Page:United States Statutes at Large Volume 82.djvu/632

 590

PUBLIC LAW 90-448-AUG. 1, 1968

L82 STAT.

TITLE XIV—INTERSTATE LAND SALES SHORT TITLE

SEC. 1401. This title may be cited as the ''Interstate Land Sales Full Disclosure Act". DEFINITIONS

SEC. 1402. For the purposes of this title, the term— (1) "Secretary" means the Secretary of Housing and Urban Development; (2) "person"' means an individual, or an unincorporated organization, partnership, association, corporation, trust, or estate; (3) "subdivision'" means any land which i.s divided or proposed to be divided into fifty or more lots, whether contiguous or not, for the purpose of sale or lease as part of a common promotional plan and where subdivided land is offered for sale or lease by a single developer, or a group of developers acting in concert, and such land is contiguous or is known, designated, or advertised as a common unit or by a common name such land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan; (4) "developer" means any person who, directly or indirectly, sells or leases, or offers to.sell or lease, or advertises for sale or lease any lots in a subdivision; (5) "agent"' means any person who represents, or acts for or on behalf of, a developer in selling or leasing, or offering to.sell or lease, any lot or lots in a subdivision; but shall not include an attorney at law whose representation of another person consists solely of rendering legal.services; (6) "blanket encumbrance" means a trust deed, mortgage, judgment, or any other lien or encumbrance, including an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot offered within a subdivision, except that such term shall not include any lien or other encumbrance arising as the result of the imposition of any tax assessment by any public authority; (7) "interstate commerce"' means trade or commerce among the several States; (8) "State"' includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States; (9) "purchaser" means an actual or prospective purchaser or lessee of any lot in a subdivision; (10) "offer" includes any inducement, solicitation, or attempt to encourage a person to acquire a lot in a subdivision. EXEMPTIONS

SEC. 1403. (a) Unless the method of disposition is adopted for the purpose of evasion of this title, the provisions of this title shall not apply to— (1) the sale or lease of real estate not pursuant to a common promotional plan to offer or sell fifty or more lots in a subdivision; (2) the sale or lease of lots in a subdivision, all of which are five acre^ or more in size; (3) the sale or lease of any improved land on which there is a residential, commercial, or industrial building, or to the sale or

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