Current through Register Vol. 47, No. 17, September 10, 2024
3.1.
Renewal of the Registration and Certification
Renewal of the registration and certification as a Developer
can be executed only on the renewal application provided by the Commission, and
must be delivered to the Commission, accompanied by the proper Fees, on or
before December 31 of each year.
3.2. Licensed Real Estate Brokers