<P> The Interstate Land Sales Full Disclosure Act of 1968 (ILSFDA or ILSA or "Act") was an act of Congress passed in 1968 to facilitate regulation of interstate land sales, to protect consumers from fraud and abuse in the sale or lease of land . The Act was patterned after the Securities Act of 1933 and required land developers to register subdivisions of (currently 100 or more) non-exempt lots or condominium units . Originally, the filings were to be with the United States Department of Housing and Urban Development . Currently, the responsibility for administering the Act and its regulations is with the Consumer Financial Protection Bureau (CFPB). A regulated developer is to provide each purchaser with a disclosure document called a Property Report . The Property Report contains relevant information about the subdivision and must be delivered to each purchaser before the signing of the contract or agreement and gives the purchaser at a minimum a 7 - day period to cancel the purchase agreement . </P> <P> In 2014, the Act was amended to additionally apply to condominiums . </P>

Per the interstate land sales full disclosure act (ilsa) which of the following is false