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ADDITIONAL INFORMATION SUBMITTED FOR INCLUSION IN THE RECORD–Con.
Exhibit A: Landex, Inc., et al. v. State of Nevada, et al., Supreme Page
155 Exhibit B: "The Regulation of Land Sales in Virginia,” paper by Thomas L. Stringfield...
167 Prepared statement...
148 Responses to questions of Congressman Gonzalez
196 Belin, J. B., Jr., prepared statement on behalf of the American Land Development Association -
269 California State Department of Real Estate, prepared statement on behalf
by John E. Hempel, assistant commissioner for policy and planning---- 592 Federal Trade Commission, Bureau of Consumer Protection, prepared
statement on behalf by Edward D. Steinman, Acting Assistant Director, Division of Marketing Abuses.
566 Florida Division of Land Sales and Condominiums, Department of Busi
ness Regulation, prepared statement on behalf by Gordon Pferish, director.
658 Halloran, Jean, prepared statement on behalf of INFORM.
85 Hempel, John E.: Attachments to prepared statement:
Attachment 1: Statement by Chief Counsel W. J. Thomas before
Government Operations Committee, Arizona State Legislature,
609 Attachment 3: Samples of filing forms of the California State Department of Real Estate
614 Attachment 4: Letter to Chairman Ashley, dated July 31, 1978, with attachments..
641 Prepared statement on behalf of the California State Department of Real Estate
592 INFORM, prepared statement on behalf by Jean Halloran.
85 McClory, Congressman Robert, letter dated July 28, 1978, with attached
letter dated May 22, 1978, from Jack L. Lawson, executive vice president, Elgin (111.) Board of Realtors..
683 Minish, Hon. Joseph G.:
Brief summary of H.R. 12574, a bill to revise the Interstate Land Sales
60 Summary of problems in the Nelson bill, S. 3084.
66 National Association of Realtors, prepared statement on behalf by David D. Roberts, vice chairman, Realtors Legislative Committee...
320 Office of Interstate Land Sales Registration, prepared statement on behalf
by Patricia Worthy, Administrator.. Pferish, Gordon, prepared statement on behalf of the Florida Division of Land Sales and Condominiums, Department of Business Regulation -
658 Roberts, David D.:
Abrahams, Albert E., staff vice president, National Association of
Realtors Government Affairs Department, statement before Senate
Committee on Banking, Finance and Urban Affairs, May 26, 1978.-
348 Table submitted comparing the Nelson provisons of S. 3084 with the Minish proposals of H.R. 12574.
330 Smith, Herman J.:
Amendment to section 715 of S. 3084.-
441 Steinman, Edward D.:
Prepared statement on behalf of the Bureau of Consumer Protection,
Federal Trade Commission.. Response to request of Chairman Ashley for additional information.. 676
N SUBMITTED FOR INCLUSION IN THE RECORD-Con,
II: pared statement: ader, Inc., et al. v. State of Nevada, et al., Supreme Page vada decision..
15 ne Regulation of Land Sales in Virginia," paper by Stringfield
469 Response to question of — Chairman Ashley
498, 499, 555 Congressman Brown.
505, 561 "Statement of Record Filings," table submitted.
atement on behalf by Jean Halloran.. n Robert, letter dated July 28, 1978, with attached !, 1978, from Jack L. Lawson, executive vice presiard of Realtors.
H.R. 12574, a bill to revise the Interstate Land Sales Act.. ems in the Nelson bill, S. 3084. f Realtors, prepared statement on behalf by David irman, Realtors Legislative Committee... d Sales Registration, prepared statement on behalf Administrator "ed statement on behalf of the Florida Division of ominiums, Department of Business Regulation... hit E., staff vice president, National Association of nent Affairs Department, statement before Senate nking, Finance and Urban Affairs, May 26, 1978. *** on behalf of the National Association of Realtors. ouse Committee on Banking, Finance and Urban 1978, with attached correspondence. mparing the Nelson provisons of S. 3084 with the of H.R. 12574..
on 715 of S. 3084. on behalf of the National Association of Home
on behalf of the Bureau of Consumer Protection, nmission.no of Chairman Ashley for additional information..
THE INTERSTATE LAND SALES FULL DISCLOSURE
TUESDAY, AUGUST 1, 1978
HOUSE OF REPRESENTATIVES,
, 10 years ago, passed the Interstate Land Sales Full Disclosure Act in response to evidence of widespread abuses in the sale of undeveloped land. Many people bought land, sight unseen, on easy installment payment terms. They relied on the developers' assurances and seductive advertising campaigns that promised secluded home sites and good investments.
Many of these investments turned out to be worthless. The land was underwater or without water. The developer went bankrupt before providing promised amenities. Title to the land was encumbered after the land was sold pursuant to installment contracts. Often, there was no resale market for the land, whatever.
The essence of this act is that a fully informed consumer will make a reasoned investment decision. While the intent of the act is laudable to prevent fraud by assuring that consumers are adequately informed and to provide remedies for fraud when it occurs—the act and its administration by OILSR have not escaped criticism.
The land sales and building industry have criticized some requirements for being burdensome and being contrary to congressional intent. Many consumers believe that disclosure without substantive standards provides weak protection and that existing legal remedies are inadequate.
This debate has raised several significant issues that these hearings will address. We now have the opportunity, based on 10 year's experience, to review the act in its entirety and to legislate necessary changes.
Among the issues we will consider are the following: First, the Federal role in regulating intrastate sales of undeveloped land; two, whether fraudulent and unfair practices are any less prevalent in developments which differ in size, type, or location; three, the usefulness of requiring full disclosure without establishing substantive standards; four, the burden which existing law and regulation places on builders and developers; and five, the adequacy of existing consumer remedies.
Several bills are before this subcommittee: H.R. 11265, which contains the administration's proposals, H.R. 12574, introduced by our colleague, Mr. Minish, and S. 3084, which contains amendments passed by the Senate. In addition, the Office of Interstate Land Sales Registration has proposed regulatory changes based on existing law.
[Excerpts from H.R. 11265, the full text of H.R. 12574, and S. 3084, together with a table “Comparison of Proposed Statutory and Regulatory Changes to Interstate Land Sales Full Disclosure Act," and staff summaries of H.R. 12574, H.R. 11265, and S. 3084, follow:]