§514A-36  Public reports and registration
fees.  (a)  Concurrently with its filing with the commission of the
notification of intention pursuant to sections 514A-31 and 514A-32, the
developer shall prepare and submit to the commission a public report disclosing
all material facts pertaining to the project.  The public report shall be in
such form and content as prescribed by the commission.  Such public report may
not be used for the purpose of selling any apartments in the project unless and
until the commission issues an effective date for the public report.  The
commission's issuance of an effective date for a public report shall not be
construed to constitute the commission's approval or disapproval of the
project, or the commission's representation that all material facts concerning
the project have been fully or adequately disclosed, or the commission's
judgment of the value or merits of the project.  No effective date for a final
public report shall be issued until execution and recordation of the deed or
master lease, the declaration, the bylaws, and floor plans, as provided by
sections 514A-12, 514A-20, and 514A-81.



(b)  The commission may determine when a public
report will supersede the public reports previously issued for the project.



(c)  The developer shall be assessed
nonrefundable fees as provided in the rules adopted by the director of commerce
and consumer affairs pursuant to chapter 91, for each effective date requested
for a public report, including extensions, if any. [L 1977, c 98, pt of §2; am
L 1986, c 295, §1; am L 1988, c 72, §2; am L 1991, c 44, §7; am L 1997, c 135,
§7]



 



Note



 



  Section 514A-81 referred to in text is repealed.