2015 New Hampshire Revised Statutes
Title XXXI - TRADE AND COMMERCE
Chapter 356-A - LAND SALES FULL DISCLOSURE ACT
Section 356-A:5 - Application for Registration.
356-A:5 Application for Registration.
I. The application for registration of subdivided lands shall be filed in a form prescribed by the attorney general and shall contain the following documents and information:
(a) An irrevocable appointment of the attorney general to receive service of any lawful process in any noncriminal proceeding arising under this chapter against the subdivider or his personal representative;
(b) A legal description of the perimeter of subdivided lands offered for registration, together with a map showing the division proposed or made, and the dimensions of the lots, parcels, units or interests and the relation of the subdivided lands to existing streets, roads, and other off-site improvements;
(c) The states or jurisdictions in which an application for registration or similar document has been filed, and any adverse order, judgment, or decree entered in connection with the subdivided lands by the regulatory authorities in each jurisdiction or by any court;
(d) The subdivider's name, address, and the form, date, and jurisdiction of organization; and the address of each of its offices in this state;
(e) The name, address, and principal occupation for the past 5 years of every director, president, vice president, treasurer, clerk, of the subdivider or person occupying a similar status or performing similar functions; the extent and nature of any interest of each in the subdivider or the subdivided lands as of a specified date within 30 days of the filing of the application;
(f) If the subdivider is a closely held corporation, partnership, joint stock company, trust or sole proprietorship, the name, address and principal occupation of each trustee, stockholder, partner, or person having any beneficial interest therein;
(g) If the subdivider is a publicly held corporation, the name, address and principal occupation of each stockholder owning more than 10 percent of the shares outstanding;
(h) If the subdivider is a subsidiary corporation, the name, address and principal occupation of each stockholder or person having a beneficial interest therein, and the name, address and principal occupation of each stockholder owning more than 10 percent of the shares outstanding in the corporation or corporations to which it is subsidiary;
(i) a statement of the condition of the title to the subdivided lands, including all easements, conditions, covenants, restrictions, liens and other encumbrances, if any, affecting subdivided lands owned by the subdivider, with appropriate recording data, as of a specified date within 30 days of the date of application, which statement shall be in the form of a title opinion of a licensed attorney, not under salary to the subdivider or owner, or other evidence of title acceptable to the attorney general;
(j) Copies of the instruments which will be delivered to a purchaser to evidence his interest in the subdivided lands and of the contracts and other agreements which a purchaser will be required to agree to or sign;
(l) If there is a blanket encumbrance or lien affecting more than one lot, parcel, unit or interest, a statement of the consequences for a purchaser of failure to discharge the blanket encumbrance or lien and the steps, if any, taken to protect the purchaser in case of this eventuality;
(n) A statement of the zoning, subdivision, and other governmental approvals, if any, affecting the subdivided lands and also, if known, any existing tax and existing or proposed special taxes or assessments which affect the subdivided lands;
(o) A statement of the existing provisions for access, sewage disposal, water, and other public utilities in the subdivided lands; a statement of any improvements or amenities which may be constructed, an estimate of their cost and the schedule for their completion; provided, however, that if the subdivider will give no assurances as to the construction or completion of said improvements or amenities, a statement that no assurance will be given must be included; and a statement of the plan for financing the construction of said improvements or amenities and the maintenance of the subdivided lands;
(p) A description of the promotional plan for the disposition of the subdivided lands;
(q) The proposed public offering statement;
(r) If the subdivider is a corporation, a copy of its articles of incorporation with all amendments thereto;
(s) If the subdivider is a trust, a copy of all instruments by which the trust is created together with all amendments thereto;
(t) If the subdivider is a partnership, unincorporated association, joint stock company, or any other form of organization, a copy of its articles of partnership or association and all other papers pertaining to its organization, including all amendments thereto;
(u) If the subdivider is not the holder of legal title, copies of the appropriate documents required by subparagraphs (r), (s) or (t) shall be submitted for the holder of legal title;
(v) Any other information, including any current financial statement, which the attorney general by his reasonable rules requires for the protection of purchasers. Financial information filed with the attorney general shall not be disclosed publicly except in connection with a hearing, civil action, or criminal action involving the party who submitted the information.
