NY Real Prop L § 337-B (2021)
2021 New York Laws RPP - Real Property Article 9-A - Subdivided Lands 337-B - Offering Statement; Contents; Prohibitions.

§  337-b. Offering statement; contents; prohibitions. 1. Contents. The   offering statement shall contain  (a)  the  names,  addresses,  business   background of the subdivider, and if such subdivider is a partnership or   corporation, the names, addresses and business background of each of the   partners,  officers  and  principal  stockholders,  the  nature of their   fiduciary relationship and their financial relationship,  past,  present   and  future, to the subdivider; (b) a duly certified financial statement   of the assets and liabilities of the subdivider, as of a date  not  more   than three months prior to the date of the filing, in such detail as the   department  may  require;  (c) a description of the subdivision and each   unit or lot into which it has or will be divided, in such detail as  the   department  may  require;  (d)  the  material terms of any encumbrances,   liens and restrictions upon the subdivision and each such unit  or  lot;   (e)  data  and  information  concerning improvements, including streets,   water supply and sewerage  disposal  facilities,  in  existence  on  the   subdivision,   and   the   estimated   cost,   date  of  completion  and   responsibility for construction of improvements to  be  made  which  are   referred to in connection with the sale or lease or offering for sale or   lease  of  the  subdivision  or any unit or lot thereon; (f) each of the   terms and conditions under which each such unit or lot  is  offered  for   sale; and (g) such additional data and information as the department may   require  as being necessary or appropriate in the public interest or for   the protection of purchasers or lessees.2. There may be  omitted  from  any  offering  statement  any  of  the   information  required  under  subdivision  one of this section which the   department may by rules and regulations designate as not being necessary   or  appropriate  in  the  public  interest  or  for  the  protection  of   purchasers.3. Limitations. No offer to sell or lease subdivided lands by means of   advertisements  in periodicals or newspapers, or on television or radio,   or by motion picture  or  otherwise  shall  be  made  unless  each  such   advertisement  contains reference to the fact that an offering statement   has been filed with the department and that a copy of such statement  is   available, upon request, from the subdivider.4.  Except  as provided in subdivision three of this section, no offer   of sale or lease of subdivided lands shall be made unless such offer  is   accompanied  by  a copy of the current offering statement filed pursuant   to this article.5. The first page of the  offering  statement  and  the  face  of  all   advertising  and  literature  employed in the sale or lease or offer for   sale or lease of subdivided lands shall contain a  statement  in  easily   readable  print,  that the filing of the verified statement and offering   statement with the department of state does not constitute  approval  of   the  sale or lease or offer for sale or lease by the department of state   or any officer thereof, or that the department of state has in  any  way   passed upon the merits of such offering.6.  No  sale  or  lease  of  subdivided  lands  shall  be  made unless   accompanied or preceded by the delivery to the prospective purchaser  of   an offering statement complying with the provisions of this section.7.  No  change  or  amendment  of  an offering statement shall be made   unless a copy of such change or amendment has first been filed with  the   department.8.  The  subdivider,  within thirty days after the anniversary date of   the filing of an offering statement, shall file with the  department  of   state  a  new  current  and  up-to-date offering statement setting forth   therein all changes which have taken place  during  the  preceding  year   with  respect  to  any  and  all data and information required to be set   forth in such offering statement.  Only  a  current  offering  statement    shall  be  used  to  sell  or lease or offer to sell or lease any of the   subdivided lands.9.  The  offering  statement  shall include the following statement in   easily readable capital letters of not less than nine-point type:   "THE   OFFEROR  HAS FILED ADDITIONAL INFORMATION ON THIS LAND OFFERING WITH THE   DEPARTMENT OF STATE PURSUANT TO SECTION 337-A OF THE REAL PROPERTY  LAW.   THIS INFORMATION INCLUDES A DESCRIPTION AND MAPS OF THE PROPERTIES BEING   OFFERED;  A  CERTIFICATE  STATING  IN  DETAIL ALL LIENS, ENCUMBRANCES OR   CLOUDS UPON THE TITLE TO THE LAND; AND STATEMENTS OF ANY PRIOR  CRIMINAL   CONVICTIONS  OF  THE  PRINCIPALS MAKING THIS OFFERING WHICH INVOLVED THE   SALE OR  OFFERING  FOR  SALE  OF  SUBDIVIDED  LANDS.  INFORMATION  FILED   PURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW IS AVAILABLE PURSUANT   TO  THE  FREEDOM  OF INFORMATION LAW FROM THE DEPARTMENT OF STATE AT THE   FOLLOWING ADDRESS: THE DEPARTMENT OF STATE,  SUBDIVIDED  LANDS  SECTION,   ALBANY, NEW YORK 12231-0001."