§514B-54 Developer's public report; requirements for issuance of effective date. (a) Prior to the issuance of an effective date for a developer's public report, the commission shall have received the following:
(b) The developer's public report shall not be used for the purpose of selling any units in the project until the commission issues an effective date for the developer's public report. The commission's issuance of an effective date for a developer's public report shall not be construed to constitute the commission's approval or disapproval of the project; the commission's representation that either all material facts or all pertinent changes, or both, concerning the project have been fully or adequately disclosed; or the commission's judgment of the value or merits of the project. [L 2005, c 93, pt of §3; am L 2014, c 49, §6]