[§514B-54]  Developer's public report;
requirements for issuance of effective date.  (a)  Prior to the issuance of
an effective date for a developer's public report, the commission shall have
received the following:



(1)  Nonrefundable fees as provided in rules adopted
by the director of commerce and consumer affairs pursuant to chapter 91;



(2)  The developer's public report prepared by the
developer disclosing the information specified in section 514B‑83 and, if
applicable, section 514B‑84;



(3)  A copy of the deed, master lease, agreement of
sale, or sales contract evidencing either that the developer holds the fee or
leasehold interest in the property or has a right to acquire the same;



(4)  Copies of the executed declaration, bylaws, and
condominium map that meet the requirements of sections 514B‑32, 514B‑33,
and 514B‑108;



(5)  A specimen copy of the proposed contract of sale
for units;



(6)  An executed copy of an escrow agreement with a
third party depository for retention and disposition of purchasers' funds that
meets the requirements of section 514B‑91;



(7)  As applicable, the documents and information
required in section 514B‑92 or 514B‑93;



(8)  A declaration, subject to the penalties set forth
in section 514B‑69(b), that the project is in compliance with all county
zoning and building ordinances and codes, and all other county permitting
requirements applicable to the project, pursuant to sections 514B‑5 and
514B‑32(a)(13); and



(9)  Other documents and information that the
commission may require.



(b)  The developer's public report shall not be
used for the purpose of selling any units in the project until the commission
issues an effective date for the developer's public report.  The commission's
issuance of an effective date for a developer's public report shall not be
construed to constitute the commission's approval or disapproval of the
project; the commission's representation that either all material facts or all
pertinent changes, or both, concerning the project have been fully or
adequately disclosed; or the commission's judgment of the value or merits of
the project. [L 2005, c 93, pt of §3]