Title 12 Part 1010 → Subpart A → §1010.8

Title 12 → Chapter X → Part 1010 → Subpart A → §1010.8

Electronic Code of Federal Regulations e-CFR

Title 12 Part 1010 → Subpart A → §1010.8

e-CFR data is current as of February 25, 2020

Title 12Chapter XPart 1010Subpart A → §1010.8

Title 12: Banks and Banking
Subpart A—General Requirements

§1010.8   Scattered site subdivisions.

(a) The sale of lots in a subdivision consisting of noncontiguous parts is exempt from the registration requirements of the Act if:

(1) Each noncontiguous part of the subdivision contains twenty or fewer lots; and

(2) Each purchaser or purchaser's spouse makes a personal, on-the-lot inspection of the lot purchased prior to signing a contract.

(b) For purposes of this exemption, interruptions such as roads, parks, small bodies of water or recreational facilities do not serve to break the contiguity of parts of a subdivision.

(c) The sale must also comply with the anti-fraud provisions of §1010.4(b) and (c) of this part.