Interstate Land Sales Full Disclosure Act (Regulations J, K, and L) 12 CFR 1010, 1011, 1012

ICR 201808-3170-006

OMB: 3170-0012

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2019-04-20
IC Document Collections
IC ID
Document
Title
Status
216967 Modified
ICR Details
3170-0012 201808-3170-006
Active 201605-3170-004
CFPB
Interstate Land Sales Full Disclosure Act (Regulations J, K, and L) 12 CFR 1010, 1011, 1012
Extension without change of a currently approved collection   No
Regular
Approved without change 07/10/2019
Retrieve Notice of Action (NOA) 04/22/2019
  Inventory as of this Action Requested Previously Approved
07/31/2022 36 Months From Approved 07/31/2019
3,240 0 6,772
3,412 0 5,752
72,800 0 82,524

he Interstate Land Sales Full Disclosure Act (ILSA) requires, in relevant part, that land developers register subdivisions of 100 or more non-exempt lots with the Bureau of Consumer Financial Protection (the Bureau) before selling or leasing the 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 Bureau to assure compliance with ILSA and the implementing regulations. The Bureau 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

Not associated with rulemaking

  83 FR 64566 12/17/2018
84 FR 16663 04/20/2019
No

1
IC Title Form No. Form Name
ILSA Reporting Requirements N/A Voluntary Suspension Form

  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 3,240 6,772 0 0 -3,532 0
Annual Time Burden (Hours) 3,412 5,752 0 0 -2,340 0
Annual Cost Burden (Dollars) 72,800 82,524 0 0 -9,724 0
No
No
As previously reported in the Bureau’s non-material change request submission, since the last renewal of this collection in 2015, the Bureau has implemented a web portal that allows electronic submission of many required elements of this information collection, thus reducing compliance burdens and costs. Based on experience with web portal use, the Bureau has noted further burden reduction than what was originally estimated when the portal first launched. Additionally, the Bureau has adjusted the estimated number of annual responses to more accurately reflect this estimate.

$400,000
No
    Yes
    Yes
No
No
No
Uncollected
Darrin King 202-693-4129 King.Darrin@dol.gov

  No

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.
04/22/2019


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