[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3499 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3499

 To amend the Interstate Land Sales Full Disclosure Act to clarify how 
                    the Act applies to condominiums.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 2, 2012

Mr. Schumer (for himself and Mrs. Gillibrand) introduced the following 
 bill; which was read twice and referred to the Committee on Banking, 
                       Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
 To amend the Interstate Land Sales Full Disclosure Act to clarify how 
                    the Act applies to condominiums.

    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) 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. EFFECTIVE DATE.

    The amendments made by this Act shall take effect 180 days after 
the date of the enactment of this Act.
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