New York Codes, Rules and Regulations › Title 13 - DEPARTMENT OF LAW › Chapter II - SECURITIES TRANSACTIONS AND PERSONNEL › Subchapter B - REAL ESTATE SYNDICATES › Part 25 - NEWLY CONSTRUCTED OR VACANT SENIOR RESIDENTIAL COMMUNITIES › Section 25.5 - 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.
					 Existing facilities, which have plans previously accepted for filing by the
					 Department of Law, need not submit a new offering plan, but must comply with
					 the requirements of this section when amending the plan. All amendments shall
					 meet the following requirements:
(1)
				  If the offering plan does not comply with GBL, section 352-e(1)(b) or section
				  25.1(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 Office of the
				  Attorney General.
(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 Office of the
				  Attorney General stating that the amendment has been filed and not
				  sooner.
(4) Amendments that have
				  been filed with the Office of the Attorney General 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 Office of the Attorney
				  General.
(5) If there is a material
				  amendment to the offering plan that adversely affects the prospective
				  residents, sponsor must grant prospective residents 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 to
				  prospective residents who rescind. Sponsor may condition return of deposit to
				  interim lessees upon their vacating the apartment. Notwithstanding the
				  provisions of paragraph (f)(3) of this section, sponsor may return any deposit
				  to prospective residents who request rescission.
(6) Amendments must be served on offerees in
				  accordance with section
				  25.1(d)  of this
				  Part, unless the Office of the Attorney General 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 Office of the Attorney General accepting
				  the amendment for filing. Proposed amendments shall be submitted
				  undated.
(8) Amendments filed by
				  the Office of the Attorney General must be served in accordance with section
				  25.1(d)  of this
				  Part by personal delivery or mailing no later than five days after receipt of
				  the letter accepting the amendment for filing.