Frequently Asked Questions Regarding Interstate Land Sales
- What is the definition of an interstate land sale?
- What is the procedure for registering with the Department of Consumer Protection?
- What is the annual fee for an Interstate Land Sale (ILS) registration?
- When is the renewal date for an ILS?
Answer: An Interstate Land sale is defined as the advertising and sale in this State of property in another state. "Subdivision" means any improved or unimproved land or tract of land located outside this state which is divided or proposed to be divided into five (5) or more lots, parcels, units, including time-share units, or interests for the purpose of disposition, at any time as part of a common promotional plan. Any land which is under common ownership or which is controlled by a single developer or a group of developers acting in concert, is contiguous in area, and is designated or advertised as a common unit or known by a common name, shall be resumed, without regard to the number of lots, parcels, units or interests covered by each individual offering, to be part of a common promotional plan.
Answer: An application together with all documents required must be submitted along with a $300 filing fee. There are different procedures depending on whether the development has been registered with the federal government under the Interstate Land Sales Full Disclosure Act.
Answer: The fee is computed by the Department of Consumer Protection based on the total number of units registered.
Answer: The registration is effective for one year & expires annually on December 31st. Renewals are typically mailed 45 days prior to expiration.