Page:United States Statutes at Large Volume 93.djvu/1163

 PUBLIC LAW 96-153—DEC. 21, 1979

93 STAT. 1131

"CIVIL LIABILITIES

"SEC. 1410. (a) A purchaser or lessee may bring an action at law or in equity against a developer or agent if the sale or lease was made in violation of section 1404(a). In a suit authorized by this subsection, the Ante, p. 1128. court may order damages, specific performance, or such other relief as the court deems fair, just, and equitable. In determining such relief the court may take into account, but not be limited to, the following factors: the contract price of the lot or leasehold; the amount the purchaser or lessee actually paid; the cost of any improvements to the lot; the fair market value of the lot or leasehold at the time relief is determined; and the fair market value of the lot or leasehold at the time such lot was purchased or leased. "(b) A purchaser or lessee may bring an action at law or in equity against the seller or lessor (or successor thereoD to enforce any right under subsection (b), (c), (d), or (e) of section 1404. "(c) The amount recoverable in a suit authorized by this section may include, in addition to matters specified in subsections (a) and (b), interest, court costs, and reasonable amounts for attorneys' fees, independent appraisers' fees, and travel to and from the lot. "(d) Every person who becomes liable to make any payment under this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the ' same payment.". LIMITATION OF ACTIONS

SEC. 406. Section 1412 of the Interstate Land Sales Full Disclosure Act is amended to read as follows: 15 USC 1711. "LIMITATION OF ACTIONS

"SEC. 1412. (a) No action shall be maintained under section 1410.Supra, with respect to— "(1) a violation of subsection (a)(1) or (a)(2)(D) of section 1404 more than three years after the date of signing of the contract of sale or lease; or "(2) a violation of subsection (a)(2)(A), (a)(2)(B), or (a)(2)(C) of section 1404 more than three years after discovery of the violation or after discovery should have been made by the exercise of reasonable diligence. "(b) No action shall be maintained under section 1410 to enforce a right created under subsection Oo), (c), (d), or (e) of section 1404 unless brought within three years after the signing of the contract or lease, notwithstanding deli very of a deed to a purchaser.". ..^.f^ ADMINISTRATIVE PROCEDURE

SEC. 407. Section 1416 of the Interstate Land Sales Full Disclosure Act is amended by adding at the end thereof the following: 15 USC 1715. "(c) The Secretary shall conduct all actions with respect to rulemaking or adjudication under this title in accordance with the provisions of chapter 5 of title 5, United States Code. Notice shall be given of any adverse action or final disposition and such notice and the entry of any order shall be accompanied by a written statement of supporting facts and legal authority.".

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