National Condominium and Planned Unit Development Consumer Protection Act

Summary

National Condominium and Planned Unit Development Consumer Protection Act - Sets national standards for the sale of condominium units and for the conversion of existing rental units. States that such standards shall apply to: (1) any developer who uses any means of interstate commerce in connection with a sale or offer to sell; (2) any developer receiving federally-assisted loans; and (3) any development with more than 12 dwelling units. Requires disclosure of specified information, including a description of the development, its financing, any warranties, and a projection of annual expenditures for its upkeep. States that no dwelling unit shall be offered for sale or sold where there has been a conversion from a rental to a condominium development unless: (1) each tenant has been given an option to buy of not less than 90 days; and (2) no tenant has been required to vacate his rental unit before the end of the 30 day period after such option is no longer exercisable. Provides injunctive relief for tenants who have not been properly notified. Makes provisions for the enforcement of this Act by allowing purchasers to bring suits for actual damages and to rescind any agreement for specified failures to disclose. Grants jurisdiction to U.S. district courts, without regard to the amount in controversy, over any action brought to enforce any liability or duty under this Act. Permits any owner of a dwelling unit covered by this Act to bring a class action suit on behalf of other owners. Authorizes the Secretary of Housing and Urban Development to make, issue, amend, and rescind rules and regulations, including the prescription of standard forms, instruments, and documents for use in connection with the sale of condominium units.

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1 official file

• Introduced in House

  summary · EN · 2 September 1976

  Open at official source

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