Page:United States Statutes at Large Volume 93.djvu/1155

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PUBLIC LAW 96-000—MMMM. DD, 1979

PUBLIC LAW 96-153—DEC. 21, 1979

93 STAT. 1123

into lots, whether contiguous or not, for the purpose of sale or lease as part of a common promotional plan; "(4) 'common promotional plan' means a plan, undertaken by a single developer or a group of developers acting in concert, to offer lots for sale or lease; where such land is offered for sale by such a developer or group of developers acting in concert, and such land is contiguous or is known, designated, or advertised as a common unit or by a common name, such land shall be presumed, without regard to the number of lots covered by each individual offering, as being offered for sale or lease as part of a common promotional plan;". EXEMPTIONS

SEC. 402. Subsections (a) and (b) of section 1403 of the Interstate Land Sales Full Disclosure Act are amended to read as follows: 15 USC 1702. "(a) Unless the method of disposition is adopted for the purpose of .... evasion of this title, the provisions of this title shall not apply to— "(1) the sale or lease of lots in a subdivision containing less than twenty-five lots; "(2) the sale or lease of any improved land on which there is a residential, commercial, condominium, or industrial building, or the sale or lease of land under a contract obligating the seller or lessor to erect such a building thereon within a period of two years; "(3) the sale of evidences of indebtedness secured by a mortgage or deed of trust on real estate; "(4) the sale of securities issued by a real estate investment trust; "(5) the sale or lease of real estate by any government or government agency; "(6) the sale or lease of cemetery lots; "(7) the sale or lease of lots to any person who acquires such lots for the purpose of engaging in the business of constructing residential, commercial, or industrial buildings or for the purpose of resale or lease of such lots to persons engaged in such business; or "(8) the sale or lease of real estate which is zoned by the appropriate governmental authority for industrial or commercial development or which is restricted to such use by a declaration of covenants, conditions, and restrictions which has been recorded in the official records of the city or county in which such real estate is located, when— "(A) local authorities have approved access from such real estate to a public street or highway; "(B) the purchaser or lessee of such real estate is a duly organized corporation, partnership, trust, or business entity engaged in commercial or industrial business; "(C) the purchaser or lessee of such real estate is represented in the transaction of sale or lease by a representative of its own selection; "(D) the purchaser or lessee of such real estate affirms in writing to the seller or lessor that it either (i) is purchasing or leasing such real estate substantially for its own use, or (ii) has a binding commitment to sell, lease, or sublease such real estate to an entity which meets the requirements of subparagraph (B), is engaged in commercial or industrial