S. 2101 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2101 IN THE SENATE OF THE UNITED STATES March 10, 2014Mr. Schumer (for himself, Mr. Heller, and Mrs. Gillibrand) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Interstate Land Sales Full Disclosure Act to clarify how the Act applies to condominiums. 1. Exemption for residential condominium units (a) Exemption Section 1403 of the Interstate Land Sales Full Disclosure Act (15 U.S.C. 1702) is amended— (1) in subsection (b)— (A) in paragraph (7)(C), by striking or at the end; (B) in paragraph (8)(G), by striking the period at the end and inserting ; or; and (C) by adding at the end the following: (9) the sale or lease of a condominium unit that is not exempt under subsection (a). ; and (2) by adding at the end the following: (d) For purposes of subsection (b), the term condominium unit means a unit of residential or commercial property to be designated for separate ownership pursuant to a condominium plan or declaration provided that upon conveyance— (1) the owner of such unit will have sole ownership of the unit and an undivided interest in the common elements appurtenant to the unit; and (2) the unit will be an improved lot. . 2. Effective date The amendments made by this Act shall take effect 180 days after the date of the enactment of this Act.