Interstate Land Sales Reform Act

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 developer in connection with a sale or lease of subdivided land. Extends the statute of limitations for such suits from one to three years after the discovery of the untrue statement or omission or after a discovery should have been made by the exercise of reasonable diligence.

Authorizes the Secretary of Housing and Urban Development to initiate administrative proceedings upon a reasonable belief that a developer is violating or had violated any provision of this Act or any rules or regulations prescribed pursuant to this Act. Grants the Secretary the power to issue temporary compliance orders if it is in the public interest to do so.

Prescribes civil penalties for violations of this Act and increases the amount of criminal penalties which may be assessed.