Ariz. Admin. Code § R4-28-B1203 - Material Change; Public Report Amendments
A. The developer shall notify the Department
of all material changes in the information required by A.R.S. Title 32, Chapter
20, Articles 4, 7, 9, and 10, or 4 A.A.C. 28, Article 12, Part A.
B. According to material changes reported in
subsection (A), the Department may require the developer to amend the public
report.
C. Completion Date
Extension.
1. A developer may apply to the
Department for an amendment to a public report to extend the completion date of
any improvement by providing an affidavit from the developer attesting that
each purchaser, owner, and the city or county officials responsible for
improvements were provided written notice of the completion status of the
improvement, including a list of all people who were provided notice.
2. The Department may deny the application to
extend the completion date beyond the first extension if a purchaser, owner, or
city or county official opposes issuance of an amended public report to extend
a completion date.
3. If an
extension is denied, the developer shall provide the Department with a written
agreement to suspend sales until the improvement is complete or the Department
may issue a summary suspension order as provided in A.R.S. §
32-2157(B).
D. To amend a public report, a
developer shall submit payment of the applicable amendment fee and the
following information:
1. The name and
registration number of the development;
2. The name and signature of the
developer;
3. A list of the changes
to the development and sales offering or in the information previously provided
to the Department;
4. Status of
sales as prescribed in subsections (C) and (E); and
5. A purchase contract addendum, to be signed
and dated by both seller and purchaser, acknowledging that the sale is
conditioned upon issuance of the amended public report and purchaser's receipt
and acceptance of the amended public report.
E. Suspension of sales.
1. If necessary for the protection of
purchasers, the Department may suspend approval to sell or lease pending
amendment of the report.
2. In lieu
of issuing a suspension order under A.R.S. §
32-2157, the Department may accept a developer's written agreement to suspend sales
until the amended public report has been issued by the Department.
F. If the Department determines
that a suspension of sales is not necessary for the protection of purchasers
and approves the proposed disclosure of the change, sales may continue if the
prospective purchaser is provided a copy of the current public report and
disclosure of all changes before signing a contract. Completion of sales is
conditioned upon the developer obtaining and delivering to each purchaser under
contract the amended public report.
G. Upon obtaining the amended report, the
developer shall provide a copy to prospective purchasers in place of the
earlier public report and obtain a receipt for the amended public
report.
H. If an application to
amend a public report is denied, the Department shall notify the developer in
writing of the statutory basis for the denial and of the developer's right to a
fair hearing.
Notes
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