Currently, the responsibility for administering the Act [1] and its regulations [2] is with the Consumer Financial Protection Bureau (CFPB).
[3] When the financial crisis of 2008 severely limited the ability for purchasers of newly constructed units to purchase homes they could no longer afford, these contract vendees found attorneys wielding this statute as a weapon to rescind contract for buildings with more than 100 units.
[4] Real estate attorney Adam Leitman Bailey pioneered the use of the ILSA provision to get buyers out of contracts by either causing developers to discount prices allowing purchasers to close or if purchasers could not longer afford the home they would be able to terminate the contract.
[5] Builders argued that the statute was not meant for sophisticated wealthy buyers and the purchaser's attorneys apologetically, used it to successfully get clients out of contracts and to obtain a refund of the down payment.
[6] On September 19, 2014, a bill unanimously passed the House of Representatives and United States Senate repealing the law for condominiums.