(v) Any other information, including any current financial statement, which the attorney general by reasonable rules requires for the protection of purchasers. If the subdivider is a limited liability company, corporation, or other entity, personal financial statements from all principals holding more than a 25 percent ownership interest in the subdivider, certified as true and complete by the individual principals, accompanied by federal income tax returns for the 2 most recent full calendar years, may be submitted in lieu of financial statements for the subdivider. Financial information filed with the attorney general shall not be disclosed publicly except in connection with a hearing, civil action, or criminal action involving the party who submitted the information.
II. For subdivisions not entitled to exemption under RSA 356-A:3, I-a, a subdivider of subdivided lands of no more than 50 lots, parcels, units or interests may make an abbreviated registration in lieu of these requirements, which shall contain only the documents and information required by RSA 356-A:5, I(a), (c)-(h), (j), (n)-(p) and (v); provided, however, that this section shall not apply to subdivided lands involving time share interests.
III. A subdivider of a subdivision which has been registered under the federal Interstate Land Sales Full Disclosure Act may file, in lieu of the documents and information required by RSA 356-A:5, I(b)-(e), and (i)-(u) and RSA 356-A:6, I, a copy of an effective statement of record, a property report, and any exhibits requested by the attorney general, filed with the Secretary of Housing and Urban Development.
IV. The submission of documents and information required by RSA 356-A:5, I, may be satisfied by the documents and information contained in or attached to the public offering statement.
V. If the subdivider registers additional subdivided lands to be offered for disposition, he may consolidate the subsequent registration with any earlier registration offering subdivided lands for disposition under the same promotional plan.
VI. At any time the attorney general has reasonable cause to believe that the subdivider may be unable to complete the development of the subdivided lands, or provide for its maintenance, if responsibility therefor is assumed by the subdivider, as represented in its application for registration due to:
(a) Its failure to commence or complete the development of the subdivided lands according to schedules set forth in the application;
(b) Its failure to commence or complete the development of any other subdivided lands or condominium according to representations authorized and made by the subdivider or declarant in connection with the offering or disposing of any interest therein;
(c) Its failure to set forth a reasonable plan to obtain adequate financing to commence or complete the development of the subdivided lands or provide for its maintenance; or
(d) Its commission of any false, deceptive or misleading acts in connection with the offering or disposing of any interest in any subdivided lands or condominium;
it may require the subdivider to post a bond, in favor of the state, or to provide evidence of financial security in such amount as the attorney general determines to be necessary to provide reasonable assurance of the commencement and completion of the development of the subdivision. Such bond shall not be accepted unless it is with a surety company authorized to do business in this state. Any person aggrieved by the failure of the subdivider to complete or maintain the subdivided lands may proceed on such bond against the subdivider or surety or both to recover damages.
VII. Every application shall be accompanied by a fee in an amount equal to $30 per lot, parcel, unit or interest, except that the initial application fee shall not be less than $300 nor more than $2,000, and the fee for any application for registration of additional lots, parcels, units or interests shall not be less than $200 nor more than $2,000.
VIII. The applicant of a subdivision to be converted within the meaning of RSA 356-C:1, II, shall, in addition to the requirements contained in this section, include with the application for registration a copy of the notices described in RSA 356-C:3, I or II and a certified statement that such notices comply with the provisions of RSA 356-C:3, I or II and have been or will be mailed to each of the tenants in the subdivisions for which registration is sought, in compliance with RSA 356-C:3, I or II.
Source. 1970, 55:1. 1977, 469:7-12. 1981, 568:25. 1983, 398:2, 469:80. 1985, 300:7, I(b). 1989, 408:102, eff. July 1, 1989. 2009, 144:240, eff. July 1, 2009. 2011, 224:319, eff. July 1, 2011. 2014, 291:2, eff. Sept. 26, 2014. 2015, 256:3, eff. Jan. 1, 2016.
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