15 U.S.C. § 1708 : US Code - Section 1708: Certification of substantially equivalent State law

Search 15 U.S.C. § 1708 : US Code - Section 1708: Certification of substantially equivalent State law

(a) Criteria; request by State
(1) A State shall be certified if the Secretary determines -
(A) that, when taken as a whole, the laws and regulations of
the State applicable to the sale or lease of lots not exempt
under section 1702 of this title require the seller or lessor of
such lots to disclose information which is at least substantially
equivalent to the information required to be disclosed by section
1707 of this title; and
(B) that the State's administration of such laws and
regulations provides, to the maximum extent practicable, that
such information is accurate.
(2) In the case of any State which is not certified under
paragraph (1), such State shall be certified if the Secretary
determines -
(A) that, when taken as a whole, the laws and regulations of
the State applicable to the sale or lease of lots not exempt
under section 1702 of this title provide sufficient protection
for purchasers and lessees with respect to the matters for which
information is required to be disclosed by section 1707 of this
title but which is not required to be disclosed by such State's
laws and regulations; and
(B) that the State's administration of such laws and
regulations provides, to the maximum extent practicable, that (i)
information required to be disclosed by such laws and regulations
is accurate, and (ii) sufficient protection for purchasers and
lessees is made available with respect to the matters for which
information is not required to be disclosed.
(3) Any State requesting certification must agree to accept a
property report covering land located in another certified State
but offered for sale or lease in the State requesting certification
if the property report has been approved by the other certified
State. Such property report shall be the only property report
required by the State with respect to the sale or lease of such
land.
(b) Filing of State disclosure materials and related documentation
for purposes of Federal statement of record and property report
requirements; acceptance by Secretary
After the Secretary has certified a State under subsection (a) of
this section, the Secretary shall accept for filing under sections
1704 through 1707 of this title (and declare effective as the
Federal statement of record and property report which shall be used
in all States in which the lots are offered for sale or lease)
disclosure materials found acceptable, and any related
documentation required, by State authorities in connection with the
sale or lease of lots located within the State. The Secretary may
accept for such filing, and declare effective as the Federal
statement of record and property report, such materials and
documentation found acceptable by the State in connection with the
sale or lease of lots located outside that State. Nothing in this
subsection shall preclude the Secretary from exercising the
authority conferred by subsections (d) and (e) of section 1706 of
this title.
(c) Notice to State upon failure to meet requirements and remedial
action necessary for certification
If a State fails to meet the standards for certification pursuant
to subsection (a) of this section, the Secretary shall notify the
State in writing of the changes in State law, regulation, or
administration that are needed in order to obtain certification.
(d) Periodic review of certified States' laws, regulations, and
administration; withdrawal of certification
The Secretary shall periodically review the laws and regulations,
and the administration thereof, of States certified under
subsection (a) of this section, and may withdraw such certification
upon a determination that such laws, regulations, and the
administration thereof, taken as a whole, no longer meet the
requirements of subsection (a) of this section.
(e) State and local governmental authorities affected; cooperation
with State authorities
Nothing in this chapter may be construed to prevent or limit the
authority of any State or local government to enact and enforce
with regard to the sale of land any law, ordinance, or code not in
conflict with this chapter. In administering this chapter, the
Secretary shall cooperate with State authorities charged with the
responsibility of regulating the sale or lease of lots which are
subject to this chapter.