Amendments to Filing Requirements Under the Interstate Land Sales Full Disclosure Act (Regulations J and L), 29111-29119 [2016-10715]

Agencies

• BUREAU OF CONSUMER FINANCIAL PROTECTION

[Federal Register Volume 81, Number 91 (Wednesday, May 11, 2016)]
[Rules and Regulations]
[Pages 29111-29119]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-10715]



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Federal Register / Vol. 81, No. 91 / Wednesday, May 11, 2016 / Rules 
and Regulations

[[Page 29111]]



BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Parts 1010 and 1012

RIN 3170-AA53


Amendments to Filing Requirements Under the Interstate Land Sales 
Full Disclosure Act (Regulations J and L)

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Final rule.

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SUMMARY: The Bureau of Consumer Financial Protection (Bureau) is 
amending Regulations J and L to permit the electronic submission of 
filings under the Interstate Land Sales Full Disclosure Act. The Bureau 
is also making non-substantive corrections to regulatory and statutory 
citations and other technical changes.

DATES: This final rule is effective June 10, 2016.

FOR FURTHER INFORMATION CONTACT: Rachel Ross, Project Analyst; or 
Amanda Quester, Senior Counsel, Office of Regulations, at 202-435-7700.

SUPPLEMENTARY INFORMATION:

I. Summary of the Final Rule

    This final rule makes a number of procedural and technical 
amendments to Regulations J and L, which implement the Interstate Land 
Sales Full Disclosure Act (ILSA). The final rule allows developers to 
choose whether to submit ILSA filings--including Statements of Record 
and related amendments, annual reports, and requests to suspend an 
effective date--on paper or via electronic means designated on the ILSA 
program page of the Bureau's Web site. Statements of Record submitted 
to the Bureau electronically in compliance with the final rule need not 
comply with the requirements in Sec.  1010.102(a), (g), and (h) 
relating to paper type, tabs, folding, and ordering.
    The final rule removes a number of procedural filing requirements 
under Regulation J, including that developers submit three copies of 
the final Property Report and two copies of the current geological 
survey topographic map or maps; that developers use legal size paper 
for submitting certain filings; that developers submit originals of 
topographic maps; and that developers bind paper filings. Under the 
final rule, developers need only submit one copy of documents to the 
Bureau, may use letter size paper for paper filings, and may submit 
photocopies of topographic maps in lieu of originals. The final rule 
also permits developers to choose whether to enclose warnings in a box 
in the Statement of Record.
    The final rule also removes or corrects certain unnecessary and 
erroneous statutory and regulatory citations, without changing the 
substance of Regulations J and L. The final rule also updates contact 
information for the Bureau's Interstate Land Sales Registration Program 
office, reflecting changes to the Bureau's internal organization, and 
makes other technical changes.

II. Background

    ILSA protects lot purchasers by requiring certain land developers 
to register their plans and to provide prescribed disclosures to 
prospective lot purchasers. Developers of subdivisions with 100 or more 
nonexempt lots must register their plans with the Bureau. These 
developers must also provide purchasers with a disclosure statement 
known as a Property Report before a contract of sale is signed.
    Prior to July 21, 2011, ILSA was implemented by the U.S. Department 
of Housing and Urban Development's (HUD's) Interstate Land Sales 
Registration Program, 24 CFR parts 1710, 1715, and 1720. The Dodd-Frank 
Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) amended 
a number of consumer financial protection laws, including ILSA. In 
addition to various substantive amendments, the Dodd-Frank Act 
transferred rulemaking authority for ILSA to the Bureau, effective July 
21, 2011.\1\ The Bureau issued an interim final rule restating the ILSA 
regulations in December 2011 (Restatement). The Restatement 
substantially duplicated HUD's Interstate Land Sales Registration 
Program regulations, 24 CFR parts 1710, 1715, and 1720, making only 
non-substantive, technical, formatting, and stylistic changes, as the 
Bureau's Regulation J (Land Registration), 12 CFR part 1010; Regulation 
K (Purchasers' Revocation Rights, Sales Practices and Standards), 12 
CFR part 1011; and Regulation L (Special Rules of Practice), 12 CFR 
part 1012. In April 2016, the Bureau adopted the Restatement as final 
without making any changes to the ILSA provisions of the interim final 
rule.
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    \1\ Public Law 111-203, sections 1061 and 1098A, 124 Stat. 1376, 
2038, 2105 (2010).
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III. Legal Authority

A. Rulemaking Authority

    The Bureau is issuing this final rule pursuant to its authority 
under the Dodd-Frank Act and ILSA. Section 1061 of the Dodd-Frank Act 
transferred to the Bureau all of the HUD Secretary's consumer 
protection functions relating to ILSA.\2\ ILSA, as amended, authorizes 
the Bureau's Director to make, issue, amend, and rescind such rules and 
regulations as are necessary or appropriate to the exercise of the 
Director's functions and powers under ILSA.\3\ Section 1022(b)(1) of 
the Dodd-Frank Act also authorizes the Director to prescribe rules ``as 
may be necessary or appropriate to enable the Bureau to administer and 
carry out the purposes and objectives of the Federal consumer financial 
laws,'' including ILSA.\4\
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    \2\ Id. at section 1061(b)(7)(A). Effective on the designated 
transfer date, July 21, 2011, the Bureau was also granted ``all 
powers and duties'' that were vested in the HUD Secretary relating 
to ILSA on the day before the designated transfer date. Id. at 
section 1061(b)(7)(B). The term ``consumer financial protection 
function'' is defined to include ``all authority to prescribe rules 
or issue orders or guidelines pursuant to any Federal consumer 
financial law, including performing appropriate functions to 
promulgate and review such rules, orders, and guidelines.'' 12 
U.S.C. 5581(a)(1)(A).
    \3\ 15 U.S.C. 1718; see also 15 U.S.C. 1704 (providing that a 
subdivision may be registered by filing a statement of record, 
meeting the requirements of ILSA and such rules and regulations as 
may be prescribed by the Director in furtherance of the provisions 
of ILSA).
    \4\ 12 U.S.C. 5512(b)(1); 12 U.S.C. 5481(14) (defining ``Federal 
consumer financial law'' to include the ``enumerated consumer 
laws''); 12 U.S.C. 5481(12) (defining ``enumerated consumer laws'' 
to include ILSA).
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B. Procedural Requirements

    Under the Administrative Procedure Act (APA), notice and 
opportunity for public comment are not required for a

[[Page 29112]]

``rule[] of agency organization, procedure, or practice'' or if the 
Bureau finds that notice and public comment are impracticable, 
unnecessary, or contrary to the public interest. 5 U.S.C. 553(b). The 
amendments regarding electronic submission of ILSA filings and other 
changes to the filing process (such as number of copies required and 
permitting photocopies of topographic maps) relate solely to agency 
procedure and practice and, thus, are not subject to the APA's notice 
and comment requirements. The other changes made in this rulemaking 
delete outdated cross-references, correct typographical errors, or are 
similar technical amendments that merely clarify the operation of the 
regulation. The Bureau believes that there is minimal, if any basis, 
for substantive disagreement with the technical amendments. As to all 
of these changes, the Bureau finds that notice and comment are 
unnecessary.
    For these reasons, the Bureau has determined that publishing a 
notice of proposed rulemaking and providing opportunity for public 
comment are not required. Therefore, the amendments are adopted in 
final form. Because no notice of proposed rulemaking is required, the 
Regulatory Flexibility Act does not require an initial or final 
regulatory flexibility analysis. 5 U.S.C. 601(2), 603(a), 604(a).

