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Title 15, Commerce and TradeRelease 119-110

§1706 Effective Date of Statements of Record and Amendments Thereto

Title 15 › CHAPTER 42 — INTERSTATE LAND SALES › § 1706

Last updated Sep 22, 2026|Official source

Summary

A statement of record or any change to it becomes effective 30 days after it is filed, unless the Director sets an earlier date. If an amendment is filed before the statement becomes effective, the filing is treated as if it happened when the amendment was filed, unless the Director agreed to or ordered the amendment — then it is treated as filed on the original filing date. A developer who records more land under the same plan may combine the new filing with an earlier one and must add any important updates. If the Director finds a filing clearly incomplete or wrong, the Director will notify the developer before it would take effect. That notice pauses the effective date until 30 days after the developer files the extra information the Director asks for. The developer may ask for a hearing, which must be held within 20 days of the request. If an important fact changes after a statement is effective, the developer must promptly file an amendment. The Director may suspend the statement until the amendment is effective. If the Director believes an effective statement contains a false or missing important fact, the Director may give notice, hold a hearing within 15 days of that notice, and suspend the statement. The Director can examine records, take oaths, and question the developer, agents, or others. Refusing to cooperate can lead to suspension. Notices must be sent to the developer or the developer’s authorized agent.

Full Legal Text

Title 15, §1706

Commerce and Trade, Source: USLM XML via OLRC

(a)Thirtieth day after filing or such earlier date as determined by Director; consolidation of subsequent statement with earlier recording
Except as hereinafter provided, the effective date of a statement of record, or any amendment thereto, shall be the thirtieth day after the filing thereof or such earlier date as the Director may determine, having due regard to the public interest and the protection of purchasers. If any amendment to any such statement is filed prior to the effective date of the statement, the statement shall be deemed to have been filed when such amendment was filed; except that such an amendment filed with the consent of the Director, or filed pursuant to an order of the Director, shall be treated as being filed as of the date of the filing of the statement of record. When a developer records additional lands to be offered for disposition, he may consolidate the subsequent statement of record with any earlier recording offering subdivided land for disposition under the same promotional plan. At the time of consolidation the developer shall include in the consolidated statement of record any material changes in the information contained in the earlier statement.
(b)Incomplete or inaccurate statements of record
If it appears to the Director that a statement of record, or any amendment thereto, is on its face incomplete or inaccurate in any material respect, the Director shall so advise the developer within a reasonable time after the filing of the statement or the amendment, but prior to the date the statement or amendment would otherwise be effective. Such notification shall serve to suspend the effective date of the statement or the amendment until thirty days after the developer files such additional information as the Director shall require. Any developer, upon receipt of such notice, may request a hearing, and such hearing shall be held within twenty days of receipt of such request by the Director.
(c)Amendment of statement of record
If, at any time subsequent to the effective date of a statement of record, a change shall occur affecting any material fact required to be contained in the statement, the developer shall promptly file an amendment thereto. Upon receipt of any such amendment, the Director may, if he determines such action to be necessary or appropriate in the public interest or for the protection of purchasers, suspend the statement of record until the amendment becomes effective.
(d)Suspension of statement of record containing untrue statement or omission to state material fact; notice and hearing; termination of order of suspension
If it appears to the Director at any time that a statement of record, which is in effect, includes any untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading, the Director may, after notice, and after opportunity for hearing (at a time fixed by the Director) within fifteen days after such notice, issue an order suspending the statement of record. When such statement has been amended in accordance with such order, the Director shall so declare and thereupon the order shall cease to be effective.
(e)Examination to determine issuance of order; access to records; order suspending statement of record upon failure to cooperate
The Director is hereby empowered to make an examination in any case to determine whether an order should issue under subsection (d). In making such examination, the Director or anyone designated by him shall have access to and may demand the production of any books and papers of, and may administer oaths and affirmations to and examine, the developer, any agents or any other person, in respect of any matter relevant to the examination. If the developer or any agents shall fail to cooperate, or shall obstruct or refuse to permit the making of an examination, such conduct shall be proper ground for the issuance of an order suspending the statement of record.
(f)Service of notices
Any notice required under this section shall be sent to or served on the developer or his authorized agent.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.

Statutory Notes and Related Subsidiaries

Effective Date

of 2010 AmendmentAmendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date

Section effective upon the expiration of two hundred and seventy days after Aug. 1, 1968, see section 1423 of Pub. L. 90–448, set out as a note under section 1701 of this title.

Reference

Citations & Metadata

Citation

15 U.S.C. § 1706

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110