Sec. 20-329h. Rights of purchasers.
Sec. 20-329h. Rights of purchasers. (a) No subdivision or lot, parcel, unit or interest in any subdivision shall be disposed of except through a broker, provided nothing
in this subsection shall be deemed to prohibit any such broker from employing any
salesperson, for the specific purpose of offering or disposing of, on behalf of such broker
and under contract to such broker, any lot, parcel, unit or interest in any subdivision.
Prior to any offering or disposition, pursuant to any license granted under sections 20-329a to 20-329m, inclusive, the name of such broker shall be placed on file with the
commission.
(b) A clearly identified copy of the prospectus, property report or offering statement
shall be given to each purchaser by the broker or salesperson prior to the execution of
any contract for the disposition of any such property. The broker or salesperson shall
obtain from the purchaser a signed receipt for a copy of such prospectus, property report
or offering statement and, if a contract for disposition shall be entered into, the receipt
shall be kept in the broker's files for a period of seven years and shall be subject to
inspection by the commission. Upon termination of such broker or salesperson's employment with the developer, all such records shall be turned over to the developer
within thirty days and shall be retained by such developer for the duration of the seven-year period.
(c) Any contract or agreement for the disposition of any subdivision or any lot,
parcel, unit or interest in any subdivision, not exempted under the provisions of section
20-329b, where the prospectus, property report or offering statement has not been given
to the purchaser more than seventy-two hours in advance of his signing such contract
or agreement, may be revoked by the purchaser within seventy-two hours after the
purchaser signed the contract or agreement or after receipt by the purchaser of such
prospectus, property report or offering statement, whichever is the later, and the contract
or agreement shall so provide, except that the contract or agreement may stipulate that
such revocation authority shall not apply in the case of a purchaser who (1) has received
the prospectus, property report or offering statement and inspected the subdivision in
advance of signing the contract or agreement, and (2) acknowledges by his signature
that the purchaser has made such inspection and has read and understood the prospectus,
property report or offering statement. Any such revocation shall be in writing in a form
prescribed by the commission and shall be communicated to the broker within the time
period specified in this subsection. All moneys paid by the purchaser under such revoked
contract or agreement shall be returned immediately to the purchaser by the broker
without any deductions.
(1969, P.A. 697, S. 8; 1971, P.A. 488, S. 6; P.A. 73-23; P.A. 96-200, S. 21; P.A. 98-10, S. 47.)
History: 1971 act made provisions applicable to interests in subdivisions, added proviso protecting broker's right to
employ salesmen to act for him and replaced "sales prospectus" with "prospectus, property report or offering statement";
P.A. 73-23 required return of records to developer within 30 days after termination of broker's or salesman's employment
in Subsec. (b); P.A. 96-200 substituted "salesperson" for "salesman"; P.A. 98-10 made technical changes in Subsecs. (a)
and (c).