To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

Bill: 113-hr-2600
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2013-06-28
Policy area: Housing and Community Development
Subjects: Cooperative and condominium housing

Housing finance and home ownership

Real estate business
Latest action: action_date: 2014-09-26
text: Became Public Law No: 113-167.

Summaries:
action_date: 2013-06-28
action_desc: Introduced in House
text: <p>Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.</p>

action_date: 2013-09-26
action_desc: Passed House without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.</p>

action_date: 2014-09-18
action_desc: Passed Senate without amendment
text: <p><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></p> <p>Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.</p>

action_date: 2014-09-26
action_desc: Public Law
text: <b><p /><b>(This measure has not been amended since it was introduced. The summary of that version is repeated here.)</b></b> <p>Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 2600 IN THE HOUSE OF REPRESENTATIVES June 28, 2013 Mrs. Carolyn B. Maloney of New York (for herself, Mr. Nadler , Mr. Grimm , and Mr. McHenry ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

1. Exemption for residential condominium units (a) Exemption Section 1403 of the Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1702 ) is amended— (1) in subsection (b)— (A) in paragraph (7)(C), by striking or at the end; (B) in paragraph (8)(G), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following: (9) the sale or lease of a condominium unit that is not exempt under subsection (a). ; and (2) by adding at the end the following: (d) For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— (1) the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and (2) the unit will be an improved lot. . 2. Effective date The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.

tv_txt: I 113th CONGRESS 1st Session H. R. 2600 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

1. Exemption for residential condominium units (a) Exemption Section 1403 of the Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1702 ) is amended— (1) in subsection (b)— (A) in paragraph (7)(C), by striking or at the end; (B) in paragraph (8)(G), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following: (9) the sale or lease of a condominium unit that is not exempt under subsection (a). ; and (2) by adding at the end the following: (d) For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— (1) the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and (2) the unit will be an improved lot. . 2. Effective date The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.

Passed the House of Representatives September 26, 2013. Karen L. Haas, Clerk.

tv_txt: IIB 113th CONGRESS 1st Session H. R. 2600 IN THE SENATE OF THE UNITED STATES September 27, 2013 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

1. Exemption for residential condominium units (a) Exemption Section 1403 of the Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1702 ) is amended— (1) in subsection (b)— (A) in paragraph (7)(C), by striking or at the end; (B) in paragraph (8)(G), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following: (9) the sale or lease of a condominium unit that is not exempt under subsection (a). ; and (2) by adding at the end the following: (d) For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— (1) the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and (2) the unit will be an improved lot. . 2. Effective date The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.

Passed the House of Representatives September 26, 2013. Karen L. Haas, Clerk

tv_txt: I One Hundred Thirteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and fourteen H. R. 2600 AN ACT To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

1. Exemption for residential condominium units (a) Exemption Section 1403 of the Interstate Land Sales Full Disclosure Act ( 15 U.S.C. 1702 ) is amended— (1) in subsection (b)— (A) in paragraph (7)(C), by striking or at the end; (B) in paragraph (8)(G), by striking the period at the end and inserting ; or ; and (C) by adding at the end the following: (9) the sale or lease of a condominium unit that is not exempt under subsection (a). ; and (2) by adding at the end the following: (d) For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— (1) the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and (2) the unit will be an improved lot. . 2. Effective date The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.