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 the des- ignated transfer date, see section 1100H of Pub. L. 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. § 1708. Certification of substantially equivalent State law (a) Criteria; request by State (1) A State shall be certified if the Director de- termines— (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 require the seller or lessor of such lots to disclose information which is at least substantially equivalent to the informa- tion required to be disclosed by section 1707 of this title; and (B) that the State’s administration of such laws and regulations provides, to the max- imum extent practicable, that such informa- tion is accurate. (2) In the case of any State which is not cer- tified 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 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 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 max- imum extent practicable, that (i) information required to be disclosed by such laws and regu- lations is accurate, and (ii) sufficient protec- tion for purchasers and lessees is made avail- able with respect to the matters for which in- formation 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 certifi- cation if the property report has been approved by the other certified State. Such property re- port 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 re- lated documentation for purposes of Federal statement of record and property report re- quirements; acceptance by Director After the Director has certified a State under subsection (a), the Director shall accept for fil- ing 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 ac- ceptable, and any related documentation re- quired, by State authorities in connection with the sale or lease of lots located within the State. The Director may accept for such filing, and de- clare 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. (c) Notice to State upon failure to meet require- ments and remedial action necessary for cer- tification If a State fails to meet the standards for cer- tification pursuant to subsection (a), the Direc- tor shall notify the State in writing of the changes in State law, regulation, or administra- tion that are needed in order to obtain certifi- cation. (d) Periodic review of certified States’ laws, reg- ulations, and administration; withdrawal of certification The Director shall periodically review the laws and regulations, and the administration