15 U.S.C. § 1706 : US Code - Section 1706: Effective date of statements of record and amendments thereto

Search 15 U.S.C. § 1706 : US Code - Section 1706: Effective date of statements of record and amendments thereto

(a) Thirtieth day after filing or such earlier date as determined
by Secretary; consolidation of subsequent statement with earlier
recording
Except as hereinafter provided, the effective date of a statement
of record, or any amendment thereto, shall be the thirtieth day
after the filing thereof or such earlier date as the Secretary may
determine, having due regard to the public interest and the
protection of purchasers. If any amendment to any such statement is
filed prior to the effective date of the statement, the statement
shall be deemed to have been filed when such amendment was filed;
except that such an amendment filed with the consent of the
Secretary, or filed pursuant to an order of the Secretary, shall be
treated as being filed as of the date of the filing of the
statement of record. When a developer records additional lands to
be offered for disposition, he may consolidate the subsequent
statement of record with any earlier recording offering subdivided
land for disposition under the same promotional plan. At the time
of consolidation the developer shall include in the consolidated
statement of record any material changes in the information
contained in the earlier statement.
(b) Incomplete or inaccurate statements of record
If it appears to the Secretary that a statement of record, or any
amendment thereto, is on its face incomplete or inaccurate in any
material respect, the Secretary shall so advise the developer
within a reasonable time after the filing of the statement or the
amendment, but prior to the date the statement or amendment would
otherwise be effective. Such notification shall serve to suspend
the effective date of the statement or the amendment until thirty
days after the developer files such additional information as the
Secretary shall require. Any developer, upon receipt of such
notice, may request a hearing, and such hearing shall be held
within twenty days of receipt of such request by the Secretary.
(c) Amendment of statement of record
If, at any time subsequent to the effective date of a statement
of record, a change shall occur affecting any material fact
required to be contained in the statement, the developer shall
promptly file an amendment thereto. Upon receipt of any such
amendment, the Secretary may, if he determines such action to be
necessary or appropriate in the public interest or for the
protection of purchasers, suspend the statement of record until the
amendment becomes effective.
(d) Suspension of statement of record containing untrue statement
or omission to state material fact; notice and hearing;
termination of order of suspension
If it appears to the Secretary at any time that a statement of
record, which is in effect, includes any untrue statement of a
material fact or omits to state any material fact required to be
stated therein or necessary to make the statements therein not
misleading, the Secretary may, after notice, and after opportunity
for hearing (at a time fixed by the Secretary) within fifteen days
after such notice, issue an order suspending the statement of
record. When such statement has been amended in accordance with
such order, the Secretary shall so declare and thereupon the order
shall cease to be effective.
(e) Examination to determine issuance of order; access to records;
order suspending statement of record upon failure to cooperate
The Secretary is hereby empowered to make an examination in any
case to determine whether an order should issue under subsection
(d) of this section. In making such examination, the Secretary or
anyone designated by him shall have access to and may demand the
production of any books and papers of, and may administer oaths and
affirmations to and examine, the developer, any agents or any other
person, in respect of any matter relevant to the examination. If
the developer or any agents shall fail to cooperate, or shall
obstruct or refuse to permit the making of an examination, such
conduct shall be proper ground for the issuance of an order
suspending the statement of record.
(f) Service of notices
Any notice required under this section shall be sent to or served
on the developer or his authorized agent.