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COMMERCIAL OBSERVER --Congress Votes to End Condo Owner Filing Requirement
September 23, 2014
The U.S. Senate voted unanimously last week to end a federal filing requirement for owners of condo buildings with more than 99 units that ensnared developers in litigation following the financial crisis of 2008.
During the downturn, lawyers for condo buyers began trying to break the purchase contracts by arguing in court cases that the owners hadn’t accurately complied with a 1969 law named the Interstate Land Sales Full Disclosure Act that required owners of buildings to register with the U.S. Department of Housing and Urban Development and then the Consumer Financial Protection Board.