New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 22 - NEWLY CONSTRUCTED, VACANT HOMEOWNERS ASSOCIATIONS OR NON-RESIDENTIAL PROPERTY OWNERS ASSOCIATIONS › Section 22.5 - 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 ceases to comply
				  with General Business Law section
				  352-e(1)(b) or section
				  22.1(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.
(3) 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 is 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 contain the legend: "This plan has been amended. See inside
				  front 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 the deposit to interim lessees upon their vacating the
				  premises. Notwithstanding the provisions of subdivision (e)(3) of this section,
				  sponsor may return any deposit or downpayment to purchasers who request
				  rescission.
(6) Amendments must be
				  served on offerees in accordance with section
				  22.1(d)  of this
				  Part unless the Department of Law grants an exemption pursuant to section
				  22.1(i)  of this
				  Part and consents to service on a specified class of offerees.
(7) Amendments served on offerees must be
				  dated with the date of the letter from 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
				  22.1(d)  of this
				  Part by personal delivery or mailing no later than five days after receipt of
				  the letter accepting the amendment for filing.