12 C.F.R. § 1010.1

Definitions

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(a) Statutory terms. All terms are used in accordance with their statutory meaning in 15 U.S.C. 1701, unless otherwise defined in paragraph (b) of this section or elsewhere in this part.

(b) Other terms. As used in this part:

Act means the Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701.

Advisory opinion means the formal written opinion of the Director as to jurisdiction in a particular case or the applicability of an exemption under §§ 1010.5 through 1010.15, based on facts submitted to the Director.

Available for use means that in addition to being constructed, the subject facility is fully operative and supplied with any materials and staff necessary for its intended purpose.

Beneficial property restrictions means restrictions that are enforceable by the lot owners and are designed to control the use of the lot and to preserve or enhance the environment and the aesthetic and economic value of the subdivision.

Date of filing means the date a Statement of Record, amendment, or consolidation, accompanied by the applicable fee, is received by the Director.

Good faith estimate means an estimate based on documentary evidence. In the case of cost estimates, the documentation may be obtained from the suppliers of the services. In the case of estimates of completion dates, the documentation may be actual contracts let, engineering schedules, or other evidence of commitments to complete the amenities.

ILSRP means the Interstate Land Sales Registration Program.

Lot means any portion, piece, division, unit, or undivided interest in land located in any state or foreign country, if the interest includes the right to the exclusive use of a specific portion of the land.

Owner means the person or entity who holds the fee title to the land and has the power to convey that title to others.

Parent corporation means that entity which ultimately controls the subsidiary, even though the control may arise through any series or chain of other subsidiaries or entities.

Principal means any person or entity holding at least a 10 percent financial or ownership interest in the developer or owner, directly or through any series or chain of subsidiaries or other entities.

Rules means all rules adopted pursuant to the Act, including the general requirements published in this part.

Sale means any obligation or arrangement for consideration to purchase or lease a lot directly or indirectly. The terms “sale” or “seller” include in their meanings the terms “lease” and “lessor”.

Senior Executive Officer means the individual of highest rank responsible for the day-to-day operations of the developer and who has the authority to bind or commit the developing entity to contractual obligations.

Site means a group of contiguous lots, whether such lots are actually divided or proposed to be divided. Lots are considered to be contiguous even though contiguity may be interrupted by a road, park, small body of water, recreational facility, or any similar object.

Start of construction means breaking ground for building a facility, followed by diligent action to complete the facility.

[76 FR 79489, Dec. 21, 2011, as amended at 81 FR 29115, May 11, 2016]

Notes of Decisions

Cited in 8 cases, 2013–2016 · leading case: Dean Beaver v. Tarsadia Hotels, 816 F.3d 1170 (9th Cir. 2016).

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Dean Beaver v. Tarsadia Hotels, 816 F.3d 1170 (9th Cir. 2016). · cites it 3× “§ 1711 , bars Plaintiffs’ UCL claim; (2) ILSA does not apply because Plaintiffs’ condominium units are not considered qualifying “lots” under ILSA, see 12 C.F.R. § 1010.1 (b); (3) the condominium upits are exempt under ILSA’s Improved *1175 Lot Exemption, 15 U.”

Berlin v. Renaissance Rental Partners, LLC, 723 F.3d 119 (2d Cir. 2013). · cites it 4× “” 12 C.F.R. § 1010.1 (b). 2 As relevant here, the CFPB and HUD have consistently maintained that this definition applies to condominium units, including single-floor units in multistory buildings.”

Donner v. Nicklaus, 778 F.3d 857 (10th Cir. 2015). “Instead, the Donners rely on a regulation adopted by the agency administering the statute (the Consumer Financial Protection Bureau).”

Dalzell v. RP Steamboat Springs, LLC, 781 F.3d 1201 (10th Cir. 2015). · cites it 3× “” 12 C.F.R. § 1010.1 (b). From this definition of “sale,” we can extrapolate the definition of “sell” as “to enter into any obligation or arrangement for consideration to purchase or lease any lot directly or indirectly.”

Beaver v. Tarsadia Hotels, 978 F. Supp. 2d 1124 (S.D. Cal. 2013). “" 12 C.F.R. § 1010.1 was promulgated by the Consumer Financial Protection Bureau in 2011.”

Beaver v. Tarsadia Hotels, 29 F. Supp. 3d 1323 (S.D. Cal. 2014). “” 12 C.F.R. § 1010.1 (b). . 15 U.S.C. § 1702 (a)(2) provides that the provisions of ILSA shall not apply to "the sale or lease of any improved land on which there is a residential commercial, condominium, or industrial building, or the sale or lease of land under a contract…”

Berlin v. Renaissance Rental Partners, LLC, 748 F.3d 98 (2d Cir. 2014). · cites it 4× “” 12 C.F.R. § 1010.1 (b). The Department of Housing and Urban Development (“HUD”), which promulgated the regulation, and the Consumer Financial Protection Bureau (“CFPB”), HUD’s successor in this respect, claim Auer deference in aid of their project to transmute the regulation’s…”

Berlin v. Renaissance Rental Partners, LLC (2d Cir. 2014). · cites it 3× “” 12 C.F.R. § 1010.1 (b). The Department of Housing and 6 Urban Development (“HUD”), which promulgated the regulation, and the 7 Consumer Financial Protection Bureau (“CFPB”), HUD’s successor in this 8 respect, claim Auer deference in aid of their project to transmute the…”

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