ilsa: ILSA - Interstate Land Sales Disclosure Act Update 2012
- 09/21/12 12:34 AM
Elected officials, led by Congresswoman Carolyn Maloney, have introduced a bi-partisan bill, the Interstate Land Sales Disclosure Act Update 2012, to give condominium developers and their lenders some clarity about federal disclosure requirements as the economy continues to recover. Enacted in 1969, the Interstate Land Sales Act (ILSA) was created to protect consumers of undeveloped land, mostly out-of-state buyers, from false advertising and provide a right of action to rescind contracts. ILSA was not intended to regulate built developments and high-rise unit sales. ILSA was not applied to high-rise condominiums until 2008 when the real estate market crashed and purchasers’ lawyers … (2 comments)
Elected officials, led by Congresswoman Carolyn Maloney, have introduced a bi-partisan bill, the Interstate Land Sales Disclosure Act Update 2012, to give condominium developers and their lenders some clarity about federal disclosure requirements as the economy continues to recover.
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