Section 302 – Rulemaking.
Effective 5/10/2016 57-29-302. Rulemaking. In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, and consistent with this chapter, the commission, with concurrence by the division, may make rules governing: (1) the form of the disclosures required under this chapter; and (2) enforcement of the provisions of this chapter. Enacted by Chapter 381, 2016 […]
Section 303 – Investigatory powers and proceedings of division.
Effective 5/10/2016 57-29-303. Investigatory powers and proceedings of division. (1) The division may: (a) conduct a public or private investigation to determine whether a person has violated or is about to violate a provision of this chapter; and (b) require or allow a person to file a written statement with the division that relates to […]
Section 304 – Enforcement.
Effective 5/10/2016 57-29-304. Enforcement. (1) (a) If the director believes that a person has been or is engaging in conduct that violates this chapter, the director: (i) shall issue and serve upon the person a cease and desist order; and (ii) may order the person to take any action necessary to carry out the purposes […]
Section 305 – Voidable agreements.
Effective 5/10/2016 57-29-305. Voidable agreements. (1) (a) If a sponsor violates a provision of this chapter in entering into an agreement to purchase an undivided fractionalized long-term estate, the purchaser may rescind the agreement. (b) A purchaser may rescind an agreement under this Subsection (1) at any time before the closing. (2) A purchaser who […]
Section 202 – License required.
Effective 5/10/2016 57-29-202. License required. Except as provided by Section 61-2f-202, a person may not offer, sell, or otherwise dispose of an undivided fractionalized long-term estate unless the person is licensed by the division under Title 61, Chapter 2f, Real Estate Licensing and Practices Act, as a principal broker, associate broker, or sales agent. Enacted […]
Section 203 – Required disclosures.
Effective 5/10/2016 57-29-203. Required disclosures. (1) A sponsor or licensee who sells or offers to sell an undivided fractionalized long-term estate shall provide each prospective purchaser a written disclosure, related to the real property in which the undivided fractionalized long-term estate is offered, that: (a) if applicable: (i) includes a copy of any master lease […]