[Code of Federal Regulations]
[Title 24, Volume 5]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR1710.1]

[Page 7-8]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER X--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
 COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (INTERSTATE 
                    LAND SALES REGISTRATION PROGRAM)
 
PART 1710_LAND REGISTRATION--Table of Contents
 
                     Subpart A_General Requirements
 
Sec.  1710.1  Definitions.

    Authority: Sec. 1419, Interstate Land Sales Full Disclosure Act, 82 
Stat. 590, 598; 15 U.S.C. 1718; sec. 7(d), Dept. of Housing and Urban 
Development Act, 42 U.S.C. 3535(d).


    (a) Statutory terms. All terms are used in accordance with their 
statutory meaning in 15 U.S.C. 1702 or with part 5 of this title, unless 
otherwise defined in paragraph (b) of this section or elsewhere in this 
part.
    (b) Other terms. As used in this part:
    Act means the Interstate Land Sales Full Disclosure Act, 15 U.S.C. 
1701.
    Advisory opinion means the formal written opinion of the Secretary 
as to jurisdiction in a particular case or the applicability of an 
exemption under Sec. Sec.  1710.5 through 1710.15, based on facts 
submitted to the Secretary.
    Available for use means that in addition to being constructed, the 
subject facility is fully operative and supplied

[[Page 8]]

with any materials and staff necessary for its intended purpose.
    Beneficial property restrictions means restrictions that are 
enforceable by the lot owners and are designed to control the use of the 
lot and to preserve or enhance the environment and the aesthetic and 
economic value of the subdivision.
    Date of filing means the date a Statement of Record, amendment, or 
consolidation, accompanied by the applicable fee, is received by the 
Secretary.
    Good faith estimate means an estimate based on documentary evidence. 
In the case of cost estimates, the documentation may be obtained from 
the suppliers of the services. In the case of estimates of completion 
dates, the documentation may be actual contracts let, engineering 
schedules, or other evidence of commitments to complete the amenities.
    Lot means any portion, piece, division, unit, or undivided interest 
in land located in any State or foreign country, if the interest 
includes the right to the exclusive use of a specific portion of the 
land.
    OILSR means the Interstate Land Sales Registration program.
    Owner means the person or entity who holds the fee title to the land 
and has the power to convey that title to others.
    Parent corporation means that entity which ultimately controls the 
subsidiary, even though the control may arise through any series or 
chain of other subsidiaries or entities.
    Principal means any person or entity holding at least a 10 percent 
financial or ownership interest in the developer or owner, directly or 
through any series or chain of subsidiaries or other entities.
    Rules means all rules adopted pursuant to the Act, including the 
general requirements published in this part.
    Sale means any obligation or arrangement for consideration to 
purchase or lease a lot directly or indirectly. The terms ``sale'' or 
``seller'' include in their meanings the terms ``lease'' and ``lessor''.
    Senior Executive Officer means the individual of highest rank 
responsible for the day-to-day operations of the developer and who has 
the authority to bind or commit the developing entity to contractual 
obligations.
    Site means a group of contiguous lots, whether such lots are 
actually divided or proposed to be divided. Lots are considered to be 
contiguous even though contiguity may be interrupted by a road, park, 
small body of water, recreational facility, or any similar object.
    Start of construction means breaking ground for building a facility, 
followed by diligent action to complete the facility.

[61 FR 13597, Mar. 27, 1996]