A bill to amend the Interstate Land Sales Full Disclosure Act to clarify the definition of transactions to which the act applies, to exempt certain sales, to expedite and simplify compliance with its requirements.

Exempts specified types of land, buildings, and real estate securities from the requirements of the Interstate Land Sales Full Disclosure Act.

States that, in the event the Secretary of Housing and Urban Development shall not have rendered a decision within thirty days of the filing of an application for exemption by a developer, such application shall be considered approved according to its terms.

Exempts certified financial statements from the class of information required in the statement of records pursuant to the Land Sales Full Disclosure Act.

Requires that notice and opportunity for a hearing be provided to the parties in interest where the Secretary has determined to suspend the statement of record.

Exempts property reports from specified information requirements.