Chapter 1: Full Disclosure Act

Vocabulary flashcards covering the key regulations, thresholds, agencies, and provisions of the Interstate Land Sales Full Disclosure Act.

Interstate Land Sales Full Disclosure Act of 1968

An act that regulates interstate land sales to protect consumers from fraud and abuse in the sale or lease of land, applying directly to developers and subdividers rather than an individual landowner selling a single site.

Consumer Financial Protection Bureau (CFPB)

The entity that currently administers the Interstate Land Sales Full Disclosure Act (ILSA) and with which nonexempt subdivisions must be registered.

Regulation J

The specific regulation that implements the Interstate Land Sales Full Disclosure Act.

Property report

A disclosure document containing relevant subdivision information that must be delivered to every purchaser prior to signing a sales contract or purchase agreement.

15 USC section 1,700 o two

The legal statute section that provides for multiple exemptions under the Interstate Land Sales Full Disclosure Act.

ILSA Registration Threshold

Subdivisions containing $100$ or more nonexempt lots, requiring developers to register with the CFPB and provide purchasers with a property report.

ILSA Statutory Exemptions

Transactions excluded from the act, such as subdivisions of fewer than $25$ lots, subdivisions with lots of $20$ acres or more, and cemetery lots.

Minimum Cancellation Period

A minimum duration of seven days provided to a purchaser via the property report to cancel the purchase agreement.