Section 356-B:53 Inquiry and Investigation.
I. Upon receipt of an application for registration in proper form, the attorney general shall forthwith initiate an investigation to determine:
(a) That the declarant can or can reasonably be expected to be able to convey or cause to be conveyed the interests in the units offered for disposition if the purchaser complies with the terms of the offer and when appropriate, the release clauses, conveyances in trust or other safeguards have been provided;
(b) That there is reasonable assurance that all uncompleted improvements and amenities will be completed as represented;
(c) That the promotional plan is not false or misleading and complies with the standards prescribed by the attorney general in his rules and affords full and fair disclosure;
(d) Whether the declarant has not, or, if a corporation, its officers, and principals have not, been convicted of a crime involving condominium unit dispositions or any aspect of the land sales business or any other felony in this state, the United States, or any other state or foreign country within the past 10 years and has not been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions; and
(e) That the public offering statement requirements of this chapter have been satisfied.
II. All reasonable expenses incurred by the attorney general in carrying out the examination required by paragraph I shall be paid by the declarant, and no order registering the condominium shall be entered until such expenses have been fully paid.
Source. 1977, 468:1. 1985, 300:7, I(b).