(formerly the bill ), a United States public law, that is entitled "to amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums," is a bill that was introduced into the

United States House of Representatives The United States House of Representatives, often referred to as the House of Representatives, the U.S. House, or simply the House, is the Lower house, lower chamber of the United States Congress, with the United States Senate, Senate being ...

during the

113th United States Congress The 113th United States Congress was a meeting of the legislative branch of the United States federal government, from January 3, 2013, to January 3, 2015, during the fifth and sixth years of Presidency of Barack Obama, Barack Obama's presiden ...

. The

Interstate Land Sales Full Disclosure Act of 1968 The Interstate Land Sales Full Disclosure Act of 1968 (ILSFDA or ILSA or "Act") was an act of Congress passed in 1968 to facilitate regulation of interstate land sales, to protect consumers from fraud and abuse in the sale or lease of land. The Act ...

was passed in 1968 with the intention of helping protect consumers from land-related scams, but regulating the sale of land across state lines. The act requires sellers to prepare center information about the piece of property they are trying to sell and disclose it in a "Property Report." The law was originally administered by the

United States Department of Housing and Urban Development The United States Department of Housing and Urban Development (HUD) is one of the executive departments of the U.S. federal government. It administers federal housing and urban development laws. It is headed by the Secretary of Housing and Urb ...

, but is currently run by the

Consumer Financial Protection Bureau The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. CFPB's jurisdiction includes banks, credit unions, securities firms, payday lenders, mortg ...

. H.R. 2600 would make changes to this law related to condominiums.

Provisions of the bill

''This summary is based largely on the summary provided by the

Congressional Research Service The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a c ...

, a

public domain The public domain (PD) consists of all the creative work A creative work is a manifestation of creative effort including fine artwork (sculpture, paintings, drawing, sketching, performance art), dance, writing (literature), filmmaking, ...

source.'' H.R. 2600 would amend the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a

condominium A condominium (or condo for short) is an ownership structure whereby a building is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. The term can be applied to the building or complex ...

unit not already exempt from coverage under such Act.

Procedural history

H.R. 2600 was introduced into the House on June 28, 2013 by Rep. Carolyn B. Maloney (D, NY-12). It was referred to the

United States House Committee on Financial Services The United States House Committee on Financial Services, also referred to as the House Banking Committee and previously known as the Committee on Banking and Currency, is the committee of the United States House of Representatives that oversees t ...

. On September 20, 2013, House Majority Leader

Eric Cantor Eric Ivan Cantor (born June 6, 1963) is an American lawyer and former politician who represented Virginia's 7th congressional district in the United States House of Representatives from 2001 to 2014. A Republican, Cantor served as House Minority ...

announced that H.R. 1961 would be on the legislative schedule for the week of September 23. It was scheduled to be considered under a suspension of the rules on September 25, 2013. On September 27, 2013, on the verge of a government shutdown by Republicans, the House of Representatives passed H.R. 2600 by a vote of 410–0. The bill would provide an exemption for condominiums from ILSA's registration requirements and would apply to all new constructions after enactment. On September 18, 2014, the

United States Senate The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and pow ...

voted to pass the bill with

unanimous consent In parliamentary procedure, unanimous consent, also known as general consent, or in the case of the parliaments under the Westminster system, leave of the house (or leave of the senate), is a situation in which no member present objects to a prop ...

. On September 26, 2014, President

Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the U ...

signed the bill and it became .

Notes/References

External links

Library of Congress - Thomas H.R. 2600beta.congress.gov H.R. 2600GovTrack.us H.R. 2600OpenCongress.org H.R. 2600
{{DEFAULTSORT:Public Law 113-167 Acts of the 113th United States Congress United States federal housing legislation Real property law in the United States

Provisions of the bill

Procedural history

See also

Notes/References

External links