§514B-58  Annual report.  (a)  A
developer, its successor, or assign shall file annually a report to update the
material contained in the developer's public report, together with the payment
of nonrefundable fees, at least thirty days prior to the anniversary date of
the effective date for a developer's public report.  If there is no change to
the developer's public report, the developer shall so state.  This subsection
shall not relieve the developer, its successor, or assign of the obligation to
file amendments to the developer's public report pursuant to section 514B‑56. 
Failure to file the annual report required by this section may subject the
developer to the penalties set forth in section 514B‑69(b).



(b)  The developer, its successor, or assign
shall be relieved from filing annual reports pursuant to this section when the
initial sales of all units have been completed. [L 2005, c 93, pt of §3; am L
2006, c 273, §12]