Interstate Land Sales Full Disclosure Act of 1968
Encyclopedia
The Interstate Land Sales Full Disclosure Act of 1968 (ILSFDA or ILSA) was an act of Congress
passed in 1968 to facilitate regulation
of interstate land sales, to protects consumers from fraud
and abuse
in the sale or lease
of land. The Act was patterned after the Securities Act of 1933
and required land developers to register subdivisions of 100 or more non-exempt lots with the United States Department of Housing and Urban Development
and to provide each purchaser with a disclosure document called a Property Report. The Proper ty Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement.
Act of Congress
An Act of Congress is a statute enacted by government with a legislature named "Congress," such as the United States Congress or the Congress of the Philippines....
passed in 1968 to facilitate regulation
Regulation
Regulation is administrative legislation that constitutes or constrains rights and allocates responsibilities. It can be distinguished from primary legislation on the one hand and judge-made law on the other...
of interstate land sales, to protects consumers from fraud
Fraud
In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation...
and abuse
Abuse
Abuse is the improper usage or treatment for a bad purpose, often to unfairly or improperly gain benefit. Abuse can come in many forms, such as: physical or verbal maltreatment, injury, sexual assault, violation, rape, unjust practices; wrongful practice or custom; offense; crime, or otherwise...
in the sale or lease
Lease
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset. A rental agreement is a lease in which the asset is tangible property...
of land. The Act was patterned after the Securities Act of 1933
Securities Act of 1933
Congress enacted the Securities Act of 1933 , in the aftermath of the stock market crash of 1929 and during the ensuing Great Depression...
and required land developers to register subdivisions of 100 or more non-exempt lots with the United States Department of Housing and Urban Development
United States Department of Housing and Urban Development
The United States Department of Housing and Urban Development, also known as HUD, is a Cabinet department in the Executive branch of the United States federal government...
and to provide each purchaser with a disclosure document called a Property Report. The Proper ty Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement.