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Interstate Land Sales Full Disclosure Act Update

Learn about recent issues and trends with the Interstate Land Sales Full Disclosure Act.

The Interstate Land Sales Full Disclosure Act, 15 U.S.C. §§1701 et seq. (ILSA) has for many years been perhaps the ultimate buyer's remorse weapon. Enacted more than 40 years ago to protect consumers from land fraud schemes and unrealistic development visions, ILSA liberally employs rescission as a remedy for many developer missteps, whether or not they have any bearing or harm done to the buyer or why the buyer wishes to escape its decision to purchase. The real estate depression that started in 2006 saw more ILSA cases brought than in the statute's previous 38 year history. Most cases dealt with technical compliance rather than issues of fraud or misrepresentation. In some properties, the lack of enforceability of one contract lead to the loss of all many more contracts, possibly fueling the rescission fires. There was an expectation that once new issues were resolved by litigation and the 3 year statute of limitations had run on contracts entered into in 2006 to 2007, ILSA litigation would quiet down. Instead, the last several years have continued to see a large number of ILSA cases, some advancing new theories for rescission even in projects that were registered. At the same time, HUD was taking a beating by the courts, as many cases expressed little respect for the regulatory agency's interpretations of the law. The Dodd-Frank Wall Street Reform and Consumer Protection Act moved jurisdiction over ILSA from HUD to the new Consumer Financial Protection Bureau, but the Act also established the Bureau's priorities and ILSA may not be high on the list. In a major development, ILSA was amended to provide an exemption from registration for most, but not all, condominium sales. This topic aims to provide an update of ILSA legislation, regulatory matters and litigation occurring in the last 6 years, a period that has been more active than one might have expected. Now that residential real estate development has increased but there are warnings about the next recession, it is important for practitioners to advise clients and draft contracts with the latest cases and trends involving ILSA in mind.

Runtime: 86 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Fundamentals of the Interstate Land Sales Full Disclosure Act

  • 1968 Background and 1979 and 2015 Amendments
  • Regulations
  • Anti-Fraud Rules
  • Registration
  • Exclusions and Exemptions, Including the New Partial Exemption for Condominiums
  • Contract Provisions
  • Remedies
  • Statute of Limitations

Summary Review of Major Litigation, 2010 to 2016

  • Deference to the Regulatory Authority
  • Common Promotional Plan
  • Intent to Evade
  • Obligation to Construct Exemption
  • Partial Exemption - From What?
  • Piggybacking Under the 100 Lot Exemption
  • Limitations Periods Versus the Statute of Limitations

Recent Changes, Issues and Trends

  • Consumer Financial Protection Bureau
  • Regulations and Policies
  • Deference to the Regulatory Authority
  • Intent to Evade
  • Required Conditions to Satisfy the Condominium Exemption
  • Failing to Disclose the Right to Rescind
  • Obligation to Construct Exemption
  • Piggybacking
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on July 13, 2016.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Richard C. Linquanti

Richard C. Linquanti

Carlton Fields Jorden Burt

  • Practices law with the Carlton Fields firm in St. Petersburg, Florida and is a member of the Real Estate Practice Group
  • From 1974 until 2005 he practiced with Ireland, Stapleton, Pryor & Pascoe in Denver, Colorado, where he served as president of the firm from 1995 to 2005
  • Practices primarily in law relating to land business, including finance, business planning and implementation, front-end transaction structuring, partnerships, limited liability companies, and joint ventures, land use, and condominium, mixed-use and master communities
  • Lectures nationally on the Interstate Land Sales Full Disclosure Act and on resort and mixed-use development issues
  • Adjunct professor, University of Stetson School of Law
  • Listed in Best Lawyers in America, Florida Super Lawyers, American College of Real Estate Lawyers, holds the highest designation by Martindale-Hubbell® Law Directory
  • J.D. degree, Yale Law School; A.B. and M.A. degrees, University of Notre Dame
  • Can be contacted at [email protected]
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Product ID: 397913
Published 2016
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