§ 1708. Certification of substantially equivalent State law

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 § 1409 · 82 Stat. 476

   Enacted · 15 U.S.C. § 1708

   Pub. L. 90–448, title XIV, § 1409, Aug. 1, 1968, 82 Stat. 594

   Source evidence

   Code source credit
   Pub. L. 90–448, title XIV, § 1409, Aug. 1, 1968, 82 Stat. 594

   Enacted provision · exact public law section
   Sec. 1409. cooperation with state authorities (a) In administering this title, the Secretary shall cooperate with State authorities charged with the responsibility of regulating the sale of lots in subdivisions which are also subject to this title and may accept for filing under section 1405 and declare effective as a statement of record, if he finds such action to be appropriate in the public interest or for the protection of purchasers, material filed with and found acceptable by such authorities. (c) Nothing in this title shall affect the jurisdiction of the real estate commission (or any agency or office performing like functions) of any State over any subdivision or any person.

2. 1979

   Housing and Community Development Amendments of 1979

   Pub. L. 96–153 title IV § 404 · 93 Stat. 1101

   Substituted · 15 U.S.C. § 1708(a)

   Pub. L. 96–153 substituted provisions setting forth criteria for determinations respecting certifications of substantially equivalent State law for purposes of disclosure requirements of this chapter, for provisions relating to cooperation with State authorities in administering this chapter

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 96–153 substituted provisions setting forth criteria for determinations respecting certifications of substantially equivalent State law for purposes of disclosure requirements of this chapter, for provisions relating to cooperation with State authorities in administering this chapter.

   Enacted provision · exact public law section
   Sec. 404. certification of substantially equivalent state law Section 1409 of the Interstate Land Sales Full Disclosure Act is amended to read as follows: 15 USC 1708. “Sec. 1409. “certification of substantially equivalent state law (a) (1) A State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under section 1403 require the seller or lessor of such lots to disclose Ante, p. 1123. information which is at least substantially equivalent to the information required to be disclosed by section 1408; and 15 USC 1707. “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that such information is accurate. “(2) In the case of any State which is not certified under paragraph (1), such State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under Ante, p. 1123. section 1403 provide sufficient protection for purchasers and lessees with respect to the matters for which information is 15 USC 1707. required to be disclosed by section 1408 but which is not required to be disclosed by such State’s laws and regulations; and “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that (i) information required to be disclosed by such laws and regulations is accurate, and (ii) sufficient protection for purchasers and lessees is made available with respect to the matters for which information is not required to be disclosed. “(3) Any State requesting certification must agree to accept a property report covering land located in another certified State but offered for sale or lease in the State requesting certification if the property report has been approved by the other certified State. Such property report shall be the only property report required by the State with respect to the sale or lease of such land. “(b) After the Secretary has certified a State under subsection (a), 15 USC 1704–1707. the Secretary shall accept for filing under sections 1405 through 1408 (and declare effective as the Federal statement of record and property report which shall be used in all States in which the lots are offered for sale or lease) disclosure materials found acceptable, and any related documentation required, by State authorities in connection with the sale or lease of lots located within the State. The Secretary may accept for such filing, and declare effective as the Federal statement of record and property report, such materials and documentation found acceptable by the State in connection with the sale or lease of lots located outside that State. Nothing in this subsection shall preclude the Secretary from exercising the authority conferred 15 USC. 1706. by subsections (d) and (e) of section 1407. “(c) If a State fails to meet the standards for certification pursuant to subsection (a), the Secretary shall notify the State in writing of the changes in State law, regulation, or administration that are needed in order to obtain certification. “(d) The Secretary shall periodically review the laws and regulations, and the administration thereof, of States certified under subsection (a), and may withdraw such certification upon a determination that such laws, regulations, and the administration thereof, taken as a whole, no longer meet the requirements of subsection (a). “(e) Nothing in this title may be construed to prevent or limit the authority of any State or local government to enact and enforce with regard to the sale of land any law, ordinance, or code not in conflict with this title. In administering this title, the Secretary shall cooperate with State authorities charged with the responsibility of regulating the sale or lease of lots which are subject to this title.”.

3. 1979

   Housing and Community Development Amendments of 1979

   Pub. L. 96–153 title IV § 404 · 93 Stat. 1101

   Substituted · 15 U.S.C. § 1708(b)

   Pub. L. 96–153 substituted provisions relating to filing requirements for State disclosure materials and related documentation for purposes of Federal statement of record and property report requirements, for provisions relating to the jurisdiction of the particular State real estate commission or similar body

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 96–153 substituted provisions relating to filing requirements for State disclosure materials and related documentation for purposes of Federal statement of record and property report requirements, for provisions relating to the jurisdiction of the particular State real estate commission or similar body.

