effective date of title
IV of Pub. L. 96–153, section 402 of which amended sub-
sec. (b) of this section generally. For the effective date
of title IV, see section 410 of Pub. L. 96–153, set out as
an Effective Date of 1979 Amendment note under sec-
tion 1701 of this title.
AMENDMENTS
2014—Subsec. (b)(9). Pub. L. 113–167, § 1(a)(1), added
par. (9).
Subsec. (d). Pub. L. 113–167, § 1(a)(2), added subsec. (d).
2010—Subsecs. (b)(2), (8)(B), (G), (c). Pub. L. 111–203
substituted ‘‘Director’’ for ‘‘Secretary’’.
1979—Subsec. (a). Pub. L. 96–153 revised existing pro-
visions formerly set out as pars. (1) to (11) into pars. (1)
to (8) and, as so revised, substituted provisions relating
to sale or lease of lots in a subdivision containing less
than twenty-five lots, etc., for provisions relating to
sale or lease of real estate not pursuant to a common
promotional plan to offer or sell fifty or more lots in a
subdivision, etc.
Subsec. (b). Pub. L. 96–153 revised existing provisions
formerly set out as pars. (1) to (7) into pars. (1) to (8)
and, as so revised, substituted provisions setting forth
criteria respecting sale or lease of lots subject to other
statutory registration and disclosure requirements, for
provisions setting forth criteria respecting sale or lease
of lots in municipality or county with minimum stand-
ards.
1978—Subsec. (a)(3). Pub. L. 95–557, § 907(a)(1), inserted
‘‘condominium’’ after ‘‘commercial’’.
Subsec. (a)(10). Pub. L. 95–557, § 907(a)(2), inserted
‘‘United States land patents or Federal grants and res-
ervations similar to United States land patents, nor
to’
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 1703
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.