15 U.S.C. § 1708 | Certification of substantially equivalent State law

(a)

Criteria; request by State

(1)

A State shall be certified if the Director determines—

(A)

section 1702 of this title section 1707 of this title that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under require the seller or lessor of such lots to disclose information which is at least substantially equivalent to the information required to be disclosed by ; and

(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 Director determines—

(A)

section 1702 of this title section 1707 of this title that, when taken as a whole, the laws and regulations of the State applicable to the sale or lease of lots not exempt under provide sufficient protection for purchasers and lessees with respect to the matters for which information is required to be disclosed by 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)

Filing of State disclosure materials and related documentation for purposes of Federal statement of record and property report requirements; acceptance by Director

section 1706 of this titleAfter the Director has certified a State under subsection (a), the Director shall accept for filing under sections 1704 through 1707 of this title (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 Director 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 Director from exercising the authority conferred by subsections (d) and (e) of .

(c)

Notice to State upon failure to meet requirements and remedial action necessary for certification

If a State fails to meet the standards for certification pursuant to subsection (a), the Director shall notify the State in writing of the changes in State law, regulation, or administration that are needed in order to obtain certification.

(d)

Periodic review of certified States’ laws, regulations, and administration; withdrawal of certification

The Director 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)

State and local governmental authorities affected; cooperation with State authorities

Nothing in this chapter 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 chapter. In administering this chapter, the Director shall cooperate with State authorities charged with the responsibility of regulating the sale or lease of lots which are subject to this chapter.

Pub. L. 90–448, title XIV, § 1409Aug. 1, 196882 Stat. 594 Pub. L. 96–153, title IV, § 404Dec. 21, 197993 Stat. 1129 Pub. L. 111–203, title X, § 1098A(1)July 21, 2010124 Stat. 2105 (, , ; , , ; , , .)

Editorial Notes

Amendments

Pub. L. 111–2032010— substituted “Director” for “Secretary” wherever appearing.

Pub. L. 96–1531979—Subsec. (a). 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.

Pub. L. 96–153Subsec. (b). 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.

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

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

Pub. L. 111–203 section 1100H of Pub. L. 111–203 section 552a of Title 5Amendment by effective on the designated transfer date, see , set out as a note under , Government Organization and Employees.

Effective Date of 1979 Amendment

Pub. L. 96–153Dec. 21, 1979section 410 of Pub. L. 96–153 section 1701 of this titleAmendment by effective on effective date of regulations implementing such amendment, but in no case later than six months following , see , set out as a note under .

Effective Date

Aug. 1, 1968section 1423 of Pub. L. 90–448 section 1701 of this titleSection effective upon the expiration of two hundred and seventy days after , see , set out as a note under .