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[Federal Register Volume 77, Number 83 (Monday, April 30, 2012)]
[Notices]
[Pages 25439-25440]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-10285]

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BUREAU OF CONSUMER FINANCIAL PROTECTION

Submission for OMB Review; Comment Request

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Notice and request for comments.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau), as part 
of its continuing effort to reduce paperwork and respondent burden, 
invites the general public and other Federal agencies to take this

[[Page 25440]]

opportunity to comment on proposed and/or continuing information 
collections, as required by the Paperwork Reduction Act of 1995, Public 
Law 104-13 (44 U.S.C. 3507(a)(1)(D)). The Bureau is soliciting comments 
regarding the information collection requirements relating to the 
Interstate Land Sales Full Disclosure Act that have been submitted to 
the Office of Management and Budget for review and approval. A copy of 
the submission may be obtained by contacting the agency contact listed 
below.

DATES: Written comments are encouraged and must be received on or 
before May 30, 2012 to be assured of consideration.

ADDRESSES: You may submit comments, identified by OMB number 3170-0012, 
by any of the following methods:
     Agency Contact: Consumer Financial Protection Bureau 
(Attention: PRA Office), 1700 G Street NW., Washington, DC 20552: (202) 
435-7741: CFPB_Public_PRA@cfpb.gov.
     OMB Reviewer: Shagufta Ahmed, Office of Management and 
Budget, New Executive Office Building, Room 10235, Washington, DC 
20503; (202) 395-7873.

FOR FURTHER INFORMATION CONTACT: Requests for additional information 
should be directed to Joseph Durbala, (202) 435-7893, at the Consumer 
Financial Protection Bureau, (Attention: Joseph Durbala, PRA Office), 
1700 G Street NW., Washington, DC 20552, or through the internet at 
CFPB_Public_PRA@cfpb.gov.

SUPPLEMENTARY INFORMATION:
    Title: Interstate Land Sales Full Disclosure Act (Regulations J, K, 
and L) 12 CFR Part 1010.
    OMB Number: 3170-0012.
    Abstract: The respondents are land developers (or attorneys or 
others who work for them). Developers must submit an initial Statement 
of Record (registration) to the CFPB and receive an effective date 
before they can offer lots for sale or lease. The Statement of Record 
includes the proposed property report and additional information and 
documents that support the developer's disclosures in the property 
report. The developer is responsible for ensuring that the registration 
is accurate and does not omit information needed for a purchaser to 
make an informed decision. Developers must give purchasers an effective 
property report before the purchaser signs the sales contract. 
Developers must submit amendments to their registrations if any 
information in their initial registration changes. They must also 
submit a consolidated filing if they offer additional lots for sale. 
Each year the developer must submit an annual financial statement and 
an annual report that is prepared in the format required by Section 
1010.310 of the regulations. A developer may voluntarily suspend his 
registration by submitting a Voluntary Suspension form or through the 
Annual Report. There are no other forms. The CFPB conducts a facial 
review of the submissions. The developer may request an Advisory 
Opinion if a developer has questions about the applicability of one of 
the exemptions from registration. A CFPB determination is required only 
if a developer claims an exemption from registration under the multiple 
site or substantial compliance exemption. The other 24 exemptions are 
self-determining. Finally, the CFPB may require additional information 
from developers in response to investigations of complaints. The 
Voluntary Suspension form is voluntary and is a convenient way for 
developers to voluntarily suspend their registration. The form is not 
required and is not the only way that developers may close their 
registration. They may also end their registration through their annual 
report.
    Type of Review: Extension of a currently approved collection.
    Affected Public: Businesses or other for profits.
    Estimated Number of Responses: 88,887.
    Estimated Time per Response: 23 minutes.
    Estimated Total Annual Burden Hours: 34,563.

    Dated: April 6, 2012.
Chris Willey,
Chief Information Officer, Bureau of Consumer Financial Protection.
[FR Doc. 2012-10285 Filed 4-27-12; 8:45 am]
BILLING CODE 4810-AM-P
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