Oversight of the Interstate land sale full disclosure act: hearings before the Subcommittee on General Oversight and Renegotiation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, Ninety-fifth Congress, second session, on H.R. 10999 ... April 11, 12, and 13, 1978

Front Cover
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Other editions - View all

Common terms and phrases

Popular passages

Page 258 - commerce' means trade, commerce, transportation, or communication, among the several States, or between any foreign country and any State, or between any State and any place outside thereof. "(9) The term 'industry affecting commerce...
Page 368 - Act means a contract, transaction or scheme whereby a person invests his money in a common enterprise and is led to expect profits solely from the efforts of the promoter or a third party, it being immaterial whether the shares in the enterprise are evidenced by formal certificates or by nominal interests in the physical assets employed in the enterprise.
Page 258 - Any person who — ( 1 ) offers or sells a security in violation of section 5, or (2) offers or sells a security (whether or not exempted by the provisions of section 3, other than paragraph (2) of subsection (a) thereof), by the use of any means or instruments of transportation or communication in interstate commerce or of the mails...
Page 247 - ... (9) 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...
Page 218 - ... is not necessary in the public interest and for the protection of investors by reason of the small amount involved or the limited character of the public offering...
Page 348 - No action shall be maintained to enforce any liability created under section 11 or section 12 (2) unless brought within one year after the discovery of the untrue statement or the omission, or after such discovery should have been made by the exercise of reasonable diligence...
Page 268 - As used in this subparagraph, the terms 'liens,' 'encumbrances,' and 'adverse claims' do not refer to property reservations which land developers commonly convey or dedicate to local bodies or public utilities for the purpose of bringing public services to the land being developed, nor to taxes and assessments imposed by a State, by any other public body having authority to assess and tax property, or by a property owners...
Page 239 - This title does not annul, alter, or affect, or exempt any creditor from complying with, the laws of any State relating to the disclosure of information in connection with credit transactions, except to the extent that those laws are inconsistent with the provisions of this title or regulations thereunder, and then only to the extent of the inconsistency.
Page 369 - Limited Partnership Agreement and the undertakings to the registration statement. In particular, registrant should disclose: (1) whether the financial information contained in such reports will be prepared on an accrual basis in accordance with generally accepted accounting principles, with a reconciliation with respect to information furnished to limited partners...
Page 75 - The statutory exemptions, with but one excepticn, require no formal written determination and, most significantly, exempt the following types of subdivisions from the Act: — subdivisions consisting of less than 50 lots; — subdivisions consisting of lots, all of which are five acres or more in size; — the sale of lots on which there is a completed building or a contractual obligation on the part of the developer to complete a building within two years from the date of sale; — the sale of lots...

Bibliographic information