New Rule on the Interstate Land Sales Full Disclosure Act

The following information was compiled from the U.S. Consumer Financial Protection Bureau web site.

On May 2, 2016, the U.S. Consumer Financial Protection Bureau (“CFPB”) issued a new rule that makes a number of procedural and technical amendments to Regulations J and L, which implement the Interstate Land Sales Full Disclosure Act (“ILSA”), and removed some procedural filing requirements from the rule.  A summary of the new rule, the changes it makes and a copy of the rule are available at http://www.consumerfinance.gov/policy-compliance/rulemaking/final-rules/amendments-filing-requirements-under-interstate-land-sales-full-disclosure-act-regulations-j-and-l/.

In addition, the CFPB now permits the electronic submission of filings under ILSA.  The CFPB launched a new webpage dedicated to ILSA, which is available at: consumerfinance.gov/ILSA.  This webpage contains instructions for electronic filing once the rule becomes effective and new simplified instructions for making electronic payments for ILSA registration fees.

The changes announced to the new rule and electronic filing system will be effective 30 days after publication in the Federal Register.  A press release about the new rule and system is available at http://www.consumerfinance.gov/about-us/newsroom/cfpb-announces-electronic-filings-under-interstate-land-sales-full-disclosure-act/.

If attorneys or private entities have questions about the requirements of the new rule or electronic system, the CFPB recommends emailing questions to CFPB_ILS_Inquiries@cfpb.gov.

 

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