§514A-43  Automatic expiration of public
reports; exceptions.  (a)  Except as provided in section 514A-39.5, a
public report shall expire thirteen months after the effective date of the
report.  The commission, upon submission of a written request for an extension
by the developer at least thirty calendar days prior to the expiration date,
together with such supporting information as may be required by the commission,
a review of the registration, and after payment of a nonrefundable fee as
provided in rules adopted by the director of commerce and consumer affairs
pursuant to chapter 91, may issue an order extending the effective date of the
preliminary, final, or supplemental public report.



(b)  The commission may issue an order that the
final public report for a two-apartment condominium project shall have no
expiration date, provided that the developer submits to the commission:



(1)  A written request for such an order not later
than thirty calendar days prior to the next expiration date of the final public
report;



(2)  Satisfactory evidence that one or both apartments
are either retained by the developer, or conveyed to an irrevocable trust to
benefit a spouse or family member of the developer.  A family member is anyone
related by blood, descent, or adoption; and



(3)  Payment of a nonrefundable fee as provided by
rules adopted by the department of commerce and consumer affairs pursuant to
chapter 91.



The final report shall be subject to the
supplemental public report requirements as provided in section 514A-41(a).



The developer receiving an order under this
subsection shall provide written notification to the commission within thirty
calendar days of any subsequent sale and conveyance of either apartment to any
person. [L 1977, c 98, pt of §2; am L 1991, c 44, §13; am L 1992, c 173, §2; am
L 1997, c 135, §9]