IV. Section-by-Section Analysis

A. Regulation J

1010.1 Definitions
1(a) Statutory Terms
    The Bureau is making a technical amendment to Sec.  1010.1(a) to 
correct a citation to the United States Code.
1010.4 Exemptions--General
4(c)
    The Bureau is making a technical amendment to Sec.  1010.4(c) to 
remove a citation to a regulation that does not exist, Sec.  
1011.15(f). Prior to the Restatement, 24 CFR 1710.4(c) cited 24 CFR 
1715.15(f), which implemented the requirements of 15 U.S.C. 
1703(a)(2)(D). HUD eliminated Sec.  1715.15(f) in 1996 but retained the 
cross-reference.\5\ As part of the Restatement, the Bureau substituted 
Sec.  1011.15(f) for Sec.  1715.15(f), even though Sec.  1011.15(f) 
does not exist. This technical amendment to remove the citation to 
Sec.  1011.15(f) does not modify any requirements or obligations under 
Regulation J.
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    \5\ 61 FR 13596, 13598 (Mar. 27, 1996).
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4(e)
    The Bureau is making a technical amendment that changes the name of 
the Bureau office designated in Sec.  1010.4(e), to reflect changes in 
the internal organization of the Bureau since the Bureau issued the 
Restatement in 2011.
1010.5 Statutory Exemptions
    The Bureau is making a technical amendment to Sec.  1010.5 to 
correct two citations to the United States Code.
1010.20 Requirements for Registering a Subdivision--Statement of 
Record--Filing and Form
20(a) Filing
    Section 1010.20(a) provides filing requirements for registering a 
subdivision. The Bureau is amending this section to update the address 
to which developers should send Statements of Record because the Bureau 
will no longer be using a third-party contractor to receive incoming 
Statements of Record.
    In addition to amending the U.S. mail address, the final rule 
permits submission of Statements of Record via electronic means that 
are designated on the ILSA program page of the Bureau's Web site, 
www.consumerfinance.gov. The Bureau's Web site specifies uploading, 
file naming, and other requirements for electronic submissions. 
Electronic filing of Statements of Record will reduce the burden on 
filers and facilitate the Bureau's processing of submissions, by 
reducing costs spent on mailing and eliminating the time in transit for 
physical mailings and the time required for the Bureau to scan paper 
submissions. Filers may choose different submission options for each 
filing, only exercising the electronic option when it is beneficial. 
Further, the Bureau will achieve cost savings by receiving and 
processing filings in house rather than through a third-party 
contractor.
20(b) Form
    The Bureau is amending Sec.  1010.20(b) to clarify that electronic 
filings made pursuant to Sec.  1010.20(a) are not subject to the 
requirements in Sec.  1010.102(a), (g), and (h) relating to paper type, 
tabs, folding, and ordering for filings. The Bureau is making this 
change because it would be difficult or impossible for electronic 
filings to comply with these paper-specific requirements.
1010.21 Effective Dates
21(b) Suspension of Effective Date by Developer
    The Bureau is amending Sec.  1010.21(b) to allow for submission of 
requests for the suspension of the effective date of a Statement of 
Record through the electronic means described in Sec.  1010.20(a). The 
Bureau believes that permitting electronic submission of such requests 
will reduce the burden on filers and facilitate the Bureau's processing 
of submissions.
1010.23 Amendment--Filing and Form
23(a) Filing
    The Bureau is amending Sec.  1010.23(a) to allow for submission of 
amendments to Statements of Record through the electronic means 
described in Sec.  1010.20(a). The Bureau believes that permitting 
electronic submission of such amendments will reduce the burden on 
filers and facilitate the Bureau's processing of submissions.
1010.35 Payment of Fees
35(a) Method of Payment
    The Bureau is amending Sec.  1010.35(a) to reflect changes in the 
internal organization of the Bureau and to provide contact information 
for the relevant Bureau office. The final rule also notes that 
information regarding the current mailing address or electronic payment 
procedures can be obtained from the ILSA program page of the Bureau's 
Web site at www.consumerfinance.gov.
1010.102 General Instructions for Completing the Statement of Record
102(a) Paper and Type
    Section 1010.102(a) currently requires the use of legal size paper 
for the Additional Information and Documentation portion of the 
Statement of Record. The Bureau is amending Sec.  1010.102(a) to allow 
developers that file on paper to use either legal size or letter size 
paper for the Additional Information and Documentation portion of the 
Statement of Record. The Bureau believes that allowing this flexibility 
could reduce costs for both developers and the Bureau.
102(e) Headings, Subheadings, Captions, Introductory Paragraphs, 
Warnings
    The Bureau is making a technical amendment to Sec.  1010.102(e) to 
correct a reference to the location of the sample page that shows how 
headings and subheadings should be used in the Property Report. The 
Bureau is also

[[Page 29113]]

