deemed such a default. Upon any default by the issuer and payment under its guaranty by the Association, or any failure of the issuer to comply with the terms of the guaranty transaction, the Association may institute a claim against the excess collateral or other assets of the issuer, or against any assurance in lieu of excess collateral, or may, pursuant to section 306(g) of the National Housing Act, extinguish all the ownership, control, or other interest of the issuer in the pooled mortgages, by letter directed to the issuer and making the mortgages the absolute property of the Association, subject only to unsatisfied rights therein of the holders of the securities, or the Association may do both.

1700.75 Administrator of the Office of Interstate Land Sales Registration and Deputy.

1700.80 Director of the Examination Division, Office of Interstate Land Sales Registration and Deputy. 1700.85 Director of the Administrative Proceedings Division, Office of Interstate Land Sales Registration and Deputy.

1700.90 Acting Administrator.

AUTHORITY: The provisions of this Part 1700 issued under sec. 1419, 82 Stat. 598, 12 U.S.C. 1718.

SOURCE: The provisions of this Part 1700 appear at 34 F.R. 5722, Mar. 27, 1969, unless otherwise noted.

Subpart A-Authority and
Organization

§ 1700.1 Scope of authority and pur

pose.

A land developer is required by the Interstate Land Sales Full Disclosure Act, Title XIV of Public Law 90-448, 82 Stat. 590, enacted on August 1, 1968 (hereafter in this part referred to as the Act)

to make full disclosure in the sale or lease of certain undeveloped, subdivided land. The Act makes it unlawful (except with respect to certain exempted transactions) for any developer to sell or lease, by use of the mail or by any means in interstate commerce, any such land offered as part of a common promotional plan unless the land is registered with the Secretary of Housing and Urban Development and a printed property report is furnished to the purchaser or lessee in advance of the signing of an agreement for sale or lease.

§ 1700.5 Authority of Secretary.

Section 1416(a) of the Act vests authority and responsibility for its administration in the Secretary of Housing and Urban Development (hereafter in this part referred to as the Secretary), and authorizes the Secretary to delegate any of his functions, duties and powers thereunder to employees of the Department of Housing and Urban Development.

§ 1700.10 Delegation of authority.

(a) The Secretary has delegated to the Assistant Secretary for Mortgage Credit and Federal Housing Commissioner (hereafter in this part referred to as the Assistant Secretary) all of the authority to exercise the power and authority vested in him under the Act with the exception of the following matters which the Secretary has retained and not redelegated:

(1) The authority to conduct hearings in accordance with 5 U.S.C. 556.

(2) The authority to issue orders or determinations after such hearings.

(3) The authority to sue and be sued. (b) The Secretary has further authorized the Assistant Secretary to redelegate any of the delegated authority to each of the following:

(1) To employees under his jurisdictions, and to authorize successive redelegations thereof to subordinate employees.

(2) To Regional Administrators and to Deputy Regional Administrators, and to authorize successive redelegations thereof to Regional employees. § 1700.15 Establishment of office.

The Assistant Secretary has established, as an organizational unit of the Department of Housing and Urban Development, the Office of Interstate Land Sales Registration to administer the Act. § 1700.20 Administrator.

The Office of Interstate Land Sales Registration is headed by an Administrator designated by the Assistant Secretary.

§ 1700.25 Principal divisions.

The following Divisions have been established within the Office of Interstate Land Sales Registration:

(a) Examination Division.

(b) Administrative Proceedings Division.

(a) In general. The identifiable records of the Office of Interstate Land Sales Registration are subject to the provisions of 5 U.S.C. 552, as implemented by Part 15-Public Information, Subtitle A, of this title.

(b) Availability of information and records. Information concerning land sales registrations and copies of statements of record may be obtained from the following address:

Office of Interstate Land Sales Registration, Department of Housing and Urban Development, 451 Seventh Street SW., Washington, D.C. 20410.

In addition, statements of record may be reviewed at such address on any business day from 8:45 a.m. to 5:15 p.m.

(c) Nonapplicability of exemptions authorized by 5 U.S.C. 552. Section 1405(d) of the Act specifically provides that information contained in or filed with any statement of record shall be made available to the public. The ex

emptions from public disclosure authorized by 5 U.S.C. 552, as set forth in § 15.21 of this title, are not applicable to information contained in or filed with a statement of record.

Subpart B-Delegations of Basic Authority and Functions

§ 1700.75

Administrator of the Office of Interstate Land Sales Registration and Deputy.

