Interstate Land Sales Full Disclosure Requirements

Forms and Documents

Document Name	Status
Form HUD 762 Interstate Land Sales Full Disclosure Requirements Form	Modified
Supporting_statement-A 2502-0243 ILSA.doc Supporting Statement A	2011-11-30

IC Document Collections

IC ID	Document Title	Status
27074	Interstate Land Sales Full Disclosure Requirements Form	Modified

ICR Details

OMB Control No: 3170-0017	ICR Reference No: 201201-3170-001
Status: Historical Active	Previous ICR Reference No: 200807-2502-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Interstate Land Sales Full Disclosure Requirements
Type of Information Collection: Extension without change of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved with change	Conclusion Date: 01/12/2012
	Date Received in OIRA: 01/12/2012
Terms of Clearance: During this review, the agency increased the number of property reports from 50 to 100. The number 50 dates back to the old "50 lot exemption", but as the exemption is now 100 lots, the number of property reports was increased to 100. This change increases responses and burden hours.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2014	36 Months From Approved
Responses	197,697	0	113,997
Time Burden (Hours)	43,023	0	34,653
Cost Burden (Dollars)	0	0	0

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Abstract: The Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701, et seq., requires developers to register subdivisions of 100 or more non-exempt lots with HUD. The developer must give each purchaser a property report that meets HUD's requirements before the purchaser signs the sales contract or agreement for sale or lease.

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Authorizing Statute(s): US Code: 15 USC 1707 Name of Law: Commerce and Trade
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 20365	04/12/2011
30-day Notice:	Federal Register Citation:	Citation Date:
	76 FR 59714	09/27/2011
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Interstate Land Sales Full Disclosure Requirements	HUD 762	Request For Voluntary Supension of Effectiveness of Statement of Record

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	197,697	113,997	0	0	83,700	0
Annual Time Burden (Hours)	43,023	34,653	0	0	8,370	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Estimates in property reports have increased from 50 to 100 which results in an increase in responses and burden hours.

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Annual Cost to Federal Government: $2,149,380

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 09/30/2011

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