removing the requirement in Sec.  1010.102(e) that warnings be enclosed 
in a box and is instead making the use of the box optional for 
developers, in order to facilitate compliance.
102(h) Ordering
    Section 1010.102(h) requires the Statement of Record to be bound 
with the Property Report on top (including any documents required to be 
attached when delivered to the purchaser), followed by the Additional 
Information and Documentation. The Bureau is amending Sec.  1010.102(h) 
to remove the requirement that the Statement of Record be bound with 
the Property Report, while still requiring that the filing be presented 
in the specified order.\6\ The Bureau believes allowing developers to 
decide whether to bind filings facilitates compliance.
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    \6\ As noted above in the section-by-section discussion of Sec.  
1010.20(a) and (b), electronic filings made pursuant to Sec.  
1010.20(a) are not subject to the requirements in Sec.  1010.102(a), 
(g), and (h) relating to paper type, tabs, folding, and ordering for 
filings but must comply with instructions for electronic filing 
designated on the ILSA program page of the Bureau's Web site.
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102(m) Final Version of Property Report
    Section 1010.102(m) provides general instructions relating to the 
final version of the Property Report and indicates that the version of 
the Property Report delivered to prospective lot purchasers must meet 
many of the same standards as those set forth in the regulations for 
the Statement of Record. Section 1010.102(m) requires developers to 
submit to the Bureau three copies of the final Property Report or, if a 
Property Report in a foreign language is used, three copies of the 
Property Report together with copies of the translated documents. The 
Bureau is amending Sec.  1010.102(m) to require submission of only one 
copy of these documents to the Bureau. The Bureau believes that 
reducing the number of copies required to be filed could reduce costs 
for developers and for the Bureau.
    The final rule also indicates that if a developer submits a 
Statement of Record to the Bureau via electronic means pursuant to 
Sec.  1010.20(a), the version of the Property Report delivered to 
prospective lot purchasers must meet the same standards that apply to a 
Statement of Record submitted on paper to the Bureau.
1010.103 Developer Obligated Improvements
(a)
    The Bureau is making a technical amendment to Sec.  1010.103(a) to 
remove one erroneous citation and replace another erroneous citation. 
Prior to the Restatement, 24 CFR 1710.103(a) cited 24 CFR 1715.15(f), 
which implemented the requirements of 15 U.S.C. 1703(a)(2)(D). As part 
of the Restatement, the Bureau replaced Sec.  1715.15(f) with Sec.  
1011.15(f) in this paragraph, even though HUD had eliminated Sec.  
1715.15(f) in 1996 and Sec.  1011.15(f) does not exist.\7\ These 
technical amendments do not modify any requirements or obligations 
under Regulation J.
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    \7\ 61 FR 13596, 13598 (Mar. 27, 1996).
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1010.209 Title and Land Use
(f) Supplemental Title Information
(3)
    (iv) The Bureau is making a technical amendment to Sec.  
1010.209(f)(3)(iv) to remove an erroneous citation to Sec.  1011.15(f). 
Prior to the Restatement, 24 CFR 1710.209(f)(3)(iv) cited 24 CFR 
1715.15(f), which implemented the requirements of 15 U.S.C. 
1703(a)(2)(D). As part of the Restatement, the Bureau replaced Sec.  
1715.15(f) with Sec.  1011.15(f) in this paragraph, even though HUD had 
eliminated Sec.  1711.15(f) in 1996 and Sec.  1011.15(f) does not 
exist. The technical amendment to remove the citation to Sec.  
1011.15(f) does not modify any requirements or obligations under 
Regulation J.
1010.215 Subdivision Characteristics and Climate
(a)
    Section 1010.215(a) requires submission of two copies of a current 
geological survey topographic map or maps from the U.S. Geological 
Survey and prohibits use of photocopies made by the developer. The 
final rule amends this section to require submission of only one copy 
and to eliminate the prohibition on photocopying. The Bureau believes 
that reducing the number of copies required to be filed could reduce 
costs for developers and for the Bureau, and anticipates that these 
changes will facilitate compliance and electronic filing.
1010.310 Annual Report of Activity
(b)
    The Bureau is amending Sec.  1010.310(b) to allow for submission of 
annual reports through the electronic means described in Sec.  
1010.20(a). Permitting electronic submission will reduce the burden on 
filers and facilitate the Bureau's processing of submissions.
1010.500 General
(a)
    The Bureau is making a technical amendment to Sec.  1010.500(a) to 
remove duplicated words.
1010.503 Notice of Certification
(a)
    The Bureau is making a technical amendment to Sec.  1010.503(a), 
which currently erroneously refers to Sec.  1010.501(a) or (b) as the 
provisions pursuant to which a State may qualify for certification. 
Prior to the Restatement, 24 CFR 1710.503(a) referred to 24 CFR 
1710.501(a) or (b), which implemented the requirements of 15 U.S.C. 
1708(a). As part of the Restatement, the Bureau replaced Sec.  1710.501 
with Sec.  1010.501 in this paragraph, even though HUD had removed 
Sec.  1710.501 from codification in 1996 \8\ and Sec.  1010.501 does 
not exist. Because Sec.  1010.501 does not exist, the final rule 
substitutes a reference to subpart C of part 1010, which is the subpart 
pursuant to which a State may qualify for certification. This technical 
amendment does not alter or change the substance of the requirements of 
Sec.  1010.503(a).
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    \8\ 61 FR 13596, 13597 (Mar. 27, 1996).
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1010.504 Cooperation Among Certified States and Between Certified 
States and the Director
(a)
    The Bureau is making a technical amendment to Sec.  1010.504(a), 
which currently erroneously refers to Sec.  1010.502 as the provision 
pursuant to which an Application for Certification of State Land Sales 
Program is filed. Because Sec.  1010.502 does not exist, the final rule 
substitutes a reference to subpart C of part 1010, which is the subpart 
pursuant to which an Application for Certification of State Land Sales 
Program is filed. This technical amendment does not alter or change the 
substance of the requirements of Sec.  1010.504(a).
(c)
    The Bureau is making a technical amendment to Sec.  1010.504(c) to 
remove a duplicated word.
1010.505 Withdrawal of State Certification
    The Bureau is making a technical amendment to the title of Sec.  
1010.505 to remove a duplicated word.

[[Page 29114]]

