; and (iv) providing authority to enforce compliance with the recordation requirement to an appropriate enforcement body. (B) Additional penalties for noncompliance Nothing in subparagraph (A) shall prevent a State from imposing additional penalties for noncompliance if the penalties are greater than the potential harm a purchaser may suffer, or the gain a seller may realize, as a result of the failure of the seller to record a contract in accordance with paragraph (1). (c) Protection of purchaser's equity If a purchaser defaults, the seller may liquidate the interest of the purchaser in the property pursuant to the residential mortgage foreclosure law of the State, including all notice and curative requirements therein. The seller may not enforce the remedy of rescission or forfeiture and no such remedy within a land installment contract shall be binding on the purchaser. (d) Regulations If the Director of the Bureau of Consumer Financial Protection determines that a State does not have the requirements described in subsections (b) and (c) in effect by law (including regulations) on the date that is 2 years after the date of enactment of this title, the Director shall adopt rules applicable to that State that achieve the purposes of subsection (a) that are consistent with the standards adopted in the States that have the requirements of subsections (b) and (c) in effect. The Director may extend the deadline under this subsection for not more than 1 year if a State has shown a good faith effort towards implementation. The Director may promulgate regulations to monitor State compliance with this section. (e) Applicability The requirements described in subsections (b) and (c) shall only apply to covered land contract transactions entered into after such requirements are in effect by law (including regulations). .