,,ii  #aacth ,,congress  #b;d ,session  
,s4 #baja  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #aj1    
#bjad,mr4 ,schumer 7for himself1 ,mr4   
,heller1 and ,mrs4 ,gillibrand7         
introduced the following bill2 which was
 read twice and referred to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs  ,a ,,bill  ,to amend   
the ,interstate ,land ,sales ,full      
,disclosure ,act to clarify how the ,act
 applies to condominiums4  #a4          
,exemption for residential condominium  
units  7a7 ,exemption ,section #adjc of 
the ,interstate ,land ,sales ,full      
,disclosure ,act 7#ae ,u4,s4,c4 #agjb7  
is amended-- 7#a7 in subsection 7b7--   
7,a7 in paragraph 7#g77;,c71 by striking
 or at the end2  7,b7 in paragraph      
7#h77;,g71 by striking the period at the
 end and inserting 2 or2 and  7,c7 by   
adding at the end the following3  7#i7  
the sale or lease of a condominium unit 
that is not exempt under subsection 7a74
  2 and  7#b7 by adding at the end the  

following3  7d7 ,for purposes of        
subsection 7b71 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-- 7#a7 the owner  
of such unit will have sole ownership of
 the unit and an undivided interest in  
the common elements appurtenant to the  
unit2 and  7#b7 the unit will be an     
improved lot4  4  #b4 ,effective date   
,the amendments made by this ,act shall 
take effect #ahj days after the date of 
the enactment of this ,act4