§ 34-41-5.06 - Agency regulation of public offering statement. - Rhode Island Statutes

SECTION 34-41-5.06

   § 34-41-5.06  Agency regulation of publicoffering statement. – (a) The agency at any time may require a developer to alter or supplement theform or substance of a public offering statement to assure adequate andaccurate disclosure to prospective purchasers.

   (b) The public offering statement may not be used for anypromotional purpose before registration and afterwards only if it is used inits entirety. No person may advertise or represent that the agency has approvedor recommended the time shares, the disclosure statement, or any of thedocuments contained in the application for registration.

   (c) In the case of any time-share property situated whollyoutside of this state, no application for registration or proposed publicoffering statement filed with the agency which has been approved by an agencyof the state in which the time-share property is located and substantiallycomplies with the requirements of this chapter may be rejected by the agency onthe grounds of non-compliance with any different or additional requirementsimposed by this chapter or by the agency. However, the agency may requireadditional documents or information in particular cases to assure adequate andaccurate disclosure to prospective purchasers.