Interstate Land Sales Full Disclosure Act Update

• Overview
• Credits

Learn about recent issues and trends with the Interstate Land Sales Full Disclosure Act.The Interstate Land Sales Full Disclosure Act (ILSA) is a little-known federal consumer protection law that was originally enacted in 1968. While the ILSA's registration requirements have been ignored in the past, during the housing market crisis in the mid-2000s, many residential developers learned difficult lessons about the stiff penalties that come with non-compliance. This topic will provide a brief history of the ILSA, explain what it requires, highlight certain exemptions, and provide an overview of recent developments. Attendees will gain an understanding of the ILSA's origins, the importance of compliance, and how the ILSA is administered during the COVID-19 pandemic.

Authors

M. Buck Dixon, Troutman Pepper Hamilton Sanders, LLP Andrew J. Perel, Troutman Pepper Hamilton Sanders, LLP

Agenda

Brief History of ILSA

• Purpose of ILSA

• Push-Back

• Amendments Over the Years

- 2014 Repeal of Application to Condominiums

ILSA Requirements

• Applicability

• Filing Requirements and Property Reports

• Exemptions

• Penalties

Recent Developments

• Issues Related to COVID-19

What's Next?