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Title 15 — Commerce and TradeRelease 119-73

§1701 Definitions

Title 15 › Chapter CHAPTER 42— - INTERSTATE LAND SALES › § 1701

Last updated Apr 6, 2026|Official source

Summary

Defines the key words used in this chapter so readers know what each term means. Director is the head of the Bureau of Consumer Financial Protection. Person is an individual or an organization like a partnership, association, corporation, trust, estate, or unincorporated group. Subdivision is land in a State or foreign country that is or will be split into lots for sale or lease under a common plan. Common promotional plan is a single developer or a group offering lots together, including land sold as one unit or under one name. Developer is anyone who sells, leases, offers, or advertises lots in a subdivision. Agent is a person who works for a developer in those sales or leases, but not a lawyer who only gives legal services. Blanket encumbrance is a mortgage, deed, judgment, option, contract to sell, trust, or similar lien that affects a subdivision or more than one lot, but not liens from tax assessments by any public authority. Interstate commerce is trade among the States or between a foreign country and a State. State includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States. Purchaser is a buyer or prospective buyer or lessee of a lot. Offer includes any inducement, solicitation, or attempt to encourage someone to acquire a lot. Bureau is the Bureau of Consumer Financial Protection.

Full Legal Text

Title 15, §1701

Commerce and Trade — Source: USLM XML via OLRC

For the purposes of this chapter, the term—
(1)“Director” means the Director of the Bureau of Consumer Financial Protection;
(2)“person” means an individual, or an unincorporated organization, partnership, association, corporation, trust, or estate;
(3)“subdivision” means any land which is located in any State or in a foreign country and is divided or is proposed to be divided into lots, whether contiguous or not, for the purpose of sale or lease as part of a common promotional plan;
(4)“common promotional plan” means a plan, undertaken by a single developer or a group of developers acting in concert, to offer lots for sale or lease; where such land is offered for sale by such a developer or group of developers acting in concert, and such land is contiguous or is known, designated, or advertised as a common unit or by a common name, such land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan;
(5)“developer” means any person who, directly or indirectly, sells or leases, or offers to sell or lease, or advertises for sale or lease any lots in a subdivision;
(6)“agent” means any person who represents, or acts for or on behalf of, a developer in selling or leasing, or offering to sell or lease, any lot or lots in a subdivision; but shall not include an attorney at law whose representation of another person consists solely of rendering legal services;
(7)“blanket encumbrance” means a trust deed, mortgage, judgment, or any other lien or encumbrance, including an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot offered within a subdivision except that such term shall not include any lien or other encumbrance arising as the result of the imposition of any tax assessment by any public authority;
(8)“interstate commerce” means trade or commerce among the several States or between any foreign country and any State;
(9)“State” includes the several States, the District of Columbia, the Commonwealth of Puerto Rico, and the territories and possessions of the United States;
(10)“purchaser” means an actual or prospective purchaser or lessee of any lot in a subdivision;
(11)“offer” includes any inducement, solicitation, or attempt to encourage a person to acquire a lot in a subdivision; and
(12)“Bureau” means the Bureau of Consumer Financial Protection.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Par. (1). Pub. L. 111–203, § 1098A(4)(A), added par. (1) and struck out former par. (1) which read as follows: “ ‘Secretary’ means the Secretary of Housing and Urban Development;”. Par. (12). Pub. L. 111–203, § 1098A(4)(B)–(D), added par. (12). 1988—Par. (10). Pub. L. 100–628 inserted “and” after semicolon. 1979—Par. (3). Pub. L. 96–153 substituted provisions defining “subdivision” as the division or proposed division of land into lots for the purpose of sale or lease as part of a common promotional plan, for provisions defining “subdivision” as the division or proposed division of land into fifty or more lots for the purpose of sale or lease as part of a common promotional plan and presumptions respecting activities as being deemed part of such common promotional plan. Pars. (4) to (11). Pub. L. 96–153 added par. (4) and redesignated former pars. (4) to (10) as (5) to (11), respectively. 1974—Par. (3). Pub. L. 93–383, § 812(a)(1), inserted “, located in any State or in a foreign country” after “any land”. Par. (7). Pub. L. 93–383, § 812(a)(2), inserted “or between any foreign country and any State” after “States”.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment 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.

Effective Date

of 1979 Amendment Pub. L. 96–153, title IV, § 410, Dec. 21, 1979, 93 Stat. 1132, provided that: “The

Amendments

made by this title [enacting section 1719a of this title and amending this section and section 1702, 1703, 1708, 1709, 1711, 1715, and 1717 of 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 [Dec. 21, 1979], except that section 1403(b)(7) of the Interstate Land Sales Full Disclosure Act [section 1702(b)(7) of this title], contained in the amendment made by section 402, shall become effective on the date of enactment.”

Effective Date

Pub. L. 90–448, title XIV, § 1423, formerly § 1422, Aug. 1, 1968, 82 Stat. 599, as renumbered by Pub. L. 96–153, title IV, § 409, Dec. 21, 1979, 93 Stat. 1132, provided that: “This title [enacting this chapter] shall take effect upon the expiration of two hundred and seventy days after the date of its enactment [Aug. 1, 1968].”

Short Title

Pub. L. 90–448, title XIV, § 1401, Aug. 1, 1968, 82 Stat. 590, provided that: “This title [enacting this chapter] may be cited as the ‘Interstate Land Sales Full Disclosure Act’.”

Reference

Citations & Metadata

Citation

15 U.S.C. § 1701

Title 15 — Commerce and Trade

Last Updated

Apr 6, 2026

Release point: 119-73