57-19-6 - Effective date of application.
57-19-6. Effective date of application.
(1) An application for registration filed pursuant to Section 57-19-5 is effective upon theexpiration of 30 business days following its filing with the director, unless:
(a) an order denying the application pursuant to Section 57-19-13 is in effect;
(b) a prior effective date has been ordered by the director; or
(c) the director has, prior to that date, notified the applicant of a defect in the registrationapplication.
(2) An applicant may consent to the delay of effectiveness until the director by orderdeclares the registration to be effective.
(3) Notwithstanding Section 57-19-4, the division may grant a temporary permit allowingthe developer to begin a sales program while the registration is in process. To obtain a temporarypermit, the developer shall:
(a) submit an application to the division for a temporary permit in the form required bythe division;
(b) submit a substantially complete application for registration to the division, includingall appropriate fees and exhibits required under Section 57-19-5, plus a temporary permit fee of$100;
(c) provide evidence acceptable to the division that all funds received by the developer ormarketing agent will be placed into an independent escrow with instructions that funds will not bereleased until a final registration has been granted;
(d) give to each purchaser and potential purchaser a copy of the proposed property reportthat the developer has submitted to the division with the initial application; and
(e) give to each purchaser the opportunity to cancel the purchase in accordance withSection 57-19-12. The purchaser shall have an additional opportunity to cancel upon the issuanceof an approved registration if the division determines that there is a substantial difference in thedisclosures contained in the final property report and those given to the purchase in the proposedproperty report.
Amended by Chapter 86, 2000 General Session