A bill to amend the Interstate Land Sales Full Disclosure Act.

Summary

Includes land located in any State or foreign country within the definition of subdivision for the purposes of the Interstate Land Sales Full Disclosure Act and defines the term interstate advertising for the purpose of the Act. Provides that a purchaser of a subdivision lot may revoke the contract for such purchase within 72 hours (formerly 48 hours) excluding Saturdays, Sundays and holidays. States that it shall be unlawful for any developer or agent to engage in interstate advertising. States that it shall be unlawful to sell or lease any lot in any subdivision unless the developer or agent gives bond to assure the completion (in substantial conformity with the estimated schedule) of the improvements to be installed by the developer as required. Provides that the expenses of every investigation of the affairs of any developer, broker, agent, or other person or organization, including any appraisal of its real property or of any real property on which it holds a mortgage, made pursuant to the authority conferred by any provision of the Interstate Land Sales Full Disclosure Act, shall be borne and paid by the developer or other person or organization so investigated.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 August 1973

  Open at official source

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