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

Forms and Documents

Document Name	Status
ILSA Reporting Requirements Form and Instruction	Modified
3170-0012 ILSA Renewal Supporting Statement A 30-day OMB.pdf Supporting Statement A	2019-04-20

IC Document Collections

IC ID	Document Title	Status
216967	ILSA Reporting Requirements Form and Instruction	Modified

ICR Details

OMB Control No: 3170-0012	ICR Reference No: 201808-3170-006
Status: Active	Previous ICR Reference No: 201605-3170-004
Agency/Subagency: CFPB	Agency Tracking No:
Title: Interstate Land Sales Full Disclosure Act (Regulations J, K, and L) 12 CFR 1010, 1011, 1012
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 without change	Conclusion Date: 07/10/2019
	Date Received in OIRA: 04/22/2019
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	07/31/2022	36 Months From Approved	07/31/2019
Responses	3,240	0	6,772
Time Burden (Hours)	3,412	0	5,752
Cost Burden (Dollars)	72,800	0	82,524

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Abstract: 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.

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Authorizing Statute(s): US Code: 15 USC 1701 Name of Law: Interstate Land Sales Full Disclosure Act
  

Citations for New Statutory Requirements: US Code: 15 USC 1702 Name of Law: Interstate Land Sales Act

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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:
	83 FR 64566	12/17/2018
30-day Notice:	Federal Register Citation:	Citation Date:
	84 FR 16663	04/20/2019
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
ILSA Reporting Requirements	N/A	Voluntary Suspension Form

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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	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

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: 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.

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Annual Cost to Federal Government: $400,000

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

Does this ICR request any personally identifiable information (see OMB Circular No. A-130 for an explanation of this term)? Please consult with your agency's privacy program when making this determination.     Yes

Does this ICR include a form that requires a Privacy Act Statement (see 5 U.S.C. §552a(e)(3))? Please consult with your agency's privacy program when making this determination.     Yes

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: 04/22/2019

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