15 U.S.C. § 1705 — Information required in statement of

Page 1673 TITLE 15—COMMERCE AND TRADE § 1705 EFFECTIVE DATE Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title. § 1704. Registration of subdivisions (a) Filing of statement of record A subdivision may be registered by filing with the Director a statement of record, meeting the requirements of this chapter and such rules and regulations as may be prescribed by the Director in furtherance of the provisions of this chapter. A statement of record shall be deemed effective only as to the lots specified therein. (b) Payment of fees; use by Director At the time of filing a statement of record, or any amendment thereto, the developer shall pay to the Director a fee, not in excess of $1,000, in accordance with a schedule to be fixed by the regulations of the Director, which fees may be used by the Director to cover all or part of the cost of rendering services under this chapter, and such expenses as are paid from such fees shall be considered nonadministrative. (c) Filing deemed to have taken place upon re- ceipt of statement of record accompanied by fee The filing with the Director of a statement of record, or of an amendment thereto, shall be deemed to have taken place upon the receipt thereof, accompanied by payment of the fee re- quired by subsection (b). (d) Availability of information to public The information contained in or filed with any statement of record shall be made available to the public under such regulations as the Direc- tor may prescribe and copies thereof shall be furnished to every applicant at such reasonable charge as the Director may prescribe. (Pub. L. 90–448, title XIV, § 1405, Aug. 1, 1968, 82 Stat. 592; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Director’’ for ‘‘Sec- retary’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title. § 1705. Information required in statement of record The statement of record shall contain the in- formation and be accompanied by the docu- ments specified hereinafter in this section— (1) the name and address of each person hav- ing an interest in the lots in the subdivision to be covered by the statement of record and the extent of such interest; (2) a legal description of, and a statement of the total area included in, the subdivision and a statement of the topography thereof, to- gether with a map showing the division pro- posed and the dimensions of the lots to be cov- ered by the statement of record and their rela- tion to existing streets and roads; (3) a statement of the condition of the title to the land comprising the subdivision, includ- ing all encumbrances and deed restrictions and covenants applicable thereto; (4) a statement of the general terms and con- ditions, including the range of selling prices or rents at which it is proposed to dispose of the lots in the subdivision; (5) a statement of the present condition of access to the subdivision, the existence of any unusual conditions relating to noise or safety which affect the subdivision and are known to the developer, the availability of sewage dis- posal facilities and other public utilities (in- cluding water, electricity, gas, and telephone facilities) in the subdivision, the proximity in miles of the subdivision to nearby municipali- ties, and the nature of any improvements to be installed by the developer and his estimated schedule for completion; (6) in the case of any subdivision or portion thereof against which there exists a blanket encumbrance, a statement of the consequences for an individual purchaser of a failure, by the person or persons bound, to fulfill obligations under the instrument or instruments creating such encumbrance and the steps, if any, taken to protect the purchaser in such eventuality; (7)(A) copy of its articles of incorporation, with all amendments thereto, if the developer is a corporation; (B) copies of all instruments by which the trust is created or declared, if the developer is a trust; (C) copies of its arti- cles of partnership or association and all other papers pertaining to its organization, if the developer is a partnership, unincorporated as- sociation, joint stock company, or any other form of organization; and (D) if the purported holder of legal title is a person other than de- veloper, copies of the above documents for such person; (8) copies of the deed or other instrument es- tablishing title to the subdivision in the devel- oper or other person and copies of any instru- ment creating a lien or encumbrance upon the title of developer or other person or copies of the opinion or opinions of counsel in respect to the title to the subdivision in the developer or other person or copies of the title insurance policy guaranteeing such title; (9) copies of all forms of conveyance to be used in selling or leasing lots to purchasers; (10) copies of instruments creating ease- ments or other restrictions; (11) such certified and uncertified financial statements of the developer as the Director may require; and (12) such other information and such other documents and certifications as the Director may require as being reasonably necessary or appropriate for the protection of purchasers. Page 1674 TITLE 15—COMMERCE AND TRADE § 1706 (Pub. L. 90–448, title XIV, § 1406, Aug. 1, 1968, 82 Stat. 592; Pub. L. 91–609, title IX, § 909, Dec. 31, 1970, 84 Stat. 1811; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.) Editorial Notes AMENDMENTS 2010—Pars. (11), (12). Pub. L. 111–203 substituted ‘‘Di- rector’’ for ‘‘Secretary’’. 