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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:
201808-3170-006
Status:
Historical Active
Previous ICR Reference No:
201605-3170-004
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:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
07/10/2019
Retrieve Notice of Action (NOA)
Date Received in OIRA:
04/22/2019
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
07/31/2022
36 Months From Approved
07/31/2019
Responses
3,240
0
6,772
Time Burden (Hours)
3,412
0
5,752
Cost Burden (Dollars)
72,800
0
82,524
Abstract:
he Interstate Land Sales Full Disclosure Act (ILSA) requires, in relevant part, that land developers register subdivisions of 100 or more non-exempt lots with the Bureau of Consumer Financial Protection (the Bureau) before selling or leasing the 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 Bureau to assure compliance with ILSA and the implementing regulations. The Bureau 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:
83 FR 64566
12/17/2018
30-day Notice:
Federal Register Citation:
Citation Date:
84 FR 16663
04/20/2019
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
Voluntary Suspension Form
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
3,240
6,772
0
0
-3,532
0
Annual Time Burden (Hours)
3,412
5,752
0
0
-2,340
0
Annual Cost Burden (Dollars)
72,800
82,524
0
0
-9,724
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:
No
Burden Reduction Due to:
Short Statement:
As previously reported in the Bureau’s non-material change request submission, since the last renewal of this collection in 2015, the Bureau has implemented a web portal that allows electronic submission of many required elements of this information collection, thus reducing compliance burdens and costs. Based on experience with web portal use, the Bureau has noted further burden reduction than what was originally estimated when the portal first launched. Additionally, the Bureau has adjusted the estimated number of annual responses to more accurately reflect this estimate.
Annual Cost to Federal Government:
$400,000
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
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]?
No
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:
04/22/2019
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