Regulation of Out of State Real Estate Sales and Dispositions

SECTION 34-38-2

§ 34-38-2. Exemptions.

(a) Unless the method of advertisement, offering or disposition is adopted or taken for the purpose of the evasion of the provisions of this chapter or the provisions of the federal Interstate Land Sales Full Disclosure Act, 15 U.S.C., § 1701 et seq., this chapter shall not apply to the making of any advertisement offer or disposition of any subdivision of lot, parcel, or unit or interest therein:

(1) By a purchaser of any subdivision, lot, parcel, or unit thereof for his or her own account in a single or isolated transaction;

(2) To any person who is engaged in the business of the construction of residential, commercial, or industrial buildings, other than any lot, parcel, unit, or interest in any subdivision as defined by § 34-38-1(8) for disposition;

(3) Pursuant to the order of any court in this state;

(4) By any government or government agency;

(5) To any offer or disposition of any evidence of indebtedness secured by way of any mortgage or deed of trust of real estate;

(6) To securities or units of interest issued by an investment trust regulated under the laws of this state;

(7) To cemetery lots;

(8) To the leasing of apartments, offices, stores, or the leasing of similar space within any apartment building, commercial building, or industrial building.

(b) The department may from time to time, pursuant to rules and regulations issued by it, exempt from any of the provisions of this chapter any subdivision if it finds that the enforcement of the sections with respect to the subdivision or lots, parcels, units, or interests is not necessary in the public interest and for the protection of purchasers by reason of the small amount involved or the limited character of the offering, or because the property has been registered and approved pursuant to the laws of any other state.

(c) Any subdivision which has been registered under the federal Interstate Land Sales Full Disclosure Act, 15 U.S.C., § 1701 et seq., shall be exempt from the provisions of § 34-38-3 upon filing with the department a certified copy of an effective statement of record filed with the secretary of housing and urban development together with a filing fee of one hundred dollars ($100) in respect of each subdivision covered by the effective statement of record.

History of Section.
(P.L. 1972, ch. 56, § 1.)