To the position of Administrator of the Office of Interstate Land Sales Registration and under his supervision to the position of Deputy Administrator, there are delegated and assigned the following authorities and responsibilities.

(a) To exercise all powers vested in the Secretary of Housing and Urban Development by the Interstate Land Sales Full Disclosure Act and delegated to the Assistant Secretary for Mortgage Credit and Federal Housing Commissioner, except the power of the Assistant Secretary to issue regulations under the act.

(b) To direct the operations of the Examination Division and the Administrative Proceedings Division.

(c) To accept and utilize on a reimbursable basis administrative, fiscal, technical, and other services of the Federal Housing Administration and of the Office of General Counsel, HUD, and the Inspection Division, HUD, as may be necessary to carry out the purposes of the Interstate Land Sales Full Disclosure Act.

§ 1700.80 Director of the Examination Division, Office of Interstate Land Sales Registration and Deputy.

To the position of Director of the Examination Division, Office of Interstate Land Sales Registration, and under his supervision to the position of Deputy Director there are delegated and assigned the following authorities and responsibilities:

(a) To receive and examine all statements of record and property reports filed under the provisions of the Interstate Land Sales Full Disclosure Act and all amendments and corrections to such

statements.

(b) To determine the adequacy of disclosure of statements of record and property reports and amendments thereto and to effect corrections, additions, and deletions in such statements and reports deemed necessary to achieve the purposes of the Interstate Land Sales Full Disclosure Act.

(c) To find effective or to recommend to the Administrator that he declare not effective statements of record filed under the Interstate Land Sales Full Disclosure Act and to prepare and present evidence in connection with hearings and other administrative proceedings relative to statements of record declared not effective.

§ 1700.85

Director of the Administrative Proceedings Division, Office of Interstate Land Sales Registration and Deputy.

To the position of Director of the Administrative Proceedings Division, Office of Interstate Land Sales Registration, and under his supervision to the position of Deputy Director, there are delegated and assigned the following authorities and responsibilities:

(a) To receive, examine, and make determinations with respect to complaints arising from the alleged failure of a developer subject to the Interstate Land Sales Full Disclosure Act to comply with the requirements of such Act and regulations issued thereunder and to negotiate resolution of such complaints and compliance by such developers.

(b) To recommend action by the Administrator to achieve compliance by developers deemed subject to the Act who have not complied with any or all of the requirements of the Act and regulations issued thereunder.

(c) To conduct, on his own initiative or in response to information received, reviews to determine the existence of such noncompliance and secure compliance with the requirements of the Interstate Land Sales Full Disclosure Act and regulations thereunder.

(d) To recommend suspension by the Administrator of statements of record on a determination of noncompliance with the requirements of the Interstate Land Sales Full Disclosure Act and regulations thereunder.

(e) To recommend action to secure permanent or temporary injunctions or restraining orders to prevent acts or practices in violation of the provisions of the Interstate Land Sales Full Disclosure Act and regulations thereunder and to require compliance therewith.

(f) To prepare and present evidence in connection with hearings or other administrative proceedings or injunctions or restraining orders in connection with suspensions of statements of record or other action in connection with non

36-047-70- -33

compliance under the Interstate Land Sales Full Disclosure Act and regulations thereunder.

§ 1700.90 Acting Administrator.

The Deputy Administrator, the Director of the Examination Division, and the Director of the Administrative Proceedings Division, in the order named, are designated by the Administrator to act in his place and stead in the event of his absence or inability to act, having the title of "Acting Administrator" with the powers, duties and rights delegated to the Administrator in § 1700.75.

[34 F.R. 7239, May 2, 1969]

PART 1710-LAND REGISTRATION

AUTHORITY: The provisions of this Part 1710 issued under sec. 1419, 82 Stat. 598, 15 U.S.C. 1718.

SOURCE: The provisions of this Part 1710 appear at 34 F.R. 5930, Mar. 29, 1969, unless otherwise noted.

Subpart A-General Requirements § 1710.1 Definitions.

As used in this chapter, the following terms shall have the meaning indicated:

(a) "Act" means the Interstate Land Sales Full Disclosure Act, Title XIV of Public Law 90-448, 82 Stat. 590, enacted on August 1, 1968.

(b) "Blanket encumbrance" means a trust deed, mortgage, judgment, or any other lien or encumbrance, including an option or contract to sell or a trust agreement, affecting a subdivision or affecting more than one lot offered within