§ 43-23.1-08 — Inquiry and examination

North Dakota § 43-23.1-08

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

Text

Upon receipt of an application for registration in proper form, the commission shall forthwith
initiate an examination to determine that:
1. The subdivider can convey or cause to be conveyed the interest in subdivided lands
offered for disposition if the purchaser complies with the terms of the offer, and, when
appropriate, that release clauses, conveyances in trust, escrow and impoundage
provisions, and other safeguards have been provided;
2. There is reasonable assurance that all proposed improvements will be completed as
represented;
3. The advertising material and the general promotional plan are not false or misleading
and comply with the standards prescribed by the commission in its rules and
regulations and afford full and fair disclosures;
4. The subdivider has not, or if a corporation or limited liability company, its officers,
managers, governors, directors, and principals have not been convicted of a crime
involving land dispositions or any aspect of the land sales business in this state, the
United States, or any other state or foreign country within the past ten years and has
not been subject to any injunction or administrative order within the past ten years
restraining a false or misleading promotional plan involving land dispositions;
5. There is no evidence which would reasonably lead the commission to believe that the
subdivider, or if a corporation or limited liability company, its officers, managers,
governors, directors, or principals are contemplating a fraudulent or misleading sales
promotion; and
6. The public offering statement requirements of this chapter have been satisfied.