Title 47 — Title 47: Land and Land Titles

Sec. 47-100. Sale does not require licensure as real estate salesperson or broker. The sale of real estate syndicate securities shall not be an act requiring licensure as a real estate salesperson or broker as defined in section 20-311. (P.A. 73-593, S. 33, 35; P.A. 96-200, S. 25…

Sec. 47-101. Exceptions. (a) The provisions of this chapter do not apply to any of the following: (i) Any real estate syndicate securities or participation in an oil, gas, or mining title or lease; (ii) any shares, memberships or certificates of interest or participation in a mut…

Sec. 47-102. Waiver of chapter void. Exception. Any condition, stipulation or provision purporting to bind any person acquiring any real estate syndicate security to waive compliance with any provisions of this chapter or any regulation or order hereunder is void unless written a…

Sec. 47-103. Real Estate Commission to establish regulations. Hearings. (a) The commission may establish such regulations as are reasonably necessary to carry out the intent and purpose of the provisions of this chapter. Such regulations shall be adopted, amended, or repealed in …

Sec. 47-104. Required form of sales contracts. The commission may by regulation require as a condition of qualification that any real estate syndicate securities authorized under section 47-92 be sold only on a form of subscription or sale contract approved by the commission, and…

Sec. 47-105. Required records and reports. Examination of records; examination costs. (a) Every issuer qualifying real estate syndicate securities for sale in this state shall at all times keep and maintain a complete set of books, records and accounts of such sales and the dispo…

Sec. 47-106. Penalty for false statement. No person shall wilfully make any untrue statement of a material fact in any application, notice, or report filed with the commission under this chapter, or wilfully omit to state in any such application, notice or report any material fac…

Sec. 47-107. Investigations by commission; powers. (a) The commission in its discretion may make such public or private investigations within or outside of this state as it deems necessary to determine whether any person has violated or is about to violate any provision of this c…

Sec. 47-108. Appointment of attorney for service. Every applicant for qualification of real estate syndicate securities under this chapter shall file with the chairman of the commission, in such form as it by regulation prescribes, an irrevocable consent appointing the chairman o…

Sec. 47-109. Actions, limitation of time, prerequisite. (a) No action shall be maintained to enforce any liability created under this chapter, unless brought before the expiration of two years after the act or transaction constituting the violation or the expiration of one year a…

Sec. 47-110. Remedy of buyers. Any person who violates section 47-98 or 47-106 shall be liable to any person acquiring from him the real estate syndicate security sold in violation of such section, who may sue to recover the consideration paid for such real estate syndicate secur…

Sec. 47-111. Order to cease and desist. Hearing. Whenever the commission finds that any issuer or other person is violating any of the provisions of this chapter or of the regulations pertaining thereto, or the terms and conditions of the permit, or that the further sale or offer…

Sec. 47-112. Injunctive and other relief. Whenever any person shall engage in acts prohibited by this chapter, the commission shall request the Attorney General to apply in the name of the state of Connecticut in the Superior Court for an order enjoining the continuance of such b…

Sec. 47-113. Violations punished by fine or imprisonment. Any person who wilfully violates any provision of this chapter with the exception of the provisions of section 47-106, or who wilfully violates any regulation under this chapter, shall be fined not more than ten thousand d…

Sec. 47-114. Reservation of other punishments. Nothing in this chapter limits the power of the state to punish any conduct which constitutes a crime under any other statutes. (P.A. 73-593, S. 29, 35.)

Sec. 47-115. Burden of proof of exemptions or exceptions. In any proceeding under this chapter, the burden of proving an exemption or an exception from any provision of this chapter is upon the person claiming it. (P.A. 73-593, S. 9, 35.)

Sec. 47-91. Definitions. As used in this chapter unless the context otherwise requires: (a) “Real estate syndicate” means any general or limited partnership, joint venture, unincorporated association, or similar organization, but not a corporation, owned beneficially for not less…

Sec. 47-92. Qualification of real estate syndicate securities; issuance of permit. (a) All real estate syndicate securities shall be qualified under this section. (b) The application for a permit shall be accompanied by a copy of the prospectus and said prospectus shall include b…

Sec. 47-93. Expert opinion. The commission may accept and act upon the opinions, appraisals and reports of any engineers, appraisers or other experts which may be presented by an application on any question of fact concerning or affecting the real estate syndicate securities prop…

Sec. 47-94. Grounds for refusal of permit. Appeal, hearing. (a) The commission may refuse, suspend or revoke any permit issued under section 47-92 if it finds that the proposed plan of business of the issuer, the securities proposed to be issued or the method to be used in issuin…

Sec. 47-95. Amendment to offering; commission approval; effective date. (a) After the permit has been issued authorizing the sale of real estate syndicate securities, no change, alteration or modification of the offering shall be made without first notifying the commission in wri…

Sec. 47-96. Permit fees. Determination of value of securities. (a) The fee for filing an application for a permit for the sale of real estate syndicate securities or renewal thereof is one hundred dollars plus one-tenth of one per cent of the aggregate value of the certificates o…

Sec. 47-97. No endorsement by commission to be implied by filing of application, qualification of securities or exemption. Inconsistent representations to purchasers prohibited. Permit to indicate permissive nature. (a) Neither the fact that an application for qualification under…

Sec. 47-98. Sale of unqualified real estate syndicate securities prohibited. No issuer shall offer or sell to the public in this state any real estate syndicate security unless such sale has been qualified under section 47-92 or unless such real estate syndicate security or trans…

Sec. 47-99. Advertisement of securities; prior filing; hearings; media responsibility. (a) No person shall publish any advertisement in this state concerning any real estate syndicate security sold or offered for sale in this state unless a true copy of the advertisement has firs…