58-3306. Public offering statement. - Kansas Statutes

58-3306

Chapter 58.--PERSONAL AND REAL PROPERTY Part 6.--MISCELLANEOUS PROVISIONS Article 33.--UNIFORM LAND SALES PRACTICES ACT

      58-3306.   Public offering statement.(a) A public offering statement shall disclose fully and accurately thephysical characteristics of the subdivided lands offered and shall makeknown to prospective purchasers all unusual and material circumstances orfeatures affecting the subdivided lands. The proposed public offeringstatement submitted to the commissioner shall be in a form prescribed byrules and shall include the following:

      (1)   The name and principal address of the subdivider;

      (2)   a general description of the subdivided lands stating the totalnumber of lots, parcels, units, or interests in the offering;

      (3)   the significant terms of any encumbrances, easements, liens, andrestrictions, including zoning and other regulations affecting thesubdivided lands and each unit or lot, and a statement of all existingtaxes and existing or proposed special taxes or assessments which affectthe subdivided lands;

      (4)   a statement of the use for which the property is offered;

      (5)   information concerning improvements, including streets, watersupply, levees, drainage-control systems, irrigation systems, sewagedisposal facilities and customary utilities, and the estimated cost, dateof completion and responsibility for construction and maintenance ofexisting and proposed improvements which are referred to in connection withthe offering or disposition of any interest in subdivided lands;

      (6)   additional information required by the commissioner to assure fulland fair disclosure to prospective purchasers.

      (b)   The public offering statement shall not be used for any promotionalpurposes before registration of the subdivided lands and afterwards only ifit is used in its entirety. No person may advertise or represent that thecommissioner 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 remainderof the statement unless the commissioner requires it.

      (c)   The commissioner may require the subdivider to alter or amend theproposed public offering statement in order to assure full and fairdisclosure to prospective purchasers, and no change in the substance of thepromotional plan or plan of disposition or development of the subdivisionmay be made after registration without notifying the commissioner andwithout making appropriate amendment of the public offering statement. Apublic offering statement is not current unless all amendments areincorporated.

      History:   L. 1967, ch. 311, § 6; L. 1976, ch. 241, § 5; July 1.