[Federal Register Volume 60, Number 158 (Wednesday, August 16, 1995)]
[Rules and Regulations]
[Pages 42436-42437]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-20091]
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DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Office of the Assistant Secretary for Housing-Federal Housing
Commissioner
24 CFR Part 1710
[Docket No. FR-3925-N-01]
Interstate Land Sales Registration Program--Notice of Order of
Withdrawal of State Certification for State of Georgia
AGENCY: Office of the Assistant Secretary for Housing-Federal Housing
Commissioner, HUD.
ACTION: Notice of Order of Withdrawal of State Certification for
Georgia.
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SUMMARY: A special feature of the Interstate Land Sales Full Disclosure
Act, permits subdivisions to be registered under the Act through a
State Certification Program. Due to changes in Georgia law, the State
of Georgia, which had been one of five certified States, has withdrawn
from the certification program, effective July 1, 1995.
DATES: In accordance with HUD regulations, HUD's acceptance of all
Georgia Certified Registrations expires 90 days after the date of
publication in the Federal Register. Unless a registrant submits a
modified registration in accordance with this Notice or requests a
voluntary suspension of its registration, its registration will be
terminated at the end of the 90-day period.
FOR FURTHER INFORMATION CONTACT:
Maurice D. Gulledge, Acting Director, Interstate Land Sales
Registration Division, Office of Housing, Room 9160, Department of
Housing and Urban Development, 451 Seventh Street SW., Washington, DC
20410; telephone (202) 708-0502, ext. 2073 or (202) 708-4594 (TDD).
SUPPLEMENTARY INFORMATION: The Secretary may certify a State disclosure
equivalency pursuant to subpart C of 24 CFR part 1710. Five States,
Arizona, California, Florida, Georgia and Minnesota, have been
participating in HUD's certification program. Georgia is the first
state to withdraw from this certification program. The benefit of
certification is that a developer operating in compliance with a
certified state's law does not have to file a comprehensive, duplicate
registration with HUD. Thus, once the Secretary has certified a State's
land sales program, the developer of a subdivision located in that
state may satisfy the Federal registration requirements of the
[[Page 42437]]
Interstate Land Sales Full Disclosure Act, 15 U.S.C. 1701 et seq., by
filing with HUD a certified copy of the state's disclosure report.
Under 24 CFR 1710.508(a), HUD's acceptance of Georgia's Certified
Registration will expire 90 days after the date of this notice, unless
a Georgia registrant files a registration request with HUD by that
date. Under the Act, unless subdivision sales are exempt by statute or
regulation, the subdivision must be effectively registered with HUD
before the developer may offer to sell or lease any lots.
HUD will try to minimize the burden on Georgia developers by
accepting much of the former Georgia State registration. A Georgia
registrant previously registered under the State Certification Program
that wants to maintain its Federal registration, must submit, within 90
days after this Notice, a modified Statement of Record that includes
(1) a current Property Report and (2) an Affirmation pursuant to the
instructions found at 24 CFR Sec. 17120.219. There will be no fees
required for these changes. The Property Report must be modified to
include the following changes:
1. A revised cover page pursuant to the instructions found at 24
CFR 1710.105;
2. A revised Agent, Certification and Cancellation page pursuant to
instructions found at 24 CFR 1710.118;
3. Deletion of the Supplemental Receipt for Georgia purchasers;
and,
4. Deletion of any other information that is no longer applicable
due to changes in Georgia law.
Once these above mentioned materials are accepted by the
Department, a new effective date will be issued for the registration.
Developers are reminded that within 30 days of each anniversary date of
the new effective date, the registrant must submit to the Department an
Annual Report of Activity accompanied by the prescribed fee (see 24 CFR
1710.310). Within 120 days after the close of the developer's fiscal
year, the developer shall submit financial statements meeting the
standards of 24 CFR 1710.212(c) to the Department.
In addition, any additional changes in material fact must be made
in conformance with the Interstate Land Sales Full Disclosure Act and
its implementing Regulations. For purposes of these filings, Georgia
developers need only update the particular sections of the Property
Report and supply any required supporting documentation.
Charles Clark, Georgia Real Estate Commissioner, sent a letter,
dated May 8, 1995, to all interested parties, notifying them of changes
in Georgia's regulation of land sales development, effective July 1,
1995, pursuant to Georgia House Bills 621 and 622. This Notice of Order
of Withdrawal of State Certification for the State of Georgia will be
sent to the same parties.
The above constitutes the Order of Withdrawal referred to in 24 CFR
1710.508(a) with respect to the State of Georgia's certification under
the Interstate Land Sales Full Disclosure Act.
Authority: 15 U.S.C. 1708.
Dated: August 7, 1995.
Nicolas P. Retsinas,
Assistant Secretary for Housing-Federal Housing Commissioner.
[FR Doc. 95-20091 Filed 8-15-95; 8:45 am]
BILLING CODE 4210-27-M
