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Proposed Regulations

Milish Bill (11.R, 12574)

Ilud Proposal (11.R. 11265)

Senate Bill (S. 3084)

Topic

Existing law

and Regulations
Regulatory exemptions
defined by Secretary
who has discretion to
exempt when not against
public interest
A. Secretarial deter-

mination required
1) Local offering Subdivision has fewer than

300 lots and sales to non-
residents of state cannot
exceed 5% of total sales and
all advertising must be in-
State. Secretarial deter-
mination required.

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B. Self-determining

exemptions 1) Limited sales

No provision.

No provision.

No provision.

Sales of unimproved lots Raises limitation to
in an otherwise exempt sub- 10% or 49 lots.
division up to 5% of sub-
division or 49 lots.

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Titic

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Cooperation with state authorities (Section 1409)

Existing Law

Proposed Regulations and Regulations The Secretary shall coop No change. erate with comparable state authorities and accept state filings as a substitute for section 1405 requirements if they are sufficiently protective of the consumer.

Developer is not excmpt Requires federal from any state laws, property report to unless inconsistent with be given in addition this title.

to any state report unless HUD okays state report.

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No provision.

No provision.

Suit for specific performance (Section 1410)

Purcha ser may sue for Purcha ser may sue No provision. sp #cific performance for specific perof any promise made by formance and to developer in connection enforce obligations with the sale,

from property report or statement of record.

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Title

Minish Bill (H. R. 12574)

Statute of limitations (Section 1412)

Existing Law

Proposed Regulations and Regulations A) Suit based on absence No provision. of or material misrepresentation in statement of record and property report -1 year from discrovery

A) Time limit extended to 3 years from discovery

Huc Proposal

Senate Bill (H. R. 11265)

(S. 3084)
A) Suit based on A) No change.
sale in absence of
effective statement
of record or pro-
perty report
unfurnished--
1 year from dis-
covery or maximum
of 4 years from sale
or lease

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