It is unlawful and deemed a Class D3 felony offense for any subdivider, agent, or affiliate of either, in connection with the offer or disposition in this state of any subdivided land, directly or indirectly, to: 1. Employ any device, scheme or artifice to defraud; 2. Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or 3. Engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person. Added by Laws 1977, c. 95, § 641. Amended by Laws 2025, c. 486, § 754, eff. Jan. 1, 2026.