Idaho Code 55-1807 – Public Offering Statement
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(1) A public offering statement shall disclose fully and accurately the physical characteristics of the subdivided lands offered and shall make known to prospective purchasers all unusual and material circumstances or features affecting the subdivided lands. The proposed public offering statement submitted to the commission shall be in a form prescribed by it and shall include the following:
(a) The name and principal address of the subdivider;
(b) A general description of the subdivided lands stating the total number of lots, parcels, units or interests in the offering;
(c) The significant terms of any encumbrances, easements, liens and restrictions, including zoning and other regulations, affecting the subdivided lands and each unit or lot, and a statement of all existing taxes and existing or proposed special taxes or assessments that affect the subdivided lands;
(d) A statement of the use for which the property is offered;
(e) Information concerning improvements in existence or under construction including streets, water supply, levees, drainage control systems, irrigation systems, sewage disposal facilities and customary utilities, and the estimated cost, date of completion and responsibility for construction and maintenance of existing and proposed improvements that are referred to in connection with the offering or disposition of any interest in subdivided lands; and
(f) Such of the information contained in the application for registration, and any amendments thereto, and such other information as the commission may require as being necessary or appropriate in the public interest or for the protection of purchasers.
(2) The public offering statement shall disclose, in a prominent place and in bold type, the right of rescission as required in section 55-1804A, Idaho Code.
Terms Used In Idaho Code 55-1807
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Commission: means the Idaho real estate commission. See Idaho Code 55-1802
- Disposition: includes sale, lease, assignment, award by lottery or any other transaction concerning a subdivision, if undertaken for gain or profit. See Idaho Code 55-1802
- Offer: includes any inducement, solicitation or attempt to encourage a person to acquire an interest in land, if undertaken for gain or profit. See Idaho Code 55-1802
- Person: means an individual, corporation, government, governmental subdivision or agency, business trust, estate, trust, partnership, unincorporated association, two (2) or more of any of the foregoing having a joint or common interest or any other legal or commercial entity. See Idaho Code 55-1802
- Property: includes both real and personal property. See Idaho Code 73-114
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Right of rescission: Right to cancel, within three business days, a contract that uses the home of a person as collateral, except in the case of a first mortgage loan. There is no fee to the borrower, who receives a full refund of all fees paid. The right of rescission is guaranteed by the Truth in Lending Act (TILA). Source: OCC
- Statute: A law passed by a legislature.
- subdivided lands: means and includes the following:
Idaho Code 55-1802Subdivider: means any owner of subdivided land who offers it for disposition or the principal agent of an inactive owner. See Idaho Code 55-1802
(3) The public offering statement shall not be used for any promotional purposes before registration of the subdivided lands and afterwards only if it is used in its entirety. No person may advertise or represent that the commission approves or recommends the subdivided lands or disposition thereof. No portion of the public offering statement may be underscored, italicized or printed in larger or heavier or different color type than the remainder of the statement except as required by statute or rule of the commission.
(4) The commission may require the subdivider to alter or amend the proposed public offering statement in order to assure full and fair disclosure to prospective purchasers, and no change in the substance of the promotional plan or plan of disposition or development of the subdivision may be made after registration without notifying the commission and without making appropriate amendment of the public offering statement. A public offering statement is not current unless all amendments are incorporated.
(5) All advertising material of any nature prepared for use in connection with the offer and disposition of any interests in subdivided lands registered under this chapter shall be submitted to the commission prior to its use.