45:15-16.35 - Examination by commission - New Jersey Statutes

45:15-16.35. Examination by commission       Upon receipt of an application for registration in proper form, accompanied by a statement of record, the commission shall initiate an examination to determine that:

    a.   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 or other safeguards have been provided; 

    b.   There is reasonable assurance that all proposed improvements will be completed as represented;

    c.   The advertising material and the general promotional plan are not false, misleading, or discriminatory and comply with the standards prescribed by the commission in its rules and regulations and afford full and fair disclosure; 

    d.   The subdivider has not, or if a corporation, its officers, directors, and principals have not, been convicted of a crime or civil offense involving land dispositions or any aspect of the land sales business in this State, the United States, or any other state or foreign country; and that the developer has not been subject to any permanent injunction or final administrative order restraining a false or misleading promotional plan involving real property dispositions, the seriousness of which in the opinion of the commission warrants the denial of registration; and 

    e.   The public offering statement requirements of section 12 of this act have been satisfied.

    L.1989, c.239, s.9.