61-2f-307 - Rulemaking required for offer or sale of an undivided fractionalized long-term estate -- Disclosures -- Management agreement.
61-2f-307. Rulemaking required for offer or sale of an undivided fractionalizedlong-term estate -- Disclosures -- Management agreement.
(1) (a) A licensee or certificate holder under this chapter who sells or offers to sell anundivided fractionalized long-term estate shall comply with the disclosure requirements imposedby rules made by the commission under this section.
(b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission shall make rules as to the timing, form, and substance of disclosures required to bemade by a licensee or certificate holder under this section.
(2) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission shall make rules imposing requirements for a management agreement related to anundivided fractionalized long-term estate that makes the offer or sale of the undividedfractionalized long-term estate treated as a real estate transaction and not treated as an offer orsale of a security under Chapter 1, Utah Uniform Securities Act.
(3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, thecommission shall make rules establishing:
(a) the disclosures required in the sale or offer of an undivided fractionalized long-termestate that is subject to a master lease;
(b) requirements for the management of a master lease on an undivided fractionalizedlong-term estate; and
(c) the requirements on the structure of a master lease on an undivided fractionalizedlong-term estate.
Renumbered and Amended by Chapter 379, 2010 General Session