    [United States Statutes at Large, Volume 128, 113th Congress, 2nd Session]
    [From the U.S. Government Publishing Office, www.gpo.gov]

    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. <>

    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.

    Approved September 26, 2014.

    LEGISLATIVE HISTORY--H.R. 2600:
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    CONGRESSIONAL RECORD:
    Vol. 159 (2013):
    Sept. 25, 26, considered and passed
    House.
    Vol. 160 (2014):
    Sept. 18, considered and passed
    Senate.