Interstate Land Sales Full Disclosure Act: CFPB Enforcement Activity, Condo Exemption, Litigation Updates
Ensuring ILSA Compliance, Avoiding Contract Rescission, Fines and Penalties
Recording of a 90-minute CLE webinar with Q&A
Conducted on Wednesday, March 29, 2017
Recorded event now available
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.
CLE On-Demand - Streaming Video
Includes recorded streaming video of full program plus PDF handouts.
On-demand is the only recorded format recognized for CLE credits in DE, IN, KS, LA, MS, NC, OH, OK, SC, TN, VA, WI.
AK, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN*, KS, KY, LA, ME, MN, MO, MT, NC, ND, NH**, NJ, NM, NV, NY, OH*, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.
**NH attendees must self-determine if a program is eligible for credit and self-report their attendance.
CLE On-Demand Video $297.00
Includes full event recording plus handouts.
Strafford is an approved provider and self-study CLE credit is available in most states.
AK, AZ, CA, CO, CT, FL, GA, HI, IA, ID, IL, KY, ME, MN, MO, MT, ND, NJ, NM, NY, OR, PA, TN, TX, UT, VT, WA, WV, WY (Note: Some states restrict CLE eligibility based on the age of a program. Refer to our state CLE Map for additional information.)
Strafford will process CLE credit for one person on each recording.
Additional copies of a recording can be purchased at a discount. Please call Strafford Customer Service toll-free at 1-800-926-7926 ext 10 or email email@example.com to place your order.
Recorded Webinar Download $297.00
Recorded Audio Download (MP3) $297.00
DVD (Slide Presentation with Audio) $297.00 plus $9.45 S&H
Strafford webinars offer several options for participation: online viewing of speaker-controlled PowerPoint presentations with audio via computer speakers or via phone; or audio only via telephone (download speaker handouts prior to the program). Please note that our webinars do not feature videos of the presenters.
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
The program covered a fair amount of material in a short time period.
Bradley Arant Boult Cummings
The speakers were very knowledgable and engaging.
Real Estate Law Advisory Board
Stroock & Stroock & Lavan
Robinson & Cole
Jenner & Block
Kilpatrick Townsend & Stockton
Strafford webinars are backed by our 100% Unconditional Money-Back Guarantee: if you are not satisfied with any of our products, simply let us know and get a full refund. For more information regarding complaints and refunds, please contact us at 1-800-926-7926 ext 10. Complaints regarding this program can be submitted via the course evaluation found in the “Thank you” e-mail at the end of the course.