Interstate Land Sales Reform Act

[AI summary unavailable — showing source text] Interstate Land Sales Reform Act - Amends the Interstate Land Sales Full Disclosure Act to expand the exemption from the terms of the Act for the sale or lease of lots in subdivisions and to limit the exemption for the sale or lease of real estate which is not a part of a common promotional plan. Grants purchasers or lessees of subdivided real property the right to void a contract for purchase or lease during the 30-day period following the consummation of the transaction and during the three-year period after consummation under specified circumstances. Requires land developers to make public all printed promotional material, transcripts of all radio and television advertisements, and accurate summaries of all verbal representations made by a developer or his agent to promote the purchase or lease of subdivided lots. Revises the formula for determining the amount of damages awarded to purchasers or lessees prevailing in civil suits for untrue statements or omissions of material facts in statement of record to include reasonable court costs, attorneys' fees, appraisal costs, and travel expenses. Permits suits for securing specific performance of contracts or promises made by a devel…