Interstate Land Sales Full Disclosure Act: CFPB Enforcement Activity, Condo Exemption, Litigation Updates
Ensuring ILSA Compliance, Avoiding Contract Rescission, Fines and Penalties
A live 90-minute CLE webinar with interactive Q&A
Wednesday, March 29, 2017 (in 2 days)
1:00pm-2:30pm EDT, 10:00am-11:30am PDT
This CLE webinar will provide real estate counsel with a review of the latest developments in the enforcement of the Interstate Land Sales Full Disclosure Act (ILSA). The panel will discuss how the Consumer Financial Protection Bureau (CFPB) and courts are addressing ILSA, the ILSA amendment providing a partial exemption for the sale of condo units, and best practices to ensure compliance.
The end of the Great Recession did not bring an end to ILSA enforcement issues. In May 2015, the CFPB entered into a consent order regarding a development in Hawk’s Bluff, Tenn., ordering the “developer” to repair roads in the subdivision, a marked expansion of the application of ILSA to developments. This followed the 2013 CFPB enforcement action against 3D Resorts-Bluegrass L.L.C., alleging material misrepresentations in marketing materials and failure to comply with ILSA registration.
ILSA compliance challenges for developers and their counsel remain. Current challenges include the applicability of ILSA to certain developments and exemption from ILSA registration requirements for a number of different development scenarios.
An amendment to ILSA to partially exempt condominium developments took effect Mar. 25, 2015. In the two years since, some applications of the exemption are clear, but several key issues remain unresolved or fraught with ambiguity. Moreover, the amendment did not grandfather in condo developments that were in sales process prior to the effective date.
Court interpretations of the Act are inconsistent, and developers must constantly navigate potential legal land mines within ILSA. Counsel to developers must ensure properties are properly registered under ILSA or are exempt from the Act.
Listen as our authoritative panel of attorneys provides their unique perspectives, overview and analysis of current ILSA regulations, guidelines and procedures, including the new partial exemption for condo developments, ILSA litigation developments, and CFPB ILSA-related enforcement activity.
- ILSA enforcement activity by the CFPB
- 2015 consent order with Hawk’s Bluff, Tenn.
- 2013 consent order with 3D Resorts-Bluegrass L.L.C.
- Registration statement
- Legal issues with registration statements
- Exemptions and drafting pointers
- 2015 ILSA amendment partially exempting condo developments
- Recent private litigation developments
The panel will review these and other key issues:
- What has the CFPB’s involvement in ILSA cases been so far, and how does the CFPB identify targets for investigation?
- What issues have not been resolved or remain ambiguous in the recent condo exemption amendment?
- How are courts addressing ILSA cases?
- What are the compliance options, alternatives, strategies and pitfalls for developers under ILSA?
Mark D. Hillier, Shareholder
Boca Raton & West Palm Beach, Fla.
Mr. Hillier is experienced in the areas of recreation and hospitality law, corporate, real estate, timeshare, infrastructure, securities, and taxation and has been active in events of the Urban Land Institute Southeastern/Caribbean Council and the national ULI. He also has experience in structuring private residence and fractional membership programs, infrastructure cost recovery programs, conservation easements, and resort membership programs in the U.S., Canada, the Caribbean and Mexico.
Joseph E. Lubinski, Partner
Mr. Lubinski's multifaceted practice includes experience with virtually all aspects of real estate transactions, including project financing, acquisitions, development, dispositions, and loan workouts, representation of special servicers, and foreclosures. He frequently writes and speaks on topics within his expertise including real estate finance and distressed real estate.
Live Webinar $297.00
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This webinar is eligible for at least 1.5 general CLE credits.
CLE credits are not available for PR.
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CLE On-Demand Video $297.00
Available 48 hours after the live event
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CLE Credits By State
This program provided a good refresher on this statute, especially after the housing crash and formation of new CFPB now administering ILSA in place of HUD.
Frost Brown Todd
I liked the identification of key issues being litigated under the Interstate Land Sales Act.
McNair Law Firm
This program was very informative re recent ILSA developments. Q&A was also very useful.
Case Lombardi & Pettit
I appreciated that the program addressed real issues that arise on a weekly basis in my practice.
Butler Snow Firm
Included very straightforward, practical comments and recommendations, not just a theoretical exercise.
Lewis and Roca
Real Estate Law Advisory Board
Stroock & Stroock & Lavan
Robinson & Cole
Jenner & Block
Kilpatrick Townsend & Stockton
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