State Codes and Statutes
Statutes > Utah > Title-57 > Chapter-11 > 57-11-757-11-7. Public offering statement -- Contents -- Restrictions on use -- Alteration oramendments.
(1) Every public offering statement shall disclose completely and accurately toprospective purchasers:
(a) the physical characteristics of the subdivided lands offered; and
(b) unusual and material circumstances or features affecting the subdivided lands.
(2) The proposed public offering statement submitted to the division shall be in a formprescribed by its rules and, unless otherwise provided by the division, shall include thefollowing:
(a) the name and principal address of the subdivider and the name and principal addressof each officer, director, general partner, other principal, or person occupying a similar status orperforming similar functions as defined by the rules of the division if the subdivider is a personother than an individual;
(b) a general description of the subdivided lands stating the total number of units in theoffering;
(c) a statement summarizing in one place the significant terms of any encumbrances,easements, liens, severed interests, and restrictions, including zoning and other regulationsaffecting the subdivided lands and each unit, and a statement of all existing or proposed taxes orspecial assessments which affect the subdivided lands;
(d) a statement of the use for which the property is offered;
(e) information concerning:
(i) any improvements, including streets, curbs, and gutters, sidewalks, water supplyincluding a supply of culinary water, drainage and flood control systems, irrigation systems,sewage disposal facilities, and customary utilities;
(ii) the estimated cost to the purchaser, the estimated date of completion, and theresponsibility for construction and maintenance of existing and proposed improvements whichare referred to in connection with the offering or disposition; and
(iii) if for any reason any of the improvements described in Subsections (2)(e)(i) and (ii)cannot presently be constructed or maintained, a statement clearly setting forth this fact andgiving the reasons therefor;
(f) (i) a statement of existing zoning or other planned land use designation of each unitand the proposed use of each unit in the subdivision including uses as residential dwellings,agriculture, churches, schools, low density apartments, high density apartments and hotels, and asubdivision map showing the proposed use, the zoning, or other planned land use designation,unless each unit has the same proposed use, zoning, or other planned land use designation;
(ii) if the subdivision consists of more than one tract or other smaller division, theinformation and map required by Subsection (2)(f)(i) need only pertain to the tract or smallerdivision in which the units offered for disposition are located;
(g) a map, which need not be drawn to scale, enabling one unfamiliar with the area inwhich the subdivision is located to reach the subdivision by road or other thoroughfare from anearby town or city;
(h) (i) the boundary, course, dimensions, and intended use of the right-of-way andeasement grants of record;
(ii) the location of existing underground and utility facilities; and
(iii) any conditions or restrictions governing the location of the facilities within the
right-of-way, and easement grants of record, and utility facilities within the subdivision; and
(i) any additional information the division may require to assure full and fair disclosureto prospective purchasers.
(3) (a) The public offering statement may not be used for any promotional purposeseither before registration of the subdivided lands or before the date the statement becomeseffective.
(b) The statement may be used after it becomes effective only if it is used in its entirety.
(c) A person may not advertise or represent that the division approves or recommends thesubdivided lands or their disposition.
(d) No portion of the public offering statement may be underscored, italicized, or printedin larger, heavier, or different color type than the remainder of the statement, unless the divisionrequires it.
(4) (a) The division may require the subdivider to alter or amend the proposed publicoffering statement in order to assure full and fair disclosure to prospective purchasers.
(b) A change in the substance of the promotional plan or plan of disposition ordevelopment of the subdivision may not be made after registration without notifying andreceiving approval of the division and without making appropriate amendment of the publicoffering statement.
(c) A public offering statement is not current unless:
(i) all amendments are incorporated;
(ii) the subdivider has timely filed each renewal report required by Section 57-11-10; and
(iii) no cease and desist order issued pursuant to this chapter is in effect.
(5) The subdivider must notify the division within five working days if he is convicted ofa crime involving fraud, deception, false pretenses, misrepresentation, false advertising, ordishonest dealing in real estate transactions, or has been subject to any injunction oradministrative order restraining a false or misleading promotional plan involving landdispositions.
(6) The subdivider must notify the division within five working days if the person whichowns the subdivided lands files a petition in bankruptcy or if any other event occurs which mayhave a material adverse effect on the subdivision.
Amended by Chapter 324, 2010 General Session
