NEW YORK CITY—The United States Senate has passed H.R.2600: theInterstate Land Sales Disclosure Act Update of 2013. Now onits way to President Obama, the legislation will clarify thatcertain registration requirements in the 1968 Interstate Land SalesDisclosure Act (ILSA), which were written to stop fraudulent salesof raw land, do not apply to condominium sales. New York'sdemocratic senators Charles Schumer and Kirsten Gillibrand, alongwith Senator Dean Heller (R-NV) introduced the bill in thesenate.

Previously passed by the House of Representatives, the bill wasintroduced there by Congress members Michael Grimm (R-NY), JerroldNadler (D-NY), Patrick McHenry (R-NC) and Carolyn B. Maloney(D-NY), and then advocated for by the Real Estate Board of New Yorkand the Real Estate Roundtable.

“Thanks to Senator Chuck Schumer and his tireless dedication,the Senate is restoring confidence in the condo construction marketand reducing unnecessary federal bureaucracy while keepingimportant fraud protections in place," says REBNY presidentSteven Spinola. "Together with the tremendous leadership ofCongresswoman Maloney, without whom this approval could not havehappened, we also applaud and thank Senators Gillibrand and Helleras well as Congressmembers Grimm, Nadler and McHenry for theirvision and dedication to this important issue.”