Source: http://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1702&num=0&edition=prelim
Timestamp: 2018-01-19 15:34:20
Document Index: 188536426

Matched Legal Cases: ['§ 1702', '§1403', '§411', '§812', '§907', '§402', '§1098', '§1', '§1', '§907', '§2']

[USC04] 15 USC 1702: Exemptions
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15 USC 1702: Exemptions Text contains those laws in effect on January 18, 2018
Unless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions of this chapter shall not apply to-
(8) the sale or lease of real estate which is zoned by the appropriate governmental authority for industrial or commercial development or which is restricted to such use by a declaration of covenants, conditions, and restrictions which has been recorded in the official records of the city or county in which such real estate is located, when-
Unless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions requiring registration and disclosure (as specified in section 1703(a)(1) of this title and sections 1704 through 1707 of this title) shall not apply to-
(5) the sale or lease of a lot which is located within a municipality or county where a unit of local government specifies minimum standards for the development of subdivision lots taking place within its boundaries, when-
(7)(A) the sale or lease of real estate by a developer who is engaged in a sales operation which is intrastate in nature. For purposes of this exemption, a lot may be sold only if-
(iii) each purchase or lease agreement contains-
(B) As used in subparagraph (A)(i) of this paragraph, the terms "liens", "encumbrances", and "adverse claims" do not include United States land patents and similar Federal grants or reservations, property reservations which land developers commonly convey or dedicate to local bodies or public utilities for the purpose of bringing public services to the land being developed, taxes and assessments imposed by a State, by any other public body having authority to assess and tax property, or by a property owners' association, which, under applicable State or local law, constitute liens on the property before they are due and payable or beneficial property restrictions which would be enforceable by other lot owners or lessees in the subdivision, if-
(8) the sale or lease of a lot in a subdivision containing fewer than three hundred lots if-
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-
( Pub. L. 90–448, title XIV, §1403, Aug. 1, 1968, 82 Stat. 590 ; Pub. L. 91–152, title IV, §411, Dec. 24, 1969, 83 Stat. 398 ; Pub. L. 93–383, title VIII, §812(b), Aug. 22, 1974, 88 Stat. 736 ; Pub. L. 95–557, title IX, §907, Oct. 31, 1978, 92 Stat. 2127 ; Pub. L. 96–153, title IV, §402, Dec. 21, 1979, 93 Stat. 1123 ; Pub. L. 111–203, title X, §1098A(1), July 21, 2010, 124 Stat. 2105 ; Pub. L. 113–167, §1(a), Sept. 26, 2014, 128 Stat. 1882 .)
2014-Subsec. (b)(9). Pub. L. 113–167, §1(a)(1), added par. (9).
2010-Subsecs. (b)(2), (8)(B), (G), (c). Pub. L. 111–203 substituted "Director" for "Secretary".
1979-Subsec. (a). Pub. L. 96–153 revised existing provisions formerly set out as pars. (1) to (11) into pars. (1) to (8) and, as so revised, substituted provisions relating to sale or lease of lots in a subdivision containing less than twenty-five lots, etc., for provisions relating to sale or lease of real estate not pursuant to a common promotional plan to offer or sell fifty or more lots in a subdivision, etc.
1978-Subsec. (a)(3). Pub. L. 95–557, §907(a)(1), inserted "condominium" after "commercial".
1974-Subsec. (a)(11). Pub. L. 93–383 added par. (11).
1969-Subsec. (a)(10). Pub. L. 91–152 substituted provisions requiring a personal on-the-lot inspection of the real estate for provisions requiring a personal inspection of the lot and restricted definition of terms "liens", "encumbrances", and "adverse claims" so as not to include taxes and assessments imposed by a State, a public body having authority to assess and tax property, or a property owners' association, which, under the applicable law, constitute liens before they are due and payable, and so as not to include beneficial property restrictions enforceable by other lot owners or lessees in the subdivision under the specified conditions.
Pub. L. 113–167, §2, Sept. 26, 2014, 128 Stat. 1882 , provided that: "The amendments made by this Act [amending this section] shall take effect 180 days after the date of the enactment of this Act [Sept. 26, 2014]."