A bill to amend the Interstate Land Sales Full Disclosure Act.

[AI summary unavailable — showing source text] Includes land located in any State or foreign country within the definition of subdivision for the purposes of the Interstate Land Sales Full Disclosure Act and defines the term interstate advertising for the purposes of the Act. Provides that a purchaser of a subdivision lot may revoke the contract for such purchase within 72 hours (formerly 48 hours) excluding Saturdays, Sundays and holidays, where he received a property report less than 48 hours before he signed the contract. States that it shall be unlawful for any developer or agent to engage in interstate advertising. Provides that nothing in this subsection shall be construed to prohibit any communication, not otherwise illegal, between a developer or agent and any person who has initiated negotiations regarding the purchase of a lot or any lots in a subdivision. States that it shall be unlawful to sell or lease any lot in any subdivision unless the developer or agent gives bond to assure the completion (in substantial conformity with the estimated schedule) of the improvements to be installed by the developer as required. Provides that the expenses of every investigation of the affairs of any developer, broker, agent, or ot…