NEW YORK CITY—The United States Senate has passed H.R.2600: the Interstate Land Sales Disclosure Act Update of 2013. Now on its way to President Obama, the legislation will clarify that certain registration requirements in the 1968 Interstate Land Sales Disclosure Act (ILSA), which were written to stop fraudulent sales of raw land, do not apply to condominium sales. New York’s democratic senators Charles Schumer and Kirsten Gillibrand, along with Senator Dean Heller (R-NV) introduced the bill in the senate.

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

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