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Title 15 — Commerce and TradeRelease 119-73not60

§1706 Effective Date of Statements of Record and Amendments Thereto

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

Last updated Apr 3, 2026|Official source

Summary

Statements and any changes usually become effective 30 days after they are filed, unless the Director picks an earlier date to protect the public and buyers. If a change is filed before the original filing becomes effective, the change is treated as filed on the same earlier date unless the Director agreed to it or ordered it. A developer who records more land for the same sales plan can combine the new filing with an earlier one, but must add any important new facts. If the Director finds a filing or change looks incomplete or wrong before it would take effect, the Director will tell the developer and pause the effective date until the developer files the extra information. The pause ends 30 days after that filing. The developer can ask for a hearing, which must be held within 20 days of the request. If facts change after a filing is effective, the developer must quickly file an amendment; the Director can suspend the filing until the amendment is effective. If an in-effect filing has false or missing important facts, the Director can give notice, hold a hearing within 15 days, and suspend the filing until it is corrected. The Director may examine books, papers, and people under oath and can demand documents; refusing to cooperate can lead to suspension. All 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)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)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)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)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)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)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

Apr 3, 2026

Release point: 119-73not60