§ 34-38-2 - Exemptions. - Rhode Island Statutes

SECTION 34-38-2

   § 34-38-2  Exemptions. – (a) Unless the method of advertisement, offering or disposition is adopted ortaken for the purpose of the evasion of the provisions of this chapter or theprovisions of the federal Interstate Land Sales Full Disclosure Act, 15 U.S.C.,§ 1701 et seq., this chapter shall not apply to the making of anyadvertisement offer or disposition of any subdivision of lot, parcel, or unitor interest therein:

   (1) By a purchaser of any subdivision, lot, parcel, or unitthereof for his or her own account in a single or isolated transaction;

   (2) To any person who is engaged in the business of theconstruction of residential, commercial, or industrial buildings, other thanany lot, parcel, unit, or interest in any subdivision as defined by §34-38-1(8) for disposition;

   (3) Pursuant to the order of any court in this state;

   (4) By any government or government agency;

   (5) To any offer or disposition of any evidence ofindebtedness secured by way of any mortgage or deed of trust of real estate;

   (6) To securities or units of interest issued by aninvestment trust regulated under the laws of this state;

   (7) To cemetery lots;

   (8) To the leasing of apartments, offices, stores, or theleasing of similar space within any apartment building, commercial building, orindustrial building.

   (b) The department may from time to time, pursuant to rulesand regulations issued by it, exempt from any of the provisions of this chapterany subdivision if it finds that the enforcement of the sections with respectto the subdivision or lots, parcels, units, or interests is not necessary inthe public interest and for the protection of purchasers by reason of the smallamount involved or the limited character of the offering, or because theproperty has been registered and approved pursuant to the laws of any otherstate.

   (c) Any subdivision which has been registered under thefederal Interstate Land Sales Full Disclosure Act, 15 U.S.C., § 1701 etseq., shall be exempt from the provisions of § 34-38-3 upon filing withthe department a certified copy of an effective statement of record filed withthe secretary of housing and urban development together with a filing fee ofone hundred dollars ($100) in respect of each subdivision covered by theeffective statement of record.