1010.506 State/Federal Filing Requirements
(a)(1)
    The Bureau is making a technical amendment to Sec.  1010.506(a)(1), 
which currently erroneously refers to Sec.  1010.501 as the provision 
under which the Director certifies States. Because Sec.  1010.501 does 
not exist, the final rule substitutes a reference to subpart C of part 
1010, which is the subpart under which the Director certifies States. 
This technical amendment does not alter or change the substance of the 
requirements of Sec.  1010.506(a)(1).
(a)(2)
    The Bureau is making a technical amendment to Sec.  1010.506(a)(2) 
to remove a duplicated word.
(f)
    The Bureau is making a technical amendment to Sec.  1010.506(f) to 
remove a duplicated word.
1010.507 Effect of Suspension or Withdrawal of Certification Granted 
Under Sec.  1010.501(a): Full Disclosure Requirement
    The Bureau is making technical amendments to the title of Sec.  
1010.507 and to Sec.  1010.507(a), which currently erroneously refer to 
Sec.  1010.501(a) as a provision under which the Director certifies 
States. Prior to the Restatement, 24 CFR 1710.507 cited 24 CFR 
1710.501(a), which implemented the requirements of 15 U.S.C. 
1708(a)(1). As part of the Restatement, the Bureau replaced Sec.  
1710.501(a) with Sec.  1010.501(a) in this paragraph, even though HUD 
had removed Sec.  1710.501 from codification in 1996 and Sec.  
1010.501(a) does not exist. The Bureau is now replacing the erroneous 
citations to Sec.  1010.501(a) with citations to 15 U.S.C. 1708(a)(1). 
These technical amendments do not alter or change the substance of the 
requirements of Sec.  1010.507.
1010.508 Effect of Suspension of Certification Granted Under Sec.  
1010.501(b): Sufficient Protection Requirement
    The Bureau is making technical amendments to the title of Sec.  
1010.508 and to Sec.  1010.508(a), which currently erroneously refer to 
Sec.  1010.501(b) as a provision under which the Director certifies 
States. Prior to the Restatement, 24 CFR 1710.508 cited 24 CFR 
1710.501(b), which implemented the requirements of 15 U.S.C. 
1708(a)(2). As part of the Restatement, the Bureau replaced Sec.  
1710.501(b) with Sec.  1010.501(b) in this section, even though HUD had 
removed Sec.  1710.501 from codification in 1996 and Sec.  1010.501(b) 
does not exist. The Bureau is now replacing the erroneous citations to 
Sec.  1010.501(b) with citations to 15 U.S.C. 1708(a)(2). These 
technical amendments do not alter or change the substance of the 
requirements of Sec.  1010.508.
1010.552 Previously Accepted State Filings
(a)
    The Bureau is making a technical amendment to Sec.  1010.552 to 
replace an erroneous citation to Sec.  1011.15(f) with a citation to 15 
U.S.C. 1703(a)(2)(D). Prior to the Restatement, 24 CFR 1710.552(a) 
cited 24 CFR 1715.15(f), which implemented the requirements of 15 
U.S.C. 1703(a)(2)(D). As part of the Restatement, the Bureau replaced 
Sec.  1715.15(f) with Sec.  1011.15(f) in this section, even though HUD 
had eliminated Sec.  1715.15(f) in 1996 and Sec.  1011.15(f) does not 
exist. This technical amendment does not modify any requirements or 
obligations under Regulation J.
Appendix A to Part 1010
    This Appendix provides Standard and Model Forms and Clauses. The 
Bureau is making a technical amendment to section III, Sample Lot 
Information Statement and Sample Receipt--Sec.  1010.15(b)(11), to 
provide contact information for the relevant Bureau office. The Bureau 
is also making a technical amendment to section VIII, Property Report 
for Statement of Record--Sec.  1010.100(b), to harmonize a heading 
label with the requirements of Sec.  1010.107.
B. Regulation L
1012.35 Prefiling Assistance
    The Bureau is making a technical amendment to Sec.  1012.35 to 
reflect changes in the internal organization of the Bureau and to 
provide contact information for the relevant Bureau office.
1012.40 Processing of Filings
(a)
    The Bureau is making a technical amendment to Sec.  1012.40(a) to 
reflect changes in the internal organization of the Bureau.
1012.236 Notice of Proceedings To Withdraw a State's Certification
(b)
    Section 1012.236(b) refers to a determination by the Director 
pursuant to Sec.  1010.505 that a State's laws, regulations, and the 
administration thereof, taken as a whole, no longer meet the 
requirements of Sec.  1010.501. The Bureau is making a technical 
amendment to Sec.  1012.236(b) to conform the language of Sec.  
1012.236(b) to that of Sec.  1010.505. The final rule substitutes 
subpart C of part 1010 for Sec.  1010.501, which does not exist. This 
technical amendment does not alter or change the substance of the 
requirements of Sec.  1012.236(b).

V. Effective Date

    The Administrative Procedure Act generally requires that rules be 
published not less than 30 days before their effective dates.\9\ This 
final rule is effective 30 days after May 11, 2016.
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    \9\ 5 U.S.C. 553(d).
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VI. Dodd-Frank Act Section 1022(b) Analysis

A. Overview

    In developing this final rule, the Bureau has considered potential 
benefits, costs, and impacts and has consulted, or offered to consult 
with, HUD and HUD's Office of the Inspector General, including 
regarding consistency with any prudential, market, or systemic 
objectives administered by such agencies.\10\
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    \10\ Specifically, section 1022(b)(2)(A) of the Dodd-Frank Act 
calls for the Bureau to consider the potential benefits and costs of 
a regulation to consumers and covered persons, including the 
potential reduction of access by consumers to consumer financial 
products or services; the impact on depository institutions and 
credit unions with $10 billion or less in total assets as described 
in section 1026 of the Dodd-Frank Act; and the impact on consumers 
in rural areas. Section 1022(b)(2)(B) of the Dodd-Frank Act directs 
the Bureau to consult with appropriate prudential regulators or 
other Federal agencies regarding consistency with prudential, 
market, or systemic objectives that those agencies administer. The 
manner and extent to which these provisions apply to a rulemaking of 
this kind that does not establish standards of conduct is unclear. 
Nevertheless, to inform this rulemaking more fully, the Bureau 
performed the described analyses and has consulted, or offered to 
consult, as indicated.
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    The Bureau is amending Regulation J to allow ILSA filings by 
electronic means designated on the Bureau's Web site or via physical 
mail. The final rule exempts electronic filings from certain 
requirements in Sec.  1010.102 relating to paper type, folding, and 
ordering. The Bureau is also amending Regulation J to require filings 
submitted by mail to be sent to the Bureau directly, rather than to a 
third-party service provider. The existing contract with the service 
provider will not be renewed. The Bureau is also making certain 
technical changes to Regulations J and L.
    This analysis focuses on the benefits, costs, and impacts of the 
key provision of the final rule, the new electronic

[[Page 29115]]

filing option.\11\ The Bureau is evaluating the benefits, costs, and 
impacts of the final rule against the current regulation.
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    \11\ The final rule also addresses a number of typographic and 
other non-substantive issues in Regulations J and L by: (1) 
Correcting or removing incorrect regulatory and statutory cross-
references, (2) updating contact information for the Bureau, and (3) 
removing inconsistent language regarding certain formatting 
requirements. These changes increase the accuracy and consistency of 
the regulations' language, but are expected to have negligible 
impacts on consumers or covered persons. As noted below in the 
discussion of the potential costs and benefits, the final rule also 
offers developers additional options with respect to the form of 
certain filings when submitted via paper.
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B. Potential Benefits and Costs to Consumers and Covered Persons

