f.Prior to the execution of a contract for sale of subdivided lands described in subsection a. of this section, a secondary registration subdivider shall, unless included as part of the forms of conveyance provided pursuant to paragraph (4) of subsection b. of this section, provide to a purchaser a copy of the disclosure statement described in paragraph (5) of subsection b. of this section, and obtain a signed receipt from the purchaser stating that the disclosure statement has been received.
g.A contract for the purchase of subdivided lands described in subsection a. of this section may be rescinded by the purchaser without cause of any kind by sending or delivering written notice of cancellation by midnight of the seventh calendar day following the day on which the purchaser has executed the contract, or the day the purchaser receives notification from the secondary registration subdivider that the secondary registration subdivider has completed secondary registration in accordance with this section, whichever is later.
h.Any person who violates any provision of this section or who, in the application for secondary registration, makes any untrue statement of a material fact or omits to state a material fact, shall be fined as provided in section 20 of P.L.1989, c.239 (C.45:15-16.46).
i.The provisions of this section shall not apply to the offering of subdivided lands in situations in which registration is required by the “Interstate Land Sales Full Disclosure Act,” Pub.L.90-448 (15 U.S.C. § 1701 et seq.) with the Office of Interstate Land Sales Registration, in the Department of Housing and Urban Development.
L. 2007, c. 292, § 2, eff. Jan. 13, 2008.
45:15-16.31. Subdivisions, subdivided lands subject to this act
Disposition of subdivision or subdivided lands are subject to this act if:
a.Any offer or disposition of subdivided lands is made in this State; or
b.Any offer of subdivided land originating outside this State is directed by the subdivider or his agent to a person or resident within this State.
L. 1989, c. 239, § 5.
45:15-16.32. Inapplicability to offers, dispositions of an interest in a subdivision
a. Unless the method of disposition is adopted for the purpose of evasion of this act [C.45:15-16.27 et seq.], the provisions of this act are not applicable to offers or dispositions of an interest in a subdivision:
(1) By an owner for his own account in a single or isolated transaction;
(2)Wholly for industrial or commercial purposes;
(3)Pursuant to court order;
(4)By any governmental agency;
(5)As cemetery lots or interests;
(6)Of less than 100 lots, parcels, units or interests;
(7)Where the common elements or interests, which would otherwise subject the offering to this act, are limited to the provision of unimproved, unencumbered open space, except where registration is required by the “Interstate Land Sales Full Disclosure Act,” Pub.L.90-448 (15 U.S.C. § 1701 et seq.) with the Office of Interstate Land Sales Registration, in the Department of Housing and Urban Development; or
(8)In a development comprised wholly of rental units, where the relationship created is one of landlord and tenant.
b. Unless the method of disposition is adopted for the purpose of evasion of this act, the provisions of this act are not applicable to:
(1)Offers or dispositions of evidences of indebtedness secured by a mortgage or deed of trust of real estate;
(2)Offers or dispositions of securities or units of interest issued by a real estate investment trust regulated under any State or federal statute;
(3)Offers or dispositions of securities currently registered with the Bureau of Securities in the Department of Law and Public Safety; or
(4)Offers or dispositions of any interest in oil, gas or other minerals or any royalty interest therein if the offers or dispositions of such interests are regulated as securities by federal law or by the State Bureau of Securities.
c. The commission may, from time to time, pursuant to any rules and regulations promulgated pursuant to this act, exempt from any of the provisions of this act any subdivision or any lots in a subdivision, if it finds that the enforcement of this act with respect to that subdivision or the lots therein, is not necessary in the public interest, or required for the protection of purchasers, by reason of the small amount involved or the limited character of the offering.
d. A subdivider or developer who qualifies for and completes secondary registration pursuant to section 2 of P.L.2007, c.292 (C.45:15-16.30a) shall be exempt from the registration requirements of section 4 of P.L.1989, c.239 (C.45:15-16.30).
L. 1989, c. 239, § 6; amended 2006, c. 63, § 38, eff. Oct. 31, 2006; 2007, c. 292, § 1, eff. Jan. 13, 2008.