44-1948. Reporting requirements of dealers and
salesmen; real property records
A. Dealers and salesmen shall retain registration by filing:
1. A supplemental statement showing changes in the facts set forth in the original
application for registration as supplemented or amended as such changes occur or within
ninety days after the change.
2. In the case of a dealer that is registered under the securities exchange act of
1934 and to the extent requested by the commission, any financial information that is
required to be provided to the SEC or its designee under the securities exchange act of
1934. The dealer shall simultaneously file the same financial information with the
commission.
3. In the case of a dealer that is not registered under the securities exchange act
of 1934, annually and within ninety days of the audit report date, the audit report of an
independent certified public accountant, together with a balance sheet and related
statements of income or operations, stockholders' equity or retained earnings and cash
flows that reflect the dealer's financial position, the results of operations and cash
flows prepared in conformity with generally accepted accounting principles and examined
in accordance with generally accepted auditing standards.
B. Dealers shall maintain files in connection with transactions involving real
property investment contracts that include listings, deposit receipts, cancelled checks,
copies of contracts, agreements and sellers' statements, documents concerning appraisals
and credit investigations and all other correspondence relating to the purchase and sale
of real property investment contracts. Dealers shall maintain books, records and accounts
in conformity with generally accepted accounting principles, showing the receipt and
disbursement of funds received by dealers and salesmen in connection with the purchase
and sale of real property investment contracts. Dealers shall maintain files and records
relating to transactions involving real property investment contracts for five years from
the date the registration expires. The files and records are subject to inspection at all
times by authorized representatives of the commission.
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