    The current rule directs filers \12\ to submit ILSA filings by 
physically mailing paper copies to the Bureau in care of a service 
provider. In addition, the Bureau has in practice permitted submissions 
by physically-mailed digital media.
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    \12\ For purposes of this analysis, ``filer'' refers to a 
developer or owner within the meaning of ILSA. Developers or owners 
within the meaning of ILSA are typically not covered persons within 
the meaning of the Dodd-Frank Act. Accordingly, the Bureau believes 
that the final rule will have minimal if any impact on covered 
persons. Nevertheless, to inform this rulemaking more fully, the 
Bureau has performed the described analysis with respect to the 
impact on filers.
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    If filers wish to continue physically mailing their paper 
submissions after this rulemaking, they may do so using the address 
provided in the final rule for the Bureau. Filers that continue to 
submit paper filings would generally incur no costs as a result of the 
rule. Based on the expected volume of paper submissions, the Bureau 
believes that the processing time for paper filings is unlikely to 
change from the current processing time. Additionally, the Bureau has 
taken several steps to reduce the burden on paper filers, by, for 
example, permitting copies of topographic maps to be submitted instead 
of the original; eliminating the requirement that developers submit 
multiple copies of the Property Report to the Bureau; and relaxing 
paper size, binding, and other formatting requirements for Bureau 
submissions.
    Two primary categories of filers may take advantage of electronic 
filing: Filers that switch from paper filing to electronic filing and 
covered persons that currently submit filings by physically-mailed 
digital media. Filers that switch from paper submissions to the new 
electronic means of submission may incur benefits and costs, but 
presumably will only adopt the new means when it is advantageous to 
them. Filers that currently submit filings by physically-mailed digital 
media will now file via either the electronic means designated by the 
Bureau or physically-mailed paper submissions. Filers may choose 
different submission options for each filing, only exercising the 
electronic option when it is beneficial.
    Electronic filing may reduce preparation time for some filers and 
offer faster processing of their submissions. Electronic filing will 
eliminate the time in transit for physical mailings, the time required 
for the Bureau to scan paper submissions, and the processing time added 
by necessary security precautions taken for mailed digital media 
submissions. In addition, the new means may benefit filers by reducing 
costs spent on printing paper submissions and mailing both paper and 
physically-mailed digital media submissions, as well as the costs spent 
on the digital media devices.
    For filers who currently physically mail digital media to the 
Bureau, the costs of switching to direct electronic submission should 
be negligible because those submissions are already formatted and saved 
electronically. The Bureau does not possess any data that would enable 
it to quantify these costs or savings, but informal outreach indicates 
that many filers would prefer the electronic option over physical 
mailings.
    This procedural rulemaking is expected to have negligible impact on 
consumers.

C. Impact on Depository Institutions With No More Than $10 Billion in 
Assets

    This final rule will affect land developers and law firms and 
others making filings on behalf of land developers. Depository 
institutions with no more than $10 billion in assets will not be 
impacted by this final rule.

D. Impact on Access to Credit

    The Bureau does not expect this final rule to affect consumers' 
access to credit. The scope of the rulemaking is limited to filings 
related to land development, which are not directly related to credit 
access.

E. Impact on Rural Areas

    The Bureau does not believe that this final rule will have a unique 
impact on consumers in rural areas. Any potential effects on consumers, 
expected to be negligible in all cases, would be indirect effects 
passed through by developers, and the impact on developers is not 
expected to vary by geographic area.

VII. Paperwork Reduction Act

    This final rule amends Regulations J and L, 12 CFR parts 1010 and 
1012, to allow developers to submit ILSA filings electronically and 
make other technical adjustments. The Bureau's OMB control number for 
collections under ILSA is 3170-0012. This rule does not add any new 
collections and does not remove any of the existing collections, 
although it does reduce the number of copies required to be submitted 
to the Bureau for certain paper filings. Therefore, the impact of this 
new rule on the Paperwork Reduction Act burden associated with ILSA 
depends largely on the extent to which developers switch from paper 
submissions to electronic submissions. Currently, only 10 percent of 
ILSA information collections received by the Bureau are done in 
electronic form. If all submissions become electronic, the estimated 
savings in ongoing Paperwork Reduction Act burden could be up to 972 
hours and 15,000 pages of paper per year. The one-time burden 
associated with a new method of submission is expected to be minimal 
because many documents are already created electronically for business 
reasons.

List of Subjects in 12 CFR Parts 1010 and 1012

    Land registration; Reporting requirements; Certification of 
substantially equivalent State law; Purchasers' revocation rights; 
Unlawful sales practices; Advertising disclaimers; Filing assistance; 
and Adjudicatory proceedings.

Authority and Issuance

    For the reasons set forth above, the Bureau amends Regulation J, 12 
CFR part 1010, and Regulation L, 12 CFR part 1012, as set forth below:

PART 1010--LAND REGISTRATION (REGULATION J)

0
1. The authority citation for part 1010 continues to read as follows:


    Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1718.


0
2. Section 1010.1 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.1  Definitions.

    (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.
* * * * *

0
3. Section 1010.4 is amended by revising paragraphs (c) and (e) to read 
as follows:


Sec.  1010.4  Exemptions--general.

* * * * *

[[Page 29116]]

    (c) The anti-fraud provisions of the Act require that certain 
representations be included in the contract in transactions which are 
not exempt under Sec.  1010.5. Specifically, the Act requires that if a 
developer or agent represents that roads, sewers, water, gas or 
electric service or recreational amenities will be provided or 
completed by the developer, the contract must stipulate that the 
services or amenities will be provided or completed.
* * * * *
    (e) A developer may present evidence, or otherwise discuss, in an 
informal hearing before the Office of Supervision Examinations, the 
Bureau's position on the jurisdiction or non-exempt status of a 
particular subdivision.
0
4. Section 1010.5 is revised to read as follows:


Sec.  1010.5  Statutory exemptions.

    A listing of the statutory exemptions is contained in 15 U.S.C. 
1702. In accordance with 15 U.S.C. 1702(a)(2), if the sale involves a 
condominium or multi-unit construction, a presale clause conditioning 
the sale of a unit on a certain percentage of sales of other units is 
permissible if it is legally binding on the parties and is for a period 
not to exceed 180 days. However, the 180-day provision cannot extend 
the 2-year period for performance. The permissible 180 days is 
calculated from the date the first purchaser signs a sales contract in 
the project or, if a phased project, from the date the first purchaser 
signs the first sales contract in each phase.

0
5. Section 1010.20 is amended by revising paragraphs (a) and (b) to 
read as follows:


Sec.  1010.20  Requirements for registering a subdivision--Statement of 
Record--filing and form.