   Enacted provision · exact public law section
   Sec. 404. certification of substantially equivalent state law Section 1409 of the Interstate Land Sales Full Disclosure Act is amended to read as follows: 15 USC 1708. “Sec. 1409. “certification of substantially equivalent state law (a) (1) A State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under section 1403 require the seller or lessor of such lots to disclose Ante, p. 1123. information which is at least substantially equivalent to the information required to be disclosed by section 1408; and 15 USC 1707. “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that such information is accurate. “(2) In the case of any State which is not certified under paragraph (1), such State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under Ante, p. 1123. section 1403 provide sufficient protection for purchasers and lessees with respect to the matters for which information is 15 USC 1707. required to be disclosed by section 1408 but which is not required to be disclosed by such State’s laws and regulations; and “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that (i) information required to be disclosed by such laws and regulations is accurate, and (ii) sufficient protection for purchasers and lessees is made available with respect to the matters for which information is not required to be disclosed. “(3) Any State requesting certification must agree to accept a property report covering land located in another certified State but offered for sale or lease in the State requesting certification if the property report has been approved by the other certified State. Such property report shall be the only property report required by the State with respect to the sale or lease of such land. “(b) After the Secretary has certified a State under subsection (a), 15 USC 1704–1707. the Secretary shall accept for filing under sections 1405 through 1408 (and declare effective as the Federal statement of record and property report which shall be used in all States in which the lots are offered for sale or lease) disclosure materials found acceptable, and any related documentation required, by State authorities in connection with the sale or lease of lots located within the State. The Secretary may accept for such filing, and declare effective as the Federal statement of record and property report, such materials and documentation found acceptable by the State in connection with the sale or lease of lots located outside that State. Nothing in this subsection shall preclude the Secretary from exercising the authority conferred 15 USC. 1706. by subsections (d) and (e) of section 1407. “(c) If a State fails to meet the standards for certification pursuant to subsection (a), the Secretary shall notify the State in writing of the changes in State law, regulation, or administration that are needed in order to obtain certification. “(d) The Secretary shall periodically review the laws and regulations, and the administration thereof, of States certified under subsection (a), and may withdraw such certification upon a determination that such laws, regulations, and the administration thereof, taken as a whole, no longer meet the requirements of subsection (a). “(e) Nothing in this title may be construed to prevent or limit the authority of any State or local government to enact and enforce with regard to the sale of land any law, ordinance, or code not in conflict with this title. In administering this title, the Secretary shall cooperate with State authorities charged with the responsibility of regulating the sale or lease of lots which are subject to this title.”.

4. 1979

   Housing and Community Development Amendments of 1979

   Pub. L. 96–153 title IV § 404 · 93 Stat. 1101

   Added · 15 U.S.C. § 1708(c)(e)

   Pub. L. 96–153 added subsecs. (c) to (e)

   Source evidence

   Code amendment note
   Subsecs. (c) to (e). Pub. L. 96–153 added subsecs. (c) to (e).

   Enacted provision · exact public law section
   Sec. 404. certification of substantially equivalent state law Section 1409 of the Interstate Land Sales Full Disclosure Act is amended to read as follows: 15 USC 1708. “Sec. 1409. “certification of substantially equivalent state law (a) (1) A State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under section 1403 require the seller or lessor of such lots to disclose Ante, p. 1123. information which is at least substantially equivalent to the information required to be disclosed by section 1408; and 15 USC 1707. “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that such information is accurate. “(2) In the case of any State which is not certified under paragraph (1), such State shall be certified if the Secretary determines— “(A) that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under Ante, p. 1123. section 1403 provide sufficient protection for purchasers and lessees with respect to the matters for which information is 15 USC 1707. required to be disclosed by section 1408 but which is not required to be disclosed by such State’s laws and regulations; and “(B) that the State’s administration of such laws and regulations provides, to the maximum extent practicable, that (i) information required to be disclosed by such laws and regulations is accurate, and (ii) sufficient protection for purchasers and lessees is made available with respect to the matters for which information is not required to be disclosed. “(3) Any State requesting certification must agree to accept a property report covering land located in another certified State but offered for sale or lease in the State requesting certification if the property report has been approved by the other certified State. Such property report shall be the only property report required by the State with respect to the sale or lease of such land. “(b) After the Secretary has certified a State under subsection (a), 15 USC 1704–1707. the Secretary shall accept for filing under sections 1405 through 1408 (and declare effective as the Federal statement of record and property report which shall be used in all States in which the lots are offered for sale or lease) disclosure materials found acceptable, and any related documentation required, by State authorities in connection with the sale or lease of lots located within the State. The Secretary may accept for such filing, and declare effective as the Federal statement of record and property report, such materials and documentation found acceptable by the State in connection with the sale or lease of lots located outside that State. Nothing in this subsection shall preclude the Secretary from exercising the authority conferred 15 USC. 1706. by subsections (d) and (e) of section 1407. “(c) If a State fails to meet the standards for certification pursuant to subsection (a), the Secretary shall notify the State in writing of the changes in State law, regulation, or administration that are needed in order to obtain certification. “(d) The Secretary shall periodically review the laws and regulations, and the administration thereof, of States certified under subsection (a), and may withdraw such certification upon a determination that such laws, regulations, and the administration thereof, taken as a whole, no longer meet the requirements of subsection (a). “(e) Nothing in this title may be construed to prevent or limit the authority of any State or local government to enact and enforce with regard to the sale of land any law, ordinance, or code not in conflict with this title. In administering this title, the Secretary shall cooperate with State authorities charged with the responsibility of regulating the sale or lease of lots which are subject to this title.”.

5. 2010

   Consumer Financial Protection Act of 2010

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

   Substituted · 15 U.S.C. § 1708

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

   Source evidence

   Code amendment note
   Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.

   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.

5 of 5 references resolved to an enrolled provision