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DISCLOSURE ACT

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

EIGHTY-NINTH CONGRESS

SECOND SESSION

ON

S. 2672

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

JUNE 21, 22, AND AUGUST 18, 1966

Printed for the use of the Committee on Banking and Currency

U.S. GOVERNMENT PRINTING OFFICE

WASHINGTON : 1966

66-628 O

COMMITTEE ON BANKING AND CURRENCY

A. WILLIS ROBERTSON, Virginia, Chairman JOHN SPARKMAN, Alabama

WALLACE F. BENNETT, Utah PAUL H. DOUGLAS, Illinois

JOHN G. TOWER, Texas WILLIAM PROXMIRE, Wisconsin

STROM THURMOND, South Carolina
HARRISON A. WILLIAMS, JR., New Jersey BOURKE B. HICKENLOOPER, Iowa
EDMUND S. MUSKIE, Maine
EDWARD V. LONG, Missouri
MAURINE B. NEUBERGER, Oregon
THOMAS J. MCINTYRE, New Hampshire
WALTER F. MONDALE, Minnesota

MATTHEW HALE, Chief of Staff
WOODLIEF THOMAS, Chief Economist
John R. EVANS, Minority Chief of Staff

HENRIETTA S. CHASE, Chief Clerk

SUBCOMMITTEE ON SECURITIES

HARRISON A. WILLIAMS, JR., New Jersey, Chairman A. WILLIS ROBERTSON, Virginia

STROM THURMOND, South Carolina EDMUND S. MUSKIE, Maine

WALLACE F. BENNETT, Utah EDWARD V. LONG, Missouri

BOURKE B. HICKENLOOPER, Iowa MAURINE B. NEUBERGER, Oregon THOMAS J. MCINTYRE, New Hampshire WALTER F. MONDALE, Minnesota

II

CONTENTS

Page

S. 2672..

243

Explanation of the bill..

276

Agency reports:

Commerce Department.---

278

Deputy Attorney General.

279

WITNESSES

TUESDAY, JUNE 21

Morton C. Paulson, business editor, News-Journal, Daytona Beach, Fla.- 4

Samuel T. Frear, formerly with the Eugene (Oreg.) Register-Guard..

4, 19

Fred Fogarty, real estate editor, the Miami (Fla.) Herald..

Alton W. Van Horn, president, New Jersey Real Estate Commission--- 46

T. C. Dickson, administrator, Indiana Real Estate Commission..

55, 58

Kenneth N. Hynes, chief, east coast section, American Republics Division,

Office of International Regional Economics, Bureau of International

Commerce, accompanied by Alan Kay, Office of General Counsel,

Department of Commerce..

57

Alan L. Emlen, chairman, Realtors' Washington Committee, National

Association of Real Estate Boards, accompanied by John C. Williamson,

director, department of governmental relations..

WEDNESDAY, JUNE 22

Carlton L. Shipley, attorney, Washington, D.C.-

75

Walter F. Mondale, U.S. Senator from the State of Minnesota-

78

Manuel F. Cohen, Chairman of the Securities and Exchange Commission.

Herndon P. Jeffreys, Jr., American Realty Service Corp., Richmond, Va.- 101

Herbert E. Wenig, assistant attorney general for the State of California. 111

J. R. Hoffman, vice president, National Better Business Bureau, Inc.--- 122

Carl A. Bertoch, executive director, Florida Installment Land Sales

Board, accompanied by Jon Moyle, counsel to the board...

133

Ralph Smathers, president and general manager, Better Business Bureau

of South Florida.

180

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