    (a) Filing. (1) In order to register a subdivision and receive an 
effective date, the developer or owner of the subdivision must file a 
Statement of Record with the Director by either:
    (i) U.S. Mail, to the following official address: Consumer 
Financial Protection Bureau, Interstate Land Sales Registration 
Program, 1700 G Street NW., Washington, DC 20552; or
    (ii) Electronic means designated on the ILSA program page on the 
Bureau's Web site at www.consumerfinance.gov/ gov/.
    (2) When the Statement of Record is filed, a fee in the amount set 
out in Sec.  1010.35(b) must be paid in accordance with Sec.  
1010.35(a).
    (b) Form. (1) The Statement of Record shall be in the format 
specified in Sec.  1010.100 and shall be completed in accordance with 
the instructions in Sec. Sec.  1010.102, 1010.105 through 1010.118, 
1010.200, 1010.208 through 1010.216, and 1010.219. It shall be 
supported by the documents required by Sec. Sec.  1010.208 through 
1010.216 and 1010.219. It shall include any other information or 
documents which the Director may require as being necessary or 
appropriate for the protection of purchasers.
    (2) The requirements relating to paper type, tabs, folding, and 
ordering for filings with the Bureau in Sec.  1010.102(a), (g), and (h) 
do not apply if a Statement of Record is filed with the Bureau via 
electronic means designated on the Bureau's Web site pursuant to Sec.  
1010.20(a).
* * * * *

0
6. Section 1010.21 is amended by revising paragraph (b)(1) to read as 
follows:


Sec.  1010.21  Effective dates.

* * * * *
    (b) * * *
    (1) A developer, or owner, may request that the effective date of 
its Statement of Record be suspended, provided there are no 
administrative proceedings pending against either of them at the time 
the request is submitted. The request must include any consolidations 
or amendments which have been made to the initial Statement of Record 
and may be submitted via the electronic means of submission described 
in Sec.  1010.20(a). Forms for this purpose will be furnished by the 
Director upon request.
* * * * *

0
7. Section 1010.23 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.23  Amendment--filing and form.

    (a) Filing. If any change occurs in any representation of material 
fact required to be stated in an effective Statement of Record, an 
amendment shall be filed. The amendment shall be filed within 15 days 
of the date on which the developer knows, or should have known, that 
there has been a change in material fact. The amendment may be filed 
via the electronic means of submission described in Sec.  1010.20(a).
* * * * *

0
8. Section 1010.35 is amended by revising paragraph (a)(2) to read as 
follows:


Sec.  1010.35  Payment of fees.

    (a) * * *
    (2) Information regarding the current mailing address or electronic 
payment procedures is available from: Consumer Financial Protection 
Bureau, Interstate Land Sales Registration Program, 1700 G Street NW., 
Washington, DC 20552, or on the Bureau's Web site at 
www.consumerfinance.gov.
* * * * *

0
9. Section 1010.102 is amended by revising paragraphs (a), (e), (h), 
and (m) to read as follows:


Sec.  1010.102  General instructions for completing the Statement of 
Record.

    (a) Paper and type. The Statement of Record shall be on good 
quality, unglazed white or pastel paper. Letter size paper, 
approximately 8\1/2\ x 11 inches in size, will be used for the Property 
Report portion, and either letter size paper, approximately 8\1/2\ x 11 
inches in size, or legal size paper, approximately 8\1/2\ x 14 inches 
in size, will be used for the Additional Information and Documentation 
portion. Side margins shall be no less than 1 inch and no greater than 
1\1/2\ inches. Top and bottom margins shall be no less than 1 inch. In 
the preparation of the charts to be included in the Property Report, 
the developer may vary from the above margin requirements or print the 
charts lengthwise on the required size paper if such measures are 
necessary to make the charts readable. The Statement of Record shall be 
prepared in an easily readable, uniform font.
* * * * *
    (e) Headings, subheadings, captions, introductory paragraphs, 
warnings. Property Report subject ``headings'' are those descriptive 
introductory words which appear immediately after section numbers 
1010.106 through 1010.116 (e.g. Sec.  1010.108 has ``General 
Information'' and Sec.  1010.111 has ``Utilities''). Each such heading 
shall be printed in the Property Report in underlined capital letters 
and centered at the top of a new page. Section numbers shall not be 
printed in the Property Report. Property Report subheadings are those 
descriptive introductory words which appear in italics in the 
regulations at the beginning of paragraphs designated by paragraph 
letters (a), (b), (c) etc. An example of a subheading is ``water'' 
found immediately after the paragraph letter (a) in Sec.  1010.111. 
These subheadings will be printed in the Property Report only if they 
are relevant to the subject subdivision. If printed these subheadings 
shall be capitalized and shall begin at the left hand margin of the 
page. Property Report ``captions'' are those descriptive introductory 
words which appear in italics in the Regulations at the beginning of 
paragraphs designated by numbers (1), (2), (3), etc. An example of such

[[Page 29117]]

captions is ``Sales Contract and Delivery of Deed'' found immediately 
after the paragraph number ``(1)'' in Sec.  1010.109(b). These captions 
are to be printed in the Property Report only if they are applicable to 
the subject subdivision. If printed, these captions shall be centered 
on the page from the side margins, and shall have only the first letter 
of each word capitalized. Headings and subheadings will be used in the 
Property Report in accordance with the sample page appearing in section 
IX of the appendix to this part. Introductory paragraphs will follow 
headings if they are applicable and necessary for a readable entry into 
the subject matters, but note, the introductory paragraphs for ``Title 
to the Property and Land Use'' are to be used in every case as provided 
in Sec.  1010.109(a)(1). Subheadings and captions which do not apply to 
the subdivision should be omitted from the Property Report portion and 
answered ``not applicable'' in the Additional Information and 
Documentation portion, unless specifically required to be included 
elsewhere in these instructions. Warnings shall be printed 
substantially as they appear in the instructions in Sec. Sec.  1010.105 
through 1010.118. They shall be printed in capital letters and may be 
enclosed in a box. The paragraphs in the Property Report portion need 
not be numbered. A sample page is set forth in section IX of the 
appendix to this part: Sample Page for Statement of Record.
* * * * *
    (h) Ordering. The Statement of Record shall be filed with the 
Property Report portion on top, including any documents which may be 
required to be attached when delivered to the purchaser, followed by 
the Additional Information and Documentation portion.
* * * * *
    (m) Final version of Property Report. On the date that a Statement 
of Record becomes effective, the Property Report portion shall become 
the Property Report for the subject subdivision. The version of the 
Property Report delivered to prospective lot purchasers shall be 
verbatim to that found effective by the Director and shall have no 
covers, pictures, emblems, logograms or identifying insignia other than 
as required by these regulations. It shall meet the same standards as 
to grade of paper, type size, margins, style and color of print as 
those set herein for the Statement of Record, except where required 
otherwise by these regulations. However, the date of typing or 
preparation of the pages and the ILSRP number shall not appear in the 
final version. If the final version of the Property Report is 
commercially printed, or photocopied by a process which results in a 
commercial printing quality, and is bound on the left side, both sides 
of the pages may be used for printed material. If it is typed or 
photocopied by a process which does not result in a clear and legible 
product on both sides of the page or is bound at the top, printing 
shall be done on only one side of the page. If a Statement of Record is 
filed with the Bureau via electronic means pursuant to Sec.  
1010.20(a), the version of the Property Report delivered to prospective 
lot purchasers shall meet the same standards that apply under these 
regulations to a Statement of Record not filed with the Bureau via 
electronic means. One copy of the final version of the Property Report, 
in the exact form in which it is delivered to prospective lot 
purchasers, shall be sent to ILSRP Office within 20 days of the date on 
which the Statement of Record, amendment, or consolidation is allowed 
to become effective by the Director. If a Property Report in a foreign 
language is used as required by Sec.  1011.25(g), a copy of that 
Property Report together with a copy of the translated documents shall 
be furnished the Director within 20 days of the date on which the 
advertising is first used. A Property Report prepared pursuant to these 
regulations shall not be distributed to potential lot purchasers until 
after the Statement of Record of which it is a part or any amendment to 
that Statement of Record has been made effective by the Director.

