[113th Congress Public Law 167]
[From the U.S. Government Publishing Office]



[[Page 128 STAT. 1882]]

Public Law 113-167
113th Congress

                                 An Act


 
 To amend the Interstate Land Sales Full Disclosure Act to clarify how 
    the Act applies to condominiums. <<NOTE: 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) <<NOTE: 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. <<NOTE: 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.

    Approved September 26, 2014.

LEGISLATIVE HISTORY--H.R. 2600:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD:
                                                        Vol. 159 (2013):
                                    Sept. 25, 26, considered and passed 
                                        House.
                                                        Vol. 160 (2014):
                                    Sept. 18, considered and passed 
                                        Senate.

                                  <all>