57-19-13 - Suspension, revocation, or denial of registration -- Fine.
57-19-13. Suspension, revocation, or denial of registration -- Fine.
(1) Subject to Section 57-19-17, an application for registration of a project may bedenied, an existing registration may be suspended or revoked, or a fine of not more than $500may be imposed by the director, if he finds that:
(a) the developer's advertising or sales techniques or trade practices have been or aredeceptive, false, or misleading;
(b) the developer has failed to file copies of its advertisements, promotion literature, orsales contract forms as required by Section 57-19-8;
(c) the developer has failed to comply with any provision of this chapter or the rulesadopted under this chapter that materially affect or would affect the rights of purchasers orprospective purchasers of an interest in a project, or that materially affect the administration ofthis chapter;
(d) the developer's offering of an interest in a project has worked or would work a fraudupon purchasers or prospective purchasers of such an interest;
(e) the developer's application or any amendment to an application is incomplete in anymaterial respect;
(f) the developer's application or any amendment to an application contains materialmisrepresentations or omissions of material fact which are necessary to make the statementscontained in the application or amendment not misleading;
(g) the developer or any officer or director of the developer has been:
(i) convicted of a felony, or any misdemeanor involving theft, fraud, or dishonesty;
(ii) enjoined from, assessed a civil penalty for, or found to have engaged in the violationof any law designed to protect consumers; or
(iii) engaged in dishonest practices in any industry involving sales to consumers;
(h) the developer has represented or is representing to purchasers in connection with theoffer or sale of an interest in a project that any accommodations, related facilities, or amenitiesare planned, without reasonable grounds to believe that they will be completed within areasonable time;
(i) the developer has disposed of, concealed, or diverted any funds or assets so as todefeat the rights of purchasers; or
(j) the developer has failed to provide to purchasers copies of the written disclosurerequired by Section 57-19-11.
(2) The authority to impose fines as provided in this section does not apply to Subsection(1)(e).
Enacted by Chapter 73, 1987 General Session