57-19-8 - Filing proposed documents.
57-19-8. Filing proposed documents.
(1) Every developer shall file with the director at least five business days prior to usingany of the following in this state:
(a) copies or the proposed text of all advertisements and sales promotion literature;
(b) the proposed form of its sales contracts; and
(c) copies or the text of any supplements to the written disclosure required to be furnishedto prospective purchasers pursuant to Section 57-19-11.
(2) If the text, rather than copies, of the materials specified in Subsection (1) are filed,copies of these materials shall be filed with the director within five business days following thedate the materials are first used.
(3) The developer shall notify the division within five working days if he is convicted inany court of a crime involving fraud, deception, false pretenses, misrepresentation, falseadvertising, or dishonest dealing in real estate transactions, or has been subject to any injunctionor administrative order restraining a false or misleading promotional plan involving landdispositions.
(4) The developer must notify the division within five working days if the developer filesa petition in bankruptcy or if any other event occurs which may have a material adverse effect onthe subdivision.
(5) In any suit by or against the developer involving camp resorts or timesharedevelopments, the developer promptly shall furnish the division notice of the suit and copies of allpleadings. Failure to provide notice may, in the discretion of the division, constitute grounds forthe division withholding any approval required by this act.
Amended by Chapter 165, 1991 General Session