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Set 41 3, 3044) No provision.
Frauduent and deceptive practices (Section 1404(a))
Proposed Regulations. Ninish Hill Relations
The l'ropa (11, R, 12574)
(11, R1, 1126)
on omissions of
material facts and or materially misrepresent
requirement to prove deletes requireany information in the state
pu chasers reliance. ment to prove pur
chasers reliance. ment or pertinent to the lot.
A) 30-day absolute
right of rescission. right of rescission.
B)3. year right of
rescission when: contract.
1)contract does not contain legally sufficient and recordable description of lot;
Rights of rescission (Section 1404(b))
2)same day sales; or
3)extension of credit by developer except when:
a)title is transferred within
30 days of contract; b)formal foreclosure pro
ceedings take place before
loss of title;
proportional to his payments;
Fees are scaled from $300 - $1000.
Fees are limited to $1000 per filing.
Registration Fees (Section 1405(b))
Cooperation with state authorities (Section 1409)
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.
(H. R. 11265)
to any state report
Suit for specific
Purchaser may sue for Purcha ser may sue No provision.
from property report or statement of record.
(H. R. 12574) A) Time limit extended to 3 years from discovery
Proposed Regulations and Regulations A) Suit based on absence No provision. of or material misreprescntation in statement of record and property report -1 year from discrovery
Statute of limitations (Section 1412)
Senate Bill Milish Bill(H. R. 12574)
(H.R. 11265) (S. 3084) - In addition,
order of suspension,
Creates "Administrator No provision,
Civil penalties after
Secretary may impose
No provision but
No specific provision
A) Imprisonment up to
A) Raises penalty to:
B) Maximum fire
B) Not more than $5000.
B) Not more than $10,000.