0
10. Section 1010.103 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.103  Developer obligated improvements.

    (a) If the developer represents either orally or in writing that it 
will provide or complete roads or facilities for water, sewer, gas, 
electricity or recreational amenities, it must be contractually 
obligated to do so, and the obligation shall be clearly stated in the 
Property Report. While the developer may disclose relevant facts about 
completion, the obligation to complete cannot be conditioned, other 
than as permitted by 15 U.S.C. 1703(a)(2), and an estimated completion 
date (month and year) must be stated in the Property Report. However, a 
developer that has only tentative plans to complete may so state in the 
Property Report, provided that the statement clearly identifies 
conditions to which the completion of the facilities are subject and 
states that there are no guarantees the facilities will be completed.
* * * * *

0
11. Section 1010.209 is amended by revising paragraph (f)(3)(iv) to 
read as follows:


Sec.  1010.209  Title and land use.

* * * * *
    (f) * * *
    (3) * * *
    (iv) If it is represented that the developer will provide or 
complete roads or facilities for waters, sewer, gas, electric service 
or recreational amenities, the contract must contain a provision that 
the developer is obligated to provide or complete such roads, 
facilities and amenities.
* * * * *

0
12. Section 1010.215 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.215  Subdivision characteristics and climate.

    (a) Submit a copy of a current geological survey topographic map, 
or maps, of the largest scale available from the U.S. Geological Survey 
with an outline of the entire subdivision and the area included in this 
Statement of Record clearly indicated. Do not shade the areas on the 
maps which have been outlined.
* * * * *

0
13. Section 1010.310 is amended by revising paragraph (b) to read as 
follows:


Sec.  1010.310  Annual report of activity.

* * * * *
    (b) The report shall be submitted within 30 days of the annual 
anniversary of the effective date of the initial Statement of Record. 
The report may be submitted via the electronic means described in Sec.  
1010.20(a).
* * * * *

Subpart C--Certification of Substantially Equivalent State Law

0
14. Section 1010.500 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.500  General.

    (a) This subpart establishes procedures and criteria for certifying 
state land sale or lease disclosure programs and state land development 
standards programs. The purpose of State Certification is to lessen the 
administrative burden on the individual developer, arising where there 
are duplicative state and Federal registration and disclosure 
requirements, without affecting the level of protection given to the 
individual purchaser or lessee. If the Director determines that a state 
has adopted and

[[Page 29118]]

is effectively administering a program that gives purchasers and 
lessees the same level of protection given to them by the Interstate 
Land Sales Registration Program, then the Director shall certify that 
state. Developers who accomplish an effective registration with a state 
in which the land is located after the Director has certified the state 
may satisfy the registration requirements of the Director by filing 
with the Director materials designated by agreement with certified 
states in lieu of the Federal Statement of Record and Property Report.
* * * * *

0
15. Section 1010.503 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.503  Notice of certification.

    (a) If the Director determines that a state qualifies for 
certification under this subpart, the Director shall so notify the 
state in writing. The state will be effectively certified under the 
section and as of the date specified in the notice.
* * * * *

0
16. Section 1010.504 is amended by revising paragraphs (a) introductory 
text, (a)(1), and (c) to read as follows:


Sec.  1010.504  Cooperation among certified States and between 
certified States and the Director.

    (a) By filing an Application for Certification of State Land Sales 
Program pursuant to this subpart, a state agrees that, if it is 
certified by the Director, it will:
    (1) Accept for filing and allow to be distributed as the sole 
disclosure document, a disclosure document currently in effect in the 
situs certified State. Only those documents filed with the situs state 
after certification by the Director must automatically be accepted by 
other certified states;
* * * * *
    (c) No state shall be prevented from establishing substantive or 
disclosure requirements which exceed the Federal standard provided that 
such requirements are not in conflict with the Act or these 
regulations. For example, a certified State may impose additional 
disclosure requirements on developers of land located within its 
borders but may not impose additional disclosure requirements on 
developers whose disclosure documents it is required to accept pursuant 
to paragraph (a)(1) of this section. However, a certified state may 
impose additional nondisclosure requirements on out of state developers 
even though the developer is registered in the certified State in which 
the land is located.
* * * * *

0
17. Section 1010.505 is amended by revising the section heading to read 
as follows:


Sec.  1010.505  Withdrawal of State certification.

* * * * *

0
18. Section 1010.506 is amended by revising paragraphs (a) and (f) to 
read as follows:


Sec.  1010.506  State/Federal filing requirements.

    (a)(1) If the Director has certified a state under this subpart, 
the Director shall accept for filing disclosure materials or other 
acceptable documents which have been approved by the certified state 
within which the subdivision is located. Only those filings made by the 
developer with the state after the state was certified by the Director 
shall be automatically accepted by the Director.
    (2) Retroactive application of the effectiveness of state's 
certification to a specified date may be granted on a state-by-state 
basis, where the Director determines that retroactive application will 
not result in automatic Federal registration of any state filing that 
has not met the requirements of the certified state laws.
* * * * *
    (f) If a certified state suspends the registration of a particular 
subdivision for any reason, the subdivision's Federal registration with 
the Director shall be automatically suspended as a result of the state 
action. No action need be taken by the Director to effect the 
suspension.
* * * * *

0
19. Section 1010.507 is amended by revising the section heading and 
paragraph (a) to read as follows:


Sec.  1010.507  Effect of suspension or withdrawal of certification 
granted under 15 U.S.C. 1708(a)(1): Full disclosure requirement.

