The Interstate Land Sales Full Disclosure Act (ILSA) requires land developers to register non-exempt subdivisions with the Bureau of Consumer Financial Protection (CFPB) before selling any lots, and to provide each lot purchaser with a disclosure document designated as a property report, 15 U.S.C. 1703-1704. ILSA was enacted in response to a nation-wide proliferation of developers of unimproved subdivisions who made elaborate, and often fraudulent, claims about their land to unsuspecting lot purchasers. Information is submitted to the CFPB to assure compliance with ILSA and the implementing regulations. The CFPB also investigates developers who are not in compliance with the regulations.
US Code:
15 USC 1701
Name of Law: Interstate Land Sales Full Disclosure Act
US Code: 15 USC 1702 Name of Law: Interstate Land Sales Act
Program Changes: The changes in the number of respondents and the number of annual responses are primarily a result of a new legislation partially exempting condominiums from ILSA (15 U.S.C. 1702). Specifically, we have determined that the exemption will remove 788 respondents from out respondent pools, and the remaining respondents, owing to the nature of their business, will have fewer annual responses per year. Therefore, whereas we previously estimated that each respondent would respond an average of 90 times a year, we now estimate that the number of responses per respondent will overage only 34 per year. This change has also resulted in an estimated reduction of 14,184 annual burden hours.
Adjustments: The changes in burden hours and cost burden are also a result of an improved methodology of calculating costs. Whereas we had previously estimated an average response time of 12 minutes per response, our analysis leads us to estimate that the actual time burden is closer to 1 hour per response. In addition we have identified cost burdens for responding to these information collections that were not previously accounted for that average $14 per response. Further, historical submissions for this collection inaccurately included burden hour costs which have been previously removed. The new requests should be seen as a more accurate representation of the true costs of this regulation going forward.
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:
(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;
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.
ILSA Reporting Requirements
3170-0012 ILSA Renewal Supporting Statement A 30-day final.pdf
Change Request - Remove Cost Burden.docx
ILSA Reporting Requirements