58-3307.Inquiry and examination.Upon receipt of an application for registration in proper form, thecommissioner shall forthwith initiate an examination to determine that:
(1) The subdivider can convey or cause to be conveyed the interest insubdivided lands offered for disposition if the purchaser complies with theterms of the offer, and when appropriate, that release clauses, conveyancesin trust or other safeguards have been provided;
(2) there is reasonable assurance that all proposed improvements will becompleted as represented;
(3) the advertising material and the general promotional plan are notfalse or misleading and comply with the standards prescribed by thecommissioner in rules or regulations and afford full and fair disclosure;
(4) the subdivider has not, or if a corporation, its officers,directors, and principals have not, been convicted of a crime involvingland dispositions or any aspect of the land sales business in this state,the United States, or any other state or foreign country within the pastten (10) years and has not been subject to any injunction or administrativeorder within the past ten (10) years restraining a false or misleadingpromotional plan involving land dispositions;
(5) the public offering statement requirements of this act have beensatisfied.
History: L. 1967, ch. 311, § 7; L. 1976, ch. 241, § 6; July 1.
58-3307.Inquiry and examination.Upon receipt of an application for registration in proper form, thecommissioner shall forthwith initiate an examination to determine that:
(1) The subdivider can convey or cause to be conveyed the interest insubdivided lands offered for disposition if the purchaser complies with theterms of the offer, and when appropriate, that release clauses, conveyancesin trust or other safeguards have been provided;
(2) there is reasonable assurance that all proposed improvements will becompleted as represented;
(3) the advertising material and the general promotional plan are notfalse or misleading and comply with the standards prescribed by thecommissioner in rules or regulations and afford full and fair disclosure;
(4) the subdivider has not, or if a corporation, its officers,directors, and principals have not, been convicted of a crime involvingland dispositions or any aspect of the land sales business in this state,the United States, or any other state or foreign country within the pastten (10) years and has not been subject to any injunction or administrativeorder within the past ten (10) years restraining a false or misleadingpromotional plan involving land dispositions;
(5) the public offering statement requirements of this act have beensatisfied.
History: L. 1967, ch. 311, § 7; L. 1976, ch. 241, § 6; July 1.
58-3307.Inquiry and examination.Upon receipt of an application for registration in proper form, thecommissioner shall forthwith initiate an examination to determine that:
(1) The subdivider can convey or cause to be conveyed the interest insubdivided lands offered for disposition if the purchaser complies with theterms of the offer, and when appropriate, that release clauses, conveyancesin trust or other safeguards have been provided;
(2) there is reasonable assurance that all proposed improvements will becompleted as represented;
(3) the advertising material and the general promotional plan are notfalse or misleading and comply with the standards prescribed by thecommissioner in rules or regulations and afford full and fair disclosure;
(4) the subdivider has not, or if a corporation, its officers,directors, and principals have not, been convicted of a crime involvingland dispositions or any aspect of the land sales business in this state,the United States, or any other state or foreign country within the pastten (10) years and has not been subject to any injunction or administrativeorder within the past ten (10) years restraining a false or misleadingpromotional plan involving land dispositions;
(5) the public offering statement requirements of this act have beensatisfied.
History: L. 1967, ch. 311, § 7; L. 1976, ch. 241, § 6; July 1.
