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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
3170-0012
ICR Reference No:
201605-3170-004
Status:
Historical Active
Previous ICR Reference No:
201506-3170-001
Agency/Subagency:
CFPB
Agency Tracking No:
Title:
Interstate Land Sales Full Disclosure Act (Regulations J, K, and L) 12 CFR 1010, 1011, 1012
Type of Information Collection:
No material or nonsubstantive change to a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
05/13/2016
Retrieve Notice of Action (NOA)
Date Received in OIRA:
05/11/2016
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
09/30/2018
09/30/2018
09/30/2018
Responses
6,772
0
6,772
Time Burden (Hours)
5,752
0
6,724
Cost Burden (Dollars)
82,524
0
96,445
Abstract:
The Interstate Land Sales Full Disclosure Act (ILSA) requires land developers to register non-exempt subdivisions with the Bureau of Consumer Financial Protection (CFPB) before selling any lots, and to provide each lot purchaser with a disclosure document designated as a property report, 15 U.S.C. 1703-1704. ILSA was enacted in response to a nation-wide proliferation of developers of unimproved subdivisions who made elaborate, and often fraudulent, claims about their land to unsuspecting lot purchasers. Information is submitted to the CFPB to assure compliance with ILSA and the implementing regulations. The CFPB also investigates developers who are not in compliance with the regulations.
Authorizing Statute(s):
US Code:
15 USC 1701
Name of Law: Interstate Land Sales Full Disclosure Act
Citations for New Statutory Requirements:
US Code: 15 USC 1702 Name of Law: Interstate Land Sales Act
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
80 FR 18217
04/03/2015
30-day Notice:
Federal Register Citation:
Citation Date:
80 FR 36522
06/25/2015
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
ILSA Reporting Requirements
N/A
Request for Suspension of Statement of Record Effective Date
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
6,772
6,772
0
0
0
0
Annual Time Burden (Hours)
5,752
6,724
0
-972
0
0
Annual Cost Burden (Dollars)
82,524
96,445
0
-13,921
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
Yes
Burden Reduction Due to:
Changing Regulations
Short Statement:
Program Changes: The changes in the number of respondents and the number of annual responses are primarily a result of a new legislation partially exempting condominiums from ILSA (15 U.S.C. 1702). Specifically, we have determined that the exemption will remove 788 respondents from out respondent pools, and the remaining respondents, owing to the nature of their business, will have fewer annual responses per year. Therefore, whereas we previously estimated that each respondent would respond an average of 90 times a year, we now estimate that the number of responses per respondent will overage only 34 per year. This change has also resulted in an estimated reduction of 14,184 annual burden hours. Adjustments: The changes in burden hours and cost burden are also a result of an improved methodology of calculating costs. Whereas we had previously estimated an average response time of 12 minutes per response, our analysis leads us to estimate that the actual time burden is closer to 1 hour per response. In addition we have identified cost burdens for responding to these information collections that were not previously accounted for that average $14 per response. Further, historical submissions for this collection inaccurately included burden hour costs which have been previously removed. The new requests should be seen as a more accurate representation of the true costs of this regulation going forward.
Annual Cost to Federal Government:
$1,400,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002?
No
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
Yes
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
Uncollected
Agency Contact:
Darrin King 202-693-4129 King.Darrin@dol.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
05/11/2016
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