§ 337-B — Offering statement; contents; prohibitions

§ 337-b. Offering statement; contents; prohibitions. 1. Contents. The\noffering statement shall contain (a) the names, addresses, business\nbackground of the subdivider, and if such subdivider is a partnership or\ncorporation, the names, addresses and business background of each of the\npartners, officers and principal stockholders, the nature of their\nfiduciary relationship and their financial relationship, past, present\nand future, to the subdivider; (b) a duly certified financial statement\nof the assets and liabilities of the subdivider, as of a date not more\nthan three months prior to the date of the filing, in such detail as the\ndepartment may require; (c) a description of the subdivision and each\nunit or lot into which it has or will be divided, in such detail as the\ndepartment may require; (d) the material terms of any encumbrances,\nliens and restrictions upon the subdivision and each such unit or lot;\n(e) data and information concerning improvements, including streets,\nwater supply and sewerage disposal facilities, in existence on the\nsubdivision, and the estimated cost, date of completion and\nresponsibility for construction of improvements to be made which are\nreferred to in connection with the sale or lease or offering for sale or\nlease of the subdivision or any unit or lot thereon; (f) each of the\nterms and conditions under which each such unit or lot is offered for\nsale; and (g) such additional data and information as the department may\nrequire as being necessary or appropriate in the public interest or for\nthe protection of purchasers or lessees.\n 2. There may be omitted from any offering statement any of the\ninformation required under subdivision one of this section which the\ndepartment may by rules and regulations designate as not being necessary\nor appropriate in the public interest or for the protection of\npurchasers.\n 3. Limitations. No offer to sell or lease subdivided lands by means of\nadvertisements in periodicals or newspapers, or on television or radio,\nor by motion picture or otherwise shall be made unless each such\nadvertisement contains reference to the fact that an offering statement\nhas been filed with the department and that a copy of such statement is\navailable, upon request, from the subdivider.\n 4. Except as provided in subdivision three of this section, no offer\nof sale or lease of subdivided lands shall be made unless such offer is\naccompanied by a copy of the current offering statement filed pursuant\nto this article.\n 5. The first page of the offering statement and the face of all\nadvertising and literature employed in the sale or lease or offer for\nsale or lease of subdivided lands shall contain a statement in easily\nreadable print, that the filing of the verified statement and offering\nstatement with the department of state does not constitute approval of\nthe sale or lease or offer for sale or lease by the department of state\nor any officer thereof, or that the department of state has in any way\npassed upon the merits of such offering.\n 6. No sale or lease of subdivided lands shall be made unless\naccompanied or preceded by the delivery to the prospective purchaser of\nan offering statement complying with the provisions of this section.\n 7. No change or amendment of an offering statement shall be made\nunless a copy of such change or amendment has first been filed with the\ndepartment.\n 8. The subdivider, within thirty days after the anniversary date of\nthe filing of an offering statement, shall file with the department of\nstate a new current and up-to-date offering statement setting forth\ntherein all changes which have taken place during the preceding year\nwith respect to any and all data and information required to be set\nforth in such offering statement. Only a current offering statement\nshall be used to sell or lease or offer to sell or lease any of the\nsubdivided lands.\n 9. The offering statement shall include the following statement in\neasily readable capital letters of not less than nine-point type: "THE\nOFFEROR HAS FILED ADDITIONAL INFORMATION ON THIS LAND OFFERING WITH THE\nDEPARTMENT OF STATE PURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW.\nTHIS INFORMATION INCLUDES A DESCRIPTION AND MAPS OF THE PROPERTIES BEING\nOFFERED; A CERTIFICATE STATING IN DETAIL ALL LIENS, ENCUMBRANCES OR\nCLOUDS UPON THE TITLE TO THE LAND; AND STATEMENTS OF ANY PRIOR CRIMINAL\nCONVICTIONS OF THE PRINCIPALS MAKING THIS OFFERING WHICH INVOLVED THE\nSALE OR OFFERING FOR SALE OF SUBDIVIDED LANDS. INFORMATION FILED\nPURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW IS AVAILABLE PURSUANT\nTO THE FREEDOM OF INFORMATION LAW FROM THE DEPARTMENT OF STATE AT THE\nFOLLOWING ADDRESS: THE DEPARTMENT OF STATE, SUBDIVIDED LANDS SECTION,\nALBANY, NEW YORK 12231-0001."\n