The Lead based paint disclosure act, known officially as the Residential Lead-Based Paint Hazard Reduction Act of 1992, was passed to protect families from being exposed to lead-based paints, which are proved to be extremely harmful to the human nervous system. The disclosure states that a owners of most homes built prior to 1978 have a legal obligation to disclose any known information, including but not limited to location and condition of any lead-based paint located on their properties before selling or leasing them. Most private and public housing falls under this disclosure act as does Federally-owned housing or housing that receives Federal assistance. Sellers and leasers are required to retain a copy of the lead based paint disclosure for no at least three years from the date sale or the date a lease takes effect.