Public Law 113-167 | Public Law 113–167: To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.

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PUBLIC LAW 113–167—SEPT. 26, 2014

128 STAT. 1882

Public Law

113–167

113th Congress

An Act

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

Sept. 26, 2014

[H.R. 2600]

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 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)

adding

at the end the following:

“(9)

the sale or lease of a condominium unit that is not exempt under subsection (a).”

; and

(2)

adding

at the end the following:

“(d)

Definition.

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.”

SEC. 2.

15 USC 1702 note.

EFFECTIVE DATE.

The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.

Approved September 26, 2014.

LEGISLATIVE HISTORY—H.R. 2600:

CONGRESSIONAL RECORD:

Vol. 159 (2013):

Sept. 25, 26, considered and passed House.

Vol. 160 (2014):

Sept. 18, considered and passed Senate.

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