§ 1705. Information required in statement of record

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1968

   Interstate Land Sales F till Disclosure Act

   Pub. L. 90–448 title XIV § 1406 · 82 Stat. 476

   Enacted · 15 U.S.C. § 1705

   Pub. L. 90–448, title XIV, § 1406, Aug. 1, 1968, 82 Stat. 592

   Source evidence

   Code source credit
   Pub. L. 90–448, title XIV, § 1406, Aug. 1, 1968, 82 Stat. 592

   Enacted provision · exact public law section
   Sec. 1406. information required in statement of record The statement of record shall contain the information and be accompanied by the documents specified hereinafter in this section— (1) the name and address of each person having an interest in the lots in the subdivision to be covered by the statement of record and the extent of such interest; (2) a legal description of, and a statement of the total area included in, the subdivision and a statement of the topography thereof, together with a map allowing the division proposed and the dimensions of the lots to be covered by the statement of record and their relation to existing streets and roads; (3) a statement of the condition of the title to the hind comprising the subdivision, including all encumbrances and deed restrictions and covenants applicable thereto; (4) a statement, of the general terms and conditions, including the range of selling prices or rents at which it is proposed to dispose of the lots in the subdivision; (5) a statement of the present condition of access to the subdivision, the availability of sewage disposal, facilities and other public utilities (including water, electricity, gas, and telephone facilities) in the subdivision, the proximity in miles of the subdivision to nearby municipalities, and the nature of any improvements to be installed by the developer and his estimated schedule for completion; (6) in the case of any subdivision or portion thereof against, which there exists a blanket encumbrance, a statement, of the consequences for an individual purchaser of a failure, by the person or persons bound, to fulfill obligations under the instrument or instruments creating such encumbrance and the steps, if any, taken to protect the purchaser in such eventuality; (7) (A) copy of its articles of incorporation, with all amendments thereto, if the developer is a corporation; (B) copies of all instruments by which the trust is created or declared, if the developer is a trust; (C) copies of its articles of partnership or association and all other papers pertaining to its organization, if the developer is a partnership, unincorporated association, joint stock company, or any other form of organization; and (D) if the purported holder of legal title is a person other than developer, copies of the above documents for such person; (8) copies of the deed or other instrument establishing title to the subdivision in the developer or other person and copies of any instrument creating a lien or encumbrance upon the title of developer or other person or copies of the opinion or opinions of counsel in respect to the title to the subdivision in the developer or other person or copies of the title insurance policy guaranteeing such title; (9) copies of all forms of conveyance to be used in selling or leasing lots to purchasers; (10) copies of instruments creating easements or other restrictions; (11) such certified and uncertified financial statements of the developer as the Secretary may require; and (12) such other information and such other documents and certifications as the Secretary may require as being reasonably necessary or appropriate for the protection of purchasers.

2. 1970

   Housing and Urban Development Act of 1970

   Pub. L. 91–609 title IX § 909 · 84 Stat. 1770

   Changed · 15 U.S.C. § 1705(5)

   Pub. L. 91–609 required the statement of record to contain a statement of the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer

   Source evidence

   Code amendment note
   Par. (5). Pub. L. 91–609 required the statement of record to contain a statement of the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer.

   Enacted provision · exact public law section
   Sec. 909. interstate land sales full disclosure act Section 1406(5) of the Interstate Land Sales Full Disclosure Act is amended by inserting after the first comma the following: 82 Stat. 593. 15 USC 1705. “the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer,”.

3. 2010

   Consumer Financial Protection Act of 2010

   Pub. L. 111–203 title X § 1098A(1) · 124 Stat. 1376

   Substituted · 15 U.S.C. § 1705(11); 15 U.S.C. § 1705(12)

   Pub. L. 111–203 substituted “Director” for “Secretary”

   Source evidence

   Code amendment note
   Pars. (11), (12). Pub. L. 111–203 substituted “Director” for “Secretary”.

   Enacted provision · exact public law section
   (1) by 15 USC 1702 et seq. striking “Secretary” each place that term appears and inserting “Director”;

   Effective date note
   Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

3 of 3 references resolved to an enrolled provision