543C.2 Provisions governing sale or lease of subdivided lands. 1. No subdivider shall sell or lease subdivided land, or offer such land for sale or lease, or advertise such land for sale or lease to the public within this state unless the subdividerhas filed with the commission an application which shall include an offering statement.No subdivider shall engage in business in this state until the application and the offeringstatement have been accepted and the subdivider has been registered as a subdivider withthe commission. In addition to the offering statement, the application shall contain thefollowing: a. The name of the owner and of the subdivider.b. The address of the principal office of the owner and of the subdivider, wherever situated, and the addresses of the principal office and all branch offices of the owner and ofthe subdivider within this state. c. The name of the person, firm, partnership, company, corporation, or association holding legal or equitable title to the land for sale or lease for the purpose of offering suchland or part thereof to the general public. d. A statement as to whether the owner or the subdivider, or if such owner or subdivider be other than nd for sale or lease for the purpose of offering suchland or part thereof to the general public. d. A statement as to whether the owner or the subdivider, or if such owner or subdivider be other than an individual, the name of any partner, principal, officer, director, or branchmanager thereof or any owner of more than a five percent interest in the business, has beenconvicted of any criminal offense in connection with any transaction involving the sale orlease, or offer for sale or lease, of subdivided land, or has been enjoined or restrained byorder of any court from selling or leasing, or offering for sale or lease, any subdivided landin any state or county, or has been enjoined or restrained by any court from continuing anypractices in connection therewith. e. The complete description of the land offered for subdivision by lots, plots, blocks, or sales, with or without streets, together with plats certified to by a duly licensed professionalland surveyor accompanied by a certificate attached thereto showing the date of thecompletion of the survey and of the making of the plat and the name of the subdivision forthe purpose of identification of the subdivided land or any part cate attached thereto showing the date of thecompletion of the survey and of the making of the plat and the name of the subdivision forthe purpose of identification of the subdivided land or any part thereof. f. Copies of plats of all of the land being filed by the subdivider which plats must have already been recorded by the proper recording office in the state in which the land is located. g. An opinion of an attorney admitted to practice law in this state, a policy of title insurance issued by a title insurer licensed to do business in the state where the subdivided land islocated, or an opinion of an attorney admitted or licensed to practice law in the state whereinthe lands are situated, reciting in detail all of the liens, encumbrances, and clouds upon thetitle to such land, and any other defects of title, which may render the title to such landunmarketable. h. The provisions, covenants, terms, and conditions upon which it is the intention of the owner and the subdivider to sell or lease such subdivided land, accompanied by proposedforms of contracts contemplated for execution and delivery upon the consummation of salesor leases. i. on of the owner and the subdivider to sell or lease such subdivided land, accompanied by proposedforms of contracts contemplated for execution and delivery upon the consummation of salesor leases. i. If the subdivided land sought to be filed comes within the purview of the federal Interstate Land Sales Full Disclosure Act, codified at 15 U.S.C. §1701 et seq., the subdividermust furnish a copy of the accepted report filed with the department of housing and urbandevelopment. If the subdivision comes under the regulation of the real estate laws of thestate where the land is located and that state requires a state offering statement or publicreport, the subdivider must also include a copy of said state report. j. The subdivider, if a corporation, must register to do business in the state of Iowa as a foreign corporation with the secretary of state and furnish a copy of the certificate of authorityto do business in the state of Iowa. If not a corporation, the subdivider must comply withthe provisions of chapter 547, by filing a proper trade name with the Polk county recorder.The provisions of this paragraph shall also apply to any person, partnership, firm, company,corporation, or hthe provisions of chapter 547, by filing a proper trade name with the Polk county recorder.The provisions of this paragraph shall also apply to any person, partnership, firm, company,corporation, or association, other than the subdivider, which is engaged by or through thesubdivider for the purpose of advertising or selling the land involved in the filing. k. Such other information as the commission may require, which shall be filed pursuant to the provisions of this chapter. Sat Dec 23 01:45:57 2023 Iowa Code 2024, Section 543C.2 (28, 1) §543C.2, SALES OF SUBDIVIDED LAND OUTSIDE OF IOWA 2 2. The offering statement must contain all of the following:a. The names, addresses, and business background of the subdivider as required in subsection 1, paragraphs 'a' through 'd'. If such subdivider is a partnership or corporation,the names, addresses, and business background of each of the partners, officers, andprincipal stockholders, the nature of their fiduciary relationship and their past, present, oranticipated financial relationship to the subdivider. b. A complete description of the land and copies of the plat in which the land is located as required in subsection 1, paragraphs 'e' present, oranticipated financial relationship to the subdivider. b. A complete description of the land and copies of the plat in which the land is located as required in subsection 1, paragraphs 'e' and 'f', and a certified financial statement by acertified public accountant of the assets and liabilities of the subdivider as of a date not morethan six months prior to the date of the filing, in such detail as the board may require. c. Information concerning public improvements, including without limitation, streets, storm sewers, street lighting, water supply, and sewage treatment and disposal facilitiesin existence or planned on the subdivision, and the estimated cost, date of completion,and responsibility for construction of improvements to be made which are referred to inconnection with the sale or lease, or offering for sale or lease, of the subdivision or any unitor lot thereon. d. Each of the terms and conditions under which each such unit or lot is offered for sale and such opinion or certificates as required in subsection 1, paragraphs 'g' and 'h'. e. A statement as to the exact terms of any guaranties or promises of refund or exchange which are to be used by the such opinion or certificates as required in subsection 1, paragraphs 'g' and 'h'. e. A statement as to the exact terms of any guaranties or promises of refund or exchange which are to be used by the subdivider. The guaranty or promise of refund or exchange, ifany, must be contained in the body of any contracts used by the subdivider and cannot bein any separate document. Said guaranty or promise of refund or exchange must appear inboldface type in the contract. f. If the refund privilege, pursuant to paragraph 'e', is predicated in any way upon the requiring by the subdivider of an inspection by the purchaser prior to requesting a refund orexchange pursuant to the guaranty provisions, the offering statement and the sale contractitself must set out in detail all pertinent information in regard to the inspection trip and inregard to claiming a refund or exchange pursuant to the guaranty after the inspection trip. g. A vicinity sketch of sufficient scale to show the entire tract of land, surrounding property ownership, and road access. h. Such additional information as the commission may require as being necessary or appropriate in the public interest or for the protection of f land, surrounding property ownership, and road access. h. Such additional information as the commission may require as being necessary or appropriate in the public interest or for the protection of purchasers or lessees. [C75, 77, 79, 81, §117A.2]C93, §543C.22010 Acts, ch 1061, §71; 2012 Acts, ch 1009, §25; 2013 Acts, ch 90, §167; 2013 Acts, ch 140, §75; 2021 Acts, ch 80, §343 Referred to in §543C.3, 543C.4, 543C.8 Sat Dec 23 01:45:57 2023 Iowa Code 2024, Section 543C.2 (28, 1)
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