[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.