§ 43-23.1-07 — Public offering statement

North Dakota § 43-23.1-07

• Jurisdiction: North Dakota
• Title 43: Occupations and Professions
• Ch. 43-23.1: Subdivided Lands Disposition Act

Text

1. A public offering statement must disclose fully and accurately the physical
characteristics of the subdivided lands offered and must make known to prospective
purchasers all unusual and material circumstances or features affecting the subdivided
lands. The proposed public offering statement submitted to the commission must be in
a form prescribed by it and must include the following:
a. The name and principal address of the subdivider.
b. A general description of the subdivided lands stating the total number of lots,
parcels, units, or interests in the offering.
c. The significant terms of any encumbrances, easements, liens, and restrictions,
including zoning and other regulations, affecting the subdivided lands and each
unit or lot, and a statement of all existing taxes and existing or proposed special
taxes or assessments which affect the subdivided lands.
d. A statement of the use for which the property is offered.
e. Information concerning improvements, including streets, water supply, levees,
drainage control systems, irrigation systems, sewage disposal facilities, and
customary utilities, and the estimated cost, date of completion, and responsibility
for construction and maintenance of existing and proposed improvements which
are referred to in connection with the offering or disposition of any interest in
subdivided lands.
f. Such of the information contained in the application for registration, and any
amendments thereto, and such other information as the commission may require

as being necessary or appropriate in the public interest or for the protection of
purchasers.
2. The public offering statement may not be used for any promotional purposes before
registration of the subdivided lands and afterwards only if it is used in its entirety. No
person may advertise or represent that the commission approves or recommends the
subdivided lands or disposition thereof. No portion of the public offering statement may
be underscored, italicized, or printed in larger or heavier or different color type than the
remainder of the statement unless the commission requires it.
3. The commission may require the subdivider to alter or amend the proposed public
offering statement in order to assure full and fair disclosure to prospective purchasers,
and no change in the substance of the promotional plan or plan of disposition or
development of the subdivision may be made after registration without notifying the
commission and without making appropriate amendment of the public offering
statement. A public offering statement is not current unless all amendments are
incorporated.