; and (2) to protect consumers against unfair forfeitures of equity after making payments through a consumer credit transaction. 1002. Definitions In this title: (1) Covered land installment contract transaction The term covered land installment contract transaction means a sale of residential real property involving a land installment contract, if the residential real property has not been the principal place of residence of the seller during the preceding 2 years. (2) Land installment contract The term land installment contract means an agreement under which— (A) a seller agrees to sell an interest in real property to a purchaser; (B) the purchaser agrees to pay the purchase price in installments; and (C) the seller retains title to the real property as security for the obligation of the purchaser under the agreement. (3) Seller The term seller means— (A) an individual or entity selling an interest in residential real property; (B) any party related to the seller, as defined by section 267(b) of the Internal Revenue Code of 1986; and (C) any assignee or transferee of a seller not described in subparagraph (B). 1003. Governance of land installment contract transactions (a) In general The States shall, not later than 2 years after the date of enactment of this title, enhance consumer protection for covered land installment contract transactions by enacting the requirements described in subsections (b) and (c). (b) Recordation (1) In general The seller in a covered land installment contract transaction shall record the executory contract with the office where deeds are recorded not later than 5 days after the date on which the contract is executed. (2) States (A) In general The States shall, by law (including regulations) deter noncompliance with the recordation requirement by— (i) prohibiting the seller from compelling performance of the land installment contract or exercising remedies pursuant to the contract if the contract is not recorded in accordance with paragraph (1)