    (a) If a state certified under 15 U.S.C. 1708(a)(1) suspends its 
own certification or has its certification withdrawn under Sec.  
1010.505, the Federal disclosure materials accepted and made effective 
by the Director, pursuant to Sec.  1010.506, prior to the suspension or 
withdrawal shall remain in effect unless otherwise suspended by the 
Director.
* * * * *

0
20. Section 1010.508 is amended by revising the section heading and 
paragraph (a) to read as follows:


Sec.  1010.508  Effect of suspension of certification granted under 15 
U.S.C. 1708(a)(2): Sufficient protection requirement.

    (a) If a state certified under 15 U.S.C 1708(a)(2) suspends its own 
certification or has its certification withdrawn under Sec.  1010.505, 
the effectiveness of the Federal disclosure materials accepted and made 
effective by the Director, pursuant to Sec.  1010.506, prior to the 
suspension or withdrawal shall terminate ninety (90) days after the 
notice of withdrawal order is published in the Federal Register as 
provided in Sec.  1010.505(c).
* * * * *

0
21. Section 1010.552 is amended by revising paragraph (a) to read as 
follows:


Sec.  1010.552  Previously accepted State filings.

    (a) Materials filed with a state and accepted by the HUD Secretary 
as a Statement of Record prior to January 1, 1981, pursuant to 24 CFR 
1010.52 through 1010.59 (as published in the Federal Register on April 
10, 1979) may continue in effect. However, developers must comply with 
the applicable amendments to the Federal act and the regulations 
thereunder. In particular, see Sec. Sec.  1010.558 and 1010.559, which 
require that the Property Report and contracts or agreements contain 
notice of purchaser's revocation rights. In addition, see 15 U.S.C. 
1703(a)(2)(D), which provides that it is unlawful to make any 
representations with regard to the developer's obligation to provide or 
complete roads, water, sewers, gas, electrical facilities or 
recreational amenities, unless the developer is obligated to do so in 
the contract.
* * * * *

0
22. Appendix A is amended:
0
a. In section III, under the center heading ``Suppliers and Utilities 
and Issuers of Permits'' by revising the third paragraph; and
0
b. By revising section VIII.
    The revisions read as follows:

Appendix A to Part 1010--Standard and Model Forms and Clauses

* * * * *

III. Sample Lot Information Statement and Sample Receipt--Sec.  
1010.15(b)(11)

* * * * *

Suppliers of Utilities and Issuers or Permits

* * * * *
    If misrepresentations are made in the sale of this lot to you, 
you may have rights under the Interstate Land Sales Full Disclosure 
Act. If you have evidence of any scheme, artifice or device used to 
defraud you, you may wish to contact: Consumer Financial Protection 
Bureau, Interstate Land Sales Registration

[[Page 29119]]

Program, 1700 G Street NW., Washington DC 20552.
* * * * *

VIII. Property Report for Statement of Record--Sec.  1010.100(b)

 
 
 
                             Property Report
                       Heading and Section Number
Cover Sheet................................................     1010.105
Table of Contents..........................................     1010.106
Risks of Buying Land.......................................     1010.107
General Information........................................     1010.108
Title and Land Use.........................................     1010.109
 

    (a) General Instructions
    (b) Method of Sale
    (c) Encumbrances, Mortgages and Liens
    (d) Recording the Contract and Deed
    (e) Payments
    (f) Restrictions
    (g) Plats, Zoning, Surveying, Permits, Environment

 
 
 
Roads......................................................     1010.110
Utilities..................................................     1010.111
 

    (a) Water
    (b) Sewer
    (c) Electricity
    (d) Telephone
    (e) Fuel or other Energy Source

 
 
 
Financial Information......................................     1010.112
Local Services.............................................     1010.113
Recreational Facilities....................................     1010.114
Subdivision Characteristics and Climate....................     1010.115
 

    (a) General Topography
    (b) Water Coverage
    (c) Drainage and Fill
    (d) Flood Plain
    (e) Flooding and Soil Erosion
    (f) Nuisances
    (g) Hazards
    (h) Climate
    (i) Occupancy

 
 
 
Additional Information.....................................     1010.116
 

    (a) Property Owners' Association
    (b) Taxes
    (c) Violations and Litigation
    (d) Resale or Exchange Program
    (e) Unusual Situations
    1. Leases
    2. Foreign Subdivision
    3. Time Sharing
    4. Membership
    (f) Equal Opportunity in Lot Sales
    (g) Listing of lots

 
 
 
Cost Sheet.................................................     1010.117
Receipt, Agent Certification and Cancellation Page.........     1010.118
 
                ADDITIONAL INFORMATION AND DOCUMENTATION
 
General Information........................................     1010.208
Title and Land Use.........................................     1010.209
Roads......................................................     1010.210
Utilities..................................................     1010.211
Financial Information......................................     1010.212
Recreational Facilities....................................     1010.214
Subdivision Characteristics................................     1010.215
Additional Information.....................................     1010.216
Affirmation................................................     1010.219
 

    The Bureau's OMB control number for this information collection 
is: 3170-0012.
* * * * *

PART 1012--SPECIAL RULES OF PRACTICE (REGULATION L)

0
24. The authority citation for part 1012 continues to read as follows:

    Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1718.


0
25. Section 1012.35 is revised to read as follows:


Sec.  1012.35  Prefiling assistance.

    Persons intending to file with the Bureau of Consumer Financial 
Protection, Office of Supervision Examinations may receive advice of a 
general nature as to the preparation of the filing including 
information as to proper format to be used and the scope of the items 
to be included in the format. Inquiries and requests for informal 
discussions with staff members should be directed to the Consumer 
Financial Protection Bureau, Interstate Land Sales Registration 
Program, 1700 G Street NW., Washington, DC 20552.

0
26. Section 1012.40 is amended by revising paragraph (a) introductory 
text to read as follows:


Sec.  1012.40  Processing of filings.

    (a) Statements of Record and accompanying filing fees will be 
received on behalf of the Director by the Office of Supervision 
Examinations, for determination of whether the criteria set forth in 
paragraphs (a)(1) through (3) of this section have been satisfied. 
Where it appears that all three criteria are satisfied and it is 
otherwise practicable, acceleration of the effectiveness of the 
Statement of Record will normally be granted.
* * * * *
0
27. Section 1012.236 is amended by revising paragraph (b) to read as 
follows:


Sec.  1012.236  Notice of proceedings to withdraw a State's 
certification.

* * * * *
    (b) A clear and concise statement of material facts, sufficient to 
inform the respondent with reasonable definiteness of the basis for the 
Director's determination, pursuant to Sec.  1010.505, that the State's 
laws, regulations and the administration thereof, taken as a whole, no 
longer meet the requirements of subpart C of part 1010.
* * * * *

    Dated: May 1, 2016.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2016-10715 Filed 5-10-16; 8:45 am]
 BILLING CODE 4810-AM-P