[§514B-56]  Developer's public report;
amendments.  (a)  After the effective date for a developer's public report
has been issued by the commission, if there are any changes, either material or
pertinent changes, or both, regarding the information contained in or omitted
from the developer's public report, or if the developer desires to update or
change the information set forth in the developer's public report, the
developer shall immediately submit to the commission an amendment to the
developer's public report or an amended developer's public report clearly
reflecting the change, together with such supporting information as may be
required by the commission, to update the information contained in the
developer's public report, accompanied by nonrefundable fees as provided in
rules adopted by the director of commerce and consumer affairs pursuant to
chapter 91.  Within a reasonable period of time, the commission shall issue an
effective date for the amended developer's public report or take other appropriate
action under this part.



(b)  The submission of an amendment to the
developer's public report or an amended developer's public report shall not
require the developer to suspend sales, subject to the power of the commission
to order sales to cease as set forth in section 514B‑66; provided that
the developer shall advise the appropriate real estate broker or brokers, if
any, of the change and disclose to purchasers any change in the information
contained in the developer's public report pending the issuance of an effective
date for any amendment to the developer's public report or amended developer's
public report; and provided further that if the amended developer's public
report is not issued within thirty days after its submission to the commission,
the commission may order a suspension of sales pending the issuance of an
effective date for the amended developer's public report.  Nothing in this
section shall diminish the rights of purchasers under section 514B‑94.



(c)  The developer shall provide all purchasers
with a true copy of:



(1)  The amendment to the developer's public report,
if the purchaser has received copies of the developer's public report and all
prior amendments, if any; or



(2)  A restated developer's public report, including
all amendments.



(d)  The filing of an amendment to the
developer's public report or an amended developer's public report, in and of
itself, shall not be grounds for a purchaser to cancel or rescind a sales
contract.  A purchaser's right to cancel or rescind a sales contract shall be
governed by sections 514B‑86 and 514B‑87, the terms and conditions
of the purchaser's contract for sale, and applicable common law. [L 2005, c 93,
pt of §3]