[§514B-67]  Termination of registration. 
(a)  The commission, after notice and hearing, may issue an order terminating
the registration of a condominium project upon determination that a developer,
or any officer, principal, or affiliate of a developer has:



(1)  Failed to comply with a cease and desist order
issued by the commission affecting that condominium project;



(2)  Concealed, diverted, or disposed of any funds or
assets of any person in a manner impairing rights of purchasers of units in
that condominium project;



(3)  Failed to perform any stipulation or agreement
made to induce the commission to issue an order relating to that condominium
project;



(4)  Misrepresented or failed to disclose a material
fact in the application for registration; or



(5)  Failed to meet any of the conditions described in
this part necessary to qualify for registration.



(b)  A developer may not convey, cause to be
conveyed, or contract for the conveyance of any interest in a unit while an
order revoking the registration of the condominium project is in effect,
without the consent of the commission.



(c)  The commission may issue a cease and
desist order in lieu of an order of revocation where appropriate. [L 2005, c
93, pt of §3]