2010 Pennsylvania Code
Title 68 - REAL AND PERSONAL PROPERTY
Chapter 54 - Protection of Purchasers
5405 - Public offering statement; planned community securities.

     § 5405.  Public offering statement; planned community
                securities.
        If an interest in a planned community is currently registered
     with the Securities and Exchange Commission of the United
     States, a declarant satisfies all requirements relating to the
     preparation of a public offering statement in this subpart if
     the declarant delivers to the purchaser a copy of the public
     offering statement filed with the Securities and Exchange
     Commission. An interest in a planned community is not in and of
     itself a security under the provisions of the act of December 5,
     1972 (P.L.1280, No.284), known as the Pennsylvania Securities
     Act of 1972. The offer and sale of planned community units in
     accordance with the requirements of this chapter shall not also
     be subject to the registration requirements of section 201 or
     301 of the Pennsylvania Securities Act of 1972 or the
     promotional real estate sales requirements of the act of
     February 19, 1980 (P.L.15, No.9), known as the Real Estate
     Licensing and Registration Act.

        Cross References.  Section 5405 is referred to in section
     5102 of this title.