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Real Estate | |
Timeshare and Camp Resort Act | |
Section 8 | Filing proposed documents. |
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57-19-8. Filing proposed documents. (1) Every developer shall file with the director at least five business days prior to using any of the following in this state: (a) copies or the proposed text of all advertisements and sales promotion literature; (b) the proposed form of its sales contracts; and (c) copies or the text of any supplements to the written disclosure required to be furnished to prospective purchasers pursuant to Section 57-19-11. (2) If the text, rather than copies, of the materials specified in Subsection (1) are filed, copies of these materials shall be filed with the director within five business days following the date the materials are first used. (3) The developer shall notify the division within five working days if he is convicted in any court of a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing in real estate transactions, or has been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions. (4) The developer must notify the division within five working days if the developer files a petition in bankruptcy or if any other event occurs which may have a material adverse effect on the subdivision. (5) In any suit by or against the developer involving camp resorts or timeshare developments, the developer promptly shall furnish the division notice of the suit and copies of all pleadings. Failure to provide notice may, in the discretion of the division, constitute grounds for the division withholding any approval required by this act.
Amended by Chapter 165, 1991 General Session |
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