Public Law 113–167: To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums.Public Law167Public Law 113–167128 Stat. 18822014-09-262014-09-26United States Government Publishing OfficeNational Archives and Records AdministrationOffice of the Federal Registertext/xmlENPursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.GPO Locator to USLM Converter 4.15.31;Stage2.202507022026-01-03113publicPUBLIC LAW 113–167—SEPT. 26, 2014128 STAT. 1882Public Law113–167113th CongressAn ActTo 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) by adding at the end the following:“(9) the sale or lease of a condominium unit that is not exempt under subsection (a).”; and(2) by 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.ApprovedSeptember 26, 2014.LEGISLATIVE HISTORY—H.R. 2600:CONGRESSIONAL RECORD:Vol. 159 (2013):