Bipartisan Maloney Bill Clarifying Condominium Fraud Law Passes House 410-0

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    By New York RealEstateRama -

    WASHINGTON, DC – September 27, 2013 – (RealEstateRama) — Today, the House passed H.R. 2600, the Interstate Land Sales Full Disclosure Act, sponsored by Reps. Carolyn B. Maloney (D-NY), Michael Grimm (R-NY), Patrick T. McHenry (R-NC), and Jerrold Nadler (D-NY). The bill’s language removes ambiguities in the Interstate Land Sales Disclosure Act (known colloquially as the “Land Under Water Act” when it was enacted in 1969) which have caused it to be applied to contracts to purchase condominium units in addition to sales of raw land

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