Upon receipt of an application for registration in proper form, the division shall immediately initiate an examination to determine whether:

(1)  the requirements of Sections 57-11-6 and 57-11-7 have been satisfied;

contract signature

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Terms Used In Utah Code 57-11-8

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Division: means the Division of Real Estate created in Section 61-2-201. See Utah Code 57-11-2
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Land: includes :Utah Code 68-3-12.5
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
  • Subdivider: means :
(a) an owner of an interest in subdivided lands who offers the subdivided lands for disposition; or
(b) a principal agent of an owner of an interest in subdivided lands if the owner is inactive. See Utah Code 57-11-2
  • United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
    • (2)  the subdivider has not, or if a corporation or partnership, its officers, directors, general partners, or persons occupying a similar status or performing similar functions, or other principals as defined by the rules of the division have not been convicted of a crime involving land dispositions or any aspect of the land sales business in this state, the United States, or any other state or foreign country within the past 10 years and has not been subject to any injunction or administrative order entered within the past 10 years restraining a false or misleading promotional plan involving land dispositions; and

    (3)  the public offering statement requirements of this chapter have been satisfied.

    Amended by Chapter 48, 1985 General Session

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