Brief on Light Sport Aircraft Rule

Light-Sport Aircraft:
Maximum gross takeoff weight-1,320 lbs (599 kg.), 1,430 lbs. if float equipped.
Maximum stall speed-51 mph (45 knots)
Maximum speed in level flight with maximum continuous power (Vh)-138 mph (120 knots)
Two-place maximum (pilot and one passenger)
Day VFR operation only (unless the aircraft is equipped per FAR 91.209 and the pilot holds at least a Private Pilot certificate).
Single, non-turbine engine only
Fixed or ground adjustable propeller
Unpressurized cabin
Fixed landing gear
Can be manufactured and sold ready-to-fly without FAR Part 23 compliance. Aircraft must meet ASTM consensus standards. Aircraft under this certification can be used for transportation, sport and recreation, flight training, and aircraft rental.
U.S. or foreign manufacture of light-sport aircraft is authorized.

The Sport Pilot Rule:
Creates a new student sport pilot certificate for operating any aircraft that meet the above definition.
Creates a new sport pilot certificate for operating any aircraft that meet the above definition.
Creates a new sport pilot instructor certificate.
Requires FAA knowledge (written) and practical (flight) test.
Credits sport pilot flight time toward more advanced pilot ratings.
Requires either only a current and valid U.S. driver's license (or a 3rd class FAA medical certificate) as evidence of medical eligibility
Does not allow carrying passengers for compensation or hire
Allows sharing ("pro-rata") operating expenses with another pilot.
Allows day VFR flight only.

Sport Pilot Intructors:
Creates new sport pilot flight and ground instructor certificates.
Allows instructors to use ultralight exemption experience.
Allows conversion to sport pilot instructor status for ultralight instructors.
Allows current CFI's to train sport pilots.