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INTERSTATE LAND SALES FULL

DISCLOSURE ACT OF 1967

HEARINGS

BEFORE THE

SUBCOMMITTEE ON SECURITIES

OF THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

NINETIETH CONGRESS

FIRST SESSION

ON

S. 275

A BILL TO PROVIDE FULL AND FAIR DISCLOSURE OF THE
NATURE OF INTERESTS IN REAL ESTATE SUBDIVISIONS
SOLD THROUGH THE MAILS AND INSTRUMENTS OF TRANS-
PORTATION OR COMMUNICATION IN INTERSTATE COM-
MERCE, AND TO PREVENT FRAUDS IN THE SALE THEREOF,

AND FOR OTHER PURPOSES

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COMMITTEE ON BANKING AND CURRENCY

JOHN SPARKMAN, Alabama, Chairman WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah HARRISON A. WILLIAMS, JR., New Jersey JOHN G. TOWER, Texas EDMUND S. MUSKIE, Maine

BOURKE B. HICKENLOOPER, Iowa EDWARD V. LONG, Missouri

EDWARD W. BROOKE, Massachusetts THOMAS J. MCINTYRE, New Hampshire CHARLES H. PERCY, Illinois WALTER F. MONDALE, Minnesota GALE W. MCGEE, Wyoming WILLIAM B. SPONG, JR., Virginia

LEWIS G. ODOM, Jr., Staf Director and General Counsel

JOHN R. EVANS, Minority Staf Director
STEPHEN J. PARADISE, A88istant Counsel

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman WILLIAM PROXMIRE, Wisconsin

WALLACE F. BENNETT, Utah EDMUND S. MUSKIE, Maine

BOURKE B. HICKENLOOPER, Iowa EDWARD V. LONG, Missouri

EDWARD W. BROOKE, Massachusetts WALTER F. MONDALE, Minnesota WILLIAM B. SPONG, JR., Virginia

II

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TUESDAY, FEBRUARY 28
Manuel F. Cohen, Chairman, Securities and Exchange Commission,
accompanied by Philip Loomis, general counsel

50, 98

Alton W. Van Horn, president, New Jersey Real Estate Commission,

accompanied by Mrs. Eone Harger, director, Division of Aging, State of

New Jersey -

79

Art Hansen, assistant attorney general, State of Washington.-

113

WEDNESDAY, MARCH 1

Nathaniel E. Kossack, first assistant, Criminal Division, Department of

Justice; accompained by Herbert Edelhertz, chief, fraud section.

151

Herndon P. Jeffreys, Jr., general counsel, American Realty Service Corp.,

accompanied by J. Vaughan Gary, former Member, U.S. House of

Representatives, third congressional district of Virginia -

157

John C. Williamson, director, department of government relations,

National Association of Real Estate Boards.--

178

Leon N. Weiner, president, National Association of Home Builders, ac-

companied by Herbert Colton, general counsel, and Joseph McGrath,

legislative counsel. ----

186

Morton Rothenberg, secretary and general counsel, Installment Land

Sales and Development Association of Florida, accompanied by Rein J.

Vander Zee...

193

ALPHABETICAL LIST OF WITNESSES

Cohen, Manuel F., Chairman, Securities and Exchange Commission.--

50, 98

Gary, J. Vaughan, former Congressman from the Third District of Virginia. 157

Hansen, Art, assistant attorney general, State of Washington...

113

Harger, Mrs. Eone, director, Division of Aging, State of New Jersey-

79

Jeffreys, Herndon Ó. Jr., general counsel, American Realty Service Corpor-

ation...

157

Kossack, Nathaniel E., first assistant, Criminal Division, Department of

Justice.

151

Loomis, Philip, general counsel, Securities and Exchange Commission 50

Rothenberg, Morton, secretary and general counsel, Installment Land

Sales and Development Association of Florida

193

Van Horn, Alton W., president, New Jersey Real Estate Commission. 79

Weiner, Leon N., president, National Association of Home Builders.-- 186

Williamson, Johnc., director, department of government relations,

National Association of Real Estate Boards.---

178

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