A bill to amend the Interstate Land Sales Full Disclosure Act to provide for the licensing of developers in order to insure the maintenance of high professional standards.

Summary

Provides that no developer or agent under the Interstate Land Sales Full Disclosure Act shall make use of any means or instruments of transportation or communication in interstate commerce or of the mails to sell or lease any lot in any subdivision or offer to sell or lease any such lot unless such developer or agent has a license issued by the Secretary of Housing and Urban Development. States that the Secretary shall issue such license if the Secretary determines, on the basis of an application in such form as the Secretary may prescribe, that the developer or agent: (1) is of good character or business reputation; (2) meets such requirements as the Secretary may prescribe with respect to education, training, or experience; and (3) has not committed within the five years preceeding the date on which the application is filed any act which would be grounds for suspension of the license under this Act. Provides that the Secretary shall suspend for not less than one year nor more than five years any license issued by him under this Act if he determines that the licensee has violated certain requirements specified in this Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 8 May 1973

  Open at official source

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