1970—Par. (5). Pub. L. 91–609 required the statement of record to contain a statement of the existence of any unusual conditions relating to noise or safety which af- fect the subdivision and are known to the developer. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees. EFFECTIVE DATE Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title. § 1706. Effective date of statements of record and amendments thereto (a) Thirtieth day after filing or such earlier date as determined by Director; consolidation of subsequent statement with earlier recording Except as hereinafter provided, the effective date of a statement of record, or any amend- ment thereto, shall be the thirtieth day after the filing thereof or such earlier date as the Di- rector may determine, having due regard to the public interest and the protection of purchasers. If any amendment to any such statement is filed prior to the effective date of the statement, the statement shall be deemed to have been filed when such amendment was filed; except that such an amendment filed with the consent of the Director, or filed pursuant to an order of the Di- rector, shall be treated as being filed as of the date of the filing of the statement of record. When a developer records additional lands to be offered for disposition, he may consolidate the subsequent statement of record with any earlier recording offering subdivided land for disposi- tion under the same promotional plan. At the time of consolidation the developer shall include in the consolidated statement of record any ma- terial changes in the information contained in the earlier statement. (b) Incomplete or inaccurate statements of record If it appears to the Director that a statement of record, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the Director shall so advise the devel- oper within a reasonable time after the filing of the statement or the amendment, but prior to the date the statement or amendment would otherwise be effective. Such notification shall serve to suspend the effective date of the state- ment or the amendment until thirty days after the developer files such additional information as the Director shall require. Any developer, upon receipt of such notice, may request a hear- ing, and such hearing shall be held within twen- ty days of receipt of such request by the Direc- tor. (c) Amendment of statement of record If, at any time subsequent to the effective date of a statement of record, a change shall occur affecting any material fact required to be contained in the statement, the developer shall promptly file an amendment thereto. Upon re- ceipt of any such amendment, the Director may, if he determines such action to be necessary or appropriate in the public interest or for the pro- tection of purchasers, suspend the statement of record until the amendment becomes effective. (d) Suspension of statement of record containing untrue statement or omission to state mate- rial fact; notice and hearing; termination of order of suspension If it appears to the Director at any time that a statement of record, which is in effect, in- cludes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, the Director may, after notice, and after opportunity for hearing (at a time fixed by the Director) within fifteen days after such notice, issue an order suspending the statement of record. When such statement has been amended in accordance with such order, the Director shall so declare and thereupon the order shall cease to be effective. (e) Examination to determine issuance of order; access to records; order suspending state- ment of record upon failure to cooperate The Director is hereby empowered to make an examination in any case to determine whether an order should issue under subsection (d). In making such examination, the Director or any- one designated by him shall have access to and may demand the production of any books and papers of, and may administer oaths and affir- mations to and examine, the developer, any agents or any other person, in respect of any matter relevant to the examination. If the de- veloper or any agents shall fail to cooperate, or shall obstruct or refuse to permit the making of an examination, such conduct shall be proper ground for the issuance of an order suspending the statement of record. (f) Service of notices Any notice required under this section shall be sent to or served on the developer or his author- ized agent. (Pub. L. 90–448, title XIV, § 1407, Aug. 1, 1968, 82 Stat. 593; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.) Editorial Notes AMENDMENTS 2010—Pub. L. 111–203 substituted ‘‘Director’’ for ‘‘Sec- retary’’ wherever appearing. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the des- ignated transfer date, see section 1100H of Pub. L.