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Title

Set 41 3, 3044) No provision.

Frauduent and deceptive practices (Section 1404(a))

Pi**ing W

Proposed Regulations. Ninish Hill Relations

The l'ropa (11, R, 12574)

(11, R1, 1126)
Developer may not use Property report may not Aids prohibition on Adds prohibition
phones or malls in inter- materially misrepresent omissions of matertal

on omissions of
state commerce to defraud nor omit a material fact. facts and deletes

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.

14-day absolute
3-day conditional right of

A) 30-day absolute
No change.

right of rescission. right of rescission.
rescission; where the pur-
chaser has reccived the pro-
perty report less than 48

B)3. year right of
hours before hc signed the

rescission when: contract.

1)contract does not contain legally sufficient and recordable description of lot;

No provision.

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;
c)purchaser establishes equity

proportional to his payments;
d):10 liquidated damages or an
amount greater than developers
proven damages may be paid
Ly the purchaser.

No provision.

No provision.

Fees are scaled from $300 - $1000.

Fees are limited to $1000 per filing.

Deletes $1000
limit on fee for
developer's filing.

Registration Fees (Section 1405(b))

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.

Minish Bill

Hud Proposal
(H. R. 12574)

(H. R. 11265)
Developer is not excmpt Requires fcdcral
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)

Purchaser may sue for Purcha ser may sue No provision.
sp cific performance for specific per-
of 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) A) Time limit extended to 3 years from discovery

Existing Law

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)

Hud Proposal

Senate Bill
(H1, 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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Hud Proposal

Senate Bill Milish Bill(H. R. 12574)

(H.R. 11265) (S. 3084) - In addition,

In addition,
Secretary may issue Secretary may

No provision.
cer se and desist order, issue cease and
order of suspension, desist order,
or both,

order of suspension,
or both.

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Creates "Administrator No provision,
of Interstate Land Sales
who reports directly to
the Secretary.

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Titlc

Existing Law

Proposed Regulations
and Regulations
Secretary may bring actions
in any District Court in the
U.S. to enjoin any practices
in violation, and upon a proper
showing, a permanent or
temporary injunctions or
restraining order; the
Attorney General may insti-
tute such proceedings.

Investigations,
injunctions and
prosecutions
(Section 1415)

No provision,

Civil penalties after
administrative
hearings

Secretary may impose
civil penalties of
$5000 per violation
after administrative
he rings.

Administration
A) Administrator

No provision.

No provision but
Assistant Secretary now
in charge.

No provision

No provision.

B)Administrative

Procedures Act

No specific provision
but all procedures are
in accordance with the APA.

Criminal penalties
(Section 1418)
A) Maximum

imprisonment

No provision.

A) Imprisonment up to
5 years, and/or

A) Raises penalty to:
not more than 1 year
nor more than 7 years,
and/or

B) Maximum fire

B) Not more than $5000.

No provision,

B) Not more than $10,000.

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