§ 1706. — Effective date of statements of record and amendments thereto.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1706]
TITLE 15--COMMERCE AND TRADE
CHAPTER 42--INTERSTATE LAND SALES
Sec. 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.
(Pub. L. 90-448, title XIV, Sec. 1407, Aug. 1, 1968, 82 Stat. 593.)
Section Referred to in Other Sections
This section is referred to in sections 1702, 1703, 1708 of this
title.
