Bulletin 11-2 Re: The Interstate Land Sales Full Disclosure Act (July 21, 2011)

The Bureau of Consumer Financial Protection (CFPB) issues this bulletin (Interim ILS Guidance) to address certain administrative issues relating to the Interstate Land Sales Full Disclosure Act (ILS). Under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”), on the designated transfer date,July 21, 2011, all of the consumer protection functions of the Department of Housing and Urban Development (HUD) relating to the ILS transfer to the CFPB, and the CFPB has all powers and duties that were vested in the Secretary of HUD relating to the ILS. The Act also amends the ILS to conform to the transfer of these authorities to the CFPB. The CFPB is authorized to administer and enforce requirements under the ILS, subject to the limitations and other provisions of the Act.