Interstate Land Sales Full Disclosure Act (Regulations J, K, and L)

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.

The latest form for Interstate Land Sales Full Disclosure Act (Regulations J, K, and L) expires 2022-07-31 and can be found here.