[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2600 Enrolled Bill (ENR)]

        H.R.2600

                     One Hundred Thirteenth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

           Begun and held at the City of Washington on Friday,
           the third day of January, two thousand and fourteen


                                 An Act


 
 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.