New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 20 - NEWLY CONSTRUCTED, VACANT OR NON-RESIDENTIAL CONDOMINIUMS › Section 20.5 - Amendments

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
General.
Documents to supplement or amend an offering plan
					 (collectively, "amendment(s)") shall be deemed part of the offering plan and
					 shall meet the following requirements:
(1) If the offering plan does not comply with
				  General Business Law, section
				  352-e(1)(b) or section
				  20.1(b)  of this Part due to change of circumstances, the passage of time or any
				  other reason, the offering plan must be amended promptly.
(2) An amendment must include a
				  representation that all material changes of facts or circumstances affecting
				  the property or the offering are included unless the changes were described in
				  prior amendment(s) submitted to but not yet filed with the Department of
				  Law.
(3) Except as provided in
				  subdivision (d) of this section, an amendment to an offering plan shall be
				  filed on the date indicated in the letter issued by the Department of Law
				  stating that the amendment has been filed and not sooner.
(4) Amendments that have been filed with the
				  Department of Law must be attached to the inside front cover of the offering
				  plan before the amended plan is distributed to the public. The cover of the
				  offering plan must be stamped "This plan has been amended. See inside cover."
				  Any revisions, additions or deletions of specific language in the offering plan
				  should reprint a sufficient portion of the paragraph from the offering plan as
				  revised so that the revised portion of the offering plan may be understood
				  easily. An offering plan that has been amended extensively may be restated to
				  incorporate the amendments into the body of the plan, and must be restated if
				  required by the Department of Law.
(5) If there is a material amendment to the
				  offering plan that adversely affects the purchasers, sponsor must grant
				  purchasers a right of rescission and a reasonable period of time that is not
				  less than 15 days after the date of presentation to exercise the right. Sponsor
				  must return any deposit or down payment to purchasers who rescind. Sponsor may
				  condition return of deposit to interim lessees upon their vacating the
				  apartment. Notwithstanding the provisions of subdivision (g)(3) of this
				  section, sponsor may return any deposit or down payment to purchasers who
				  request rescission.
(6) Amendments
				  must be served on offerees in accordance with section
				  20.1(d)  of this
				  Part, unless the Department of Law consents to service on a specified class or
				  classes of offerees.
(7) Amendments
				  served on offerees must be dated on the date of the letter of the Department of
				  Law accepting the amendment for filing. Proposed amendments shall be submitted
				  undated.
(8) Amendments filed by
				  the Department of Law must be served in accordance with section
				  20.1(d)  of this
				  Part by personal delivery or mailing no later than five days after receipt of
				  the letter accepting the amendment for filing.