§ 34-38-5 - Approval or disapproval of filing and issuance of license.
SECTION 34-38-5
§ 34-38-5 Approval or disapproval offiling and issuance of license. – The department shall, upon completion of its investigation and inspection but,in the absence of any agreement to the contrary between the applicant and thedepartment, in any case not later than three (3) months from the receipt of thecompleted license application, or receipt of the effective statement of recordfiled with the secretary of housing and urban development and filed with thedepartment pursuant to § 34-38-2(c), approve or disapprove the prospectus,property report, or offering statement submitted under § 34-38-2(c) or§ 34-38-3, as the case may be, and shall, if satisfied that the sale ofthe properties would not be fraudulent nor result in fraud nor be against thepublic interest, issue to the applicant a license to advertise, offer, anddispose of in this state the subdivision or parcels, units, or other interestsin any subdivision the subject of the application or the effective statement ofrecord; the license shall be valid for one year from the date of issuance andthereafter within thirty (30) days of expiration may be renewed annually uponpayment to the department of a fee of one hundred dollars ($100) in respect ofeach subdivision covered by the license, unless there is a material changeaffecting the subdivision or lot, parcels, units, or other interest in anysubdivision or the offer or disposition thereof, in which case all new factsshall be reported to the department immediately. Upon receipt of the report orin the event that any material change is discovered by or comes to theattention of the department through other sources, the department may, afterhearing pursuant to the Administrative Procedures Act, chapter 35 of title 42,take such action as it considers necessary, including the suspension orrevocation of the license if justified.