12 CFR 1010.18
§ 1010.18 No Action Letter.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 1010.18, § 1010.18 No Action Letter, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/49342
- Permanent ID
ys:prov:49342@1- SHA-256
f2978e587790528ca2dd6192c5dc45ad8ebc2a4274fde24b659ef73c06fd6004
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
(a) If the sale of lots is subject to the registration requirements of the Act but the circumstances of the sale are such that no affirmative action to enforce the registration requirements is needed to protect the public interest or prospective purchasers, the Director may issue a No Action Letter.
(b) To obtain a No Action Letter a developer must submit a request which includes a thorough description of the proposed transaction, the property involved, and the circumstances surrounding the sale.
(c) The issuance of a No Action Letter will not affect any right which a purchaser has under the Act, and it will not limit future action by the Director if there is evidence to show that affirmative action is necessary to protect the public interest or prospective purchasers. In no event will a No Action Letter be issued after the sale has occurred.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.