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Monday, May 2, 2016

CFPB Announces Electronic Filings under ILSA

The CFPB announced it is amending the regulations implementing the Interstate Land Sales Full Disclosure Act (ILSA) to allow electronic filings.

The ILSA requires certain land developers to register their subdivisions and provide disclosures about the lots being offered. Regulatory authority over ILSA was transferred to the CFPB from the Department of Housing and Urban Development as part of the Dodd-Frank Act.

The final rule issued by the CFPB amends Regulation J and Regulation L to permit the electronic submission of filings under ILSA. It also makes a number of non-substantive corrections and removes certain procedural filing requirements.

In addition to issuing the new rule, the bureau is launching a new webpage dedicated to ILSA. The webpage contains instructions for electronic filing once the rule becomes effective and new simplified instructions for making electronic payments for ILSA registration fees.

The changes announced will be effective 30 days after publication in the Federal Register.

The final rule is available here.

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