Page:United States Statutes at Large Volume 93.djvu/1164

 93 STAT. 1132

PUBLIC LAW 96-153—DEC. 21, 1979 CRIMINAL PENALTIES

15 USC 1717.

SEC. 408. Section 1418 of the Interstate Land Sales Full Disclosure Act is amended to read as follows: PENALTIES

Rules and regulations.

"SEC. 1418. Any person who willfully violates any of the provisions of this title, or the rules and regulations prescribed pursuant thereto, or any person who willfully, in a statement of record filed under, or in a property report issued pursuant to, this title, makes any untrue statement of a material fact or omits to state any material fact required to be stated therein, shall upon conviction be fined not more than $10,000 or imprisoned not more than five years, or both.". REPORT TO CONGRESS

15 USC 1720. 15 USC 1701 note.

SEC. 409. The Interstate Land Sales Full Disclosure Act is amended by redesignating sections 1421 and 1422 as sections 1422 and 1423, respectively, and by inserting the following new section after section 1420: " R E P O R T TO CONGRESS

15 USC 1719a.

"SEC. 1421. The Secretary shall prepare and submit to the Congress on March 1, 1981, and biennially thereafter a report on the administration of this title and its impact upon the land development industry and purchasers and lessees of undeveloped land. Such report shall include but not be restricted to the analysis of— "(1) consumer and industry complaints and their resolution, with particular emphasis on the impact of various statutory and regulatory exemptions; "(2) the effect the State certification has had in encouraging States to provide protection to purchasers of undeveloped land; and "(3) efforts by the Secretary to simplify registration and disclosure procedures. The report shall also contain such legislative recommendations as the Secretary deems advisable.". EFFECTIVE DATE

Regulations. 15 USC 1701 note. Ante, p. 1123.

SEC. 410. The amendments made by this title shall become effective on the effective date of regulations implementing such amendments, but in no case later than six months following the date of enactment of this Act, except that section 1403(b)(7) of the Interstate Land Sales Full Disclosure Act, contained in the amendment made by section 402, shall become effective on the date of enactment. TITLE V - R U R A L HOUSING AUTHORIZATIONS

42 USC 1483.

SEC. 501. (a) Section 513 of the Housing Act of 1949 is amended to read as follows: "AUTHORIZATIONS

"SEC. 513. (a) The Secretary may, as approved in appropriation Acts, insure and guarantee loans under the authorities provided in

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