15 U.S.C. § 1706

Effective date of statements of record and amendments thereto

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(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.

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.

(Pub. L. 90–448, title XIV, § 1407, Aug. 1, 1968, 82 Stat. 593; Pub. L. 111–203, title X, § 1098A(1), July 21, 2010, 124 Stat. 2105.)Editorial NotesAmendments

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

Statutory Notes and Related SubsidiariesEffective Date of 2010 Amendment

Amendment 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.

Notes of Decisions

Cited in 13 cases, 1974–2012 · leading case: Flint Ridge Dev. Co. v. Scenic Rivers Assn. of Okla., 426 U.S. 776 (1976).

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Flint Ridge Dev. Co. v. Scenic Rivers Assn. of Okla., 426 U.S. 776 (1976). · cites it 8× “§ 1407 (b) of the Disclosure Act, 15 U. S. C. § 1706 (b). 3 If the statement is on its face complete and accurate, however, it must be permitted to go into effect.”

Robert Bomba & Annamarie P. Bomba v. W. L. Belvidere, Inc., a Gen. Partner Doing Bus. as Candlewick Lakes Assocs., a P'ship, 579 F.2d 1067 (7th Cir. 1978). “§ 1703 (a)(1) by selling them two lots without having filed a statement *1069 of record in accordance with 15 U.S.C. § 1706 and without having provided plaintiffs with a printed property report as required by 15 U.”

Nat. Resources Def. Council, Inc. v. Nuclear Regulatory Comm'n & United States of Am., Westinghouse Elec. Corp., Intervenor, 647 F.2d 1345 (D.C. Cir. 1981). “15 U.S.C. § 1706 (a) (1976). 146 . Flint Ridge Dev.”

Husted v. Amrep Corp., 429 F. Supp. 298 (S.D.N.Y. 1977). “” 15 U.S.C. § 1706 (b). The Act expressly provides, however, that “[t]he fact that a statement of record with respect to a subdivision has been filed or is in effect shall not be deemed a finding by the Secretary that the statement of record is true and accurate on its face, or…”

Claude Y. Paquin v. Four Seasons of Tennessee, Inc., Norman H. Cronk, 519 F.2d 1105 (5th Cir. 1975). “3), complies with 15 U.S.C. § 1706 ( 24 C.F.R. § 1710.105 ).”

Anderson v. Coastal Cmtys. at Ocean Ridge Plantation, Inc., 2012 NCBC 33 (N.C. Bus. Ct. 2012). “The first prohibition, under §§ 1703(a)(1) and 1703(a)(2)(D), provides that developers shall not: (a)(1)(A) sell or lease any lot unless a statement of record with respect to such lot is in effect in accordance with section 1407 [ 15 U.S.C. § 1706 ]; (a)(1)(B) sell or lease any…”

Cooper v. Mason, 261 S.E.2d 738 (Ga. Ct. App. 1979). “15 USCA § 1703 (a)(1), supra, provides that it shall be unlawful for any developer to make use of interstate commerce or the mails to sell any lot in any subdivision of fifty or more lots unless a statement of record is in effect as required by 15 USCA § 1706 ( 82 Stat. 593 ),…”

Baker v. United States Dep't of Agric., 928 F. Supp. 1513 (D. Idaho 1996). “, supra. The Plaintiffs in Flint Ridge argued that the Department of Housing and Urban Development (HUD) was required to prepare an EIS under NEPA on any subdivision whose filing it had approved.”

Campbell v. Glacier Park Co., 381 F. Supp. 1243 (D. Idaho 1974). · cites it 2× “Indeed, he is required to do so if “a change shall occur affecting any material fact required to be contained in the statement”, 15 U.S.C.A. § 1706 (c). In the Spring of 1972, defendant decided to construct the community site and filed an amended statement of record and property…”

Gaudet v. Woodlake Dev. Co., 399 F. Supp. 1005 (E.D. La. 1975). “15 U.S.C. §§ 1706 , 1707; 24 C.F.R. §§ 1710.”

Tencza v. Tag Court Square, LLC, 803 F. Supp. 2d 279 (S.D.N.Y. 2011). “See 15 U.S.C. § 1706 . Thus, absent an exception, Section 1703 makes it unlawful to sell a condominium unit either (a) pursuant to a plan that has not been filed with HUD; or (b) where a property report has not been provided to the purchaser before he or she has signed an…”

Scenic Rivers Ass'n v. Lynn, 520 F.2d 240 (10th Cir. 1975). “Thus, this Act provides for hearings on the request of a developer when the Secretary suspends the statement prior to its effective date for the purpose of obtaining additional information and, too, for review of an order of the Secretary when he wishes to suspend a statement of…”

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