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WBK Industry News - Federal Regulatory Developments

CFPB Issues Final Rule Allowing Electronic Filings Under the Interstate Land Sales Full Disclosure Act

On May 2, 2016, the CFPB published a final rule that will allow developers to file electronically under the Interstate Land Sales Full Disclosure Act (ILSA). In addition to allowing the electronic submission of certain filings (such as the Statement of Record and related amendments, annual reports, and requests to suspend an effective date), the final rule amends Regulations J and L to make certain non-substantive corrections and removes certain procedural filing requirements.

Under the final rule, filers may continue to mail paper copies of their filings; however, such filings now must be submitted directly to the CFPB instead of to its third party service provider. The final rule becomes effective June 10, 2016.

The CFPB also announced that it has launched a new ILSA-dedicated webpage at www.consumerfinance.gov/ILSA. The webpage provides electronic filing and payment instructions and other related links.

The final rule can be found at the following link: http://files.consumerfinance.gov/f/documents/201605_cfpb_ilsa-notice-final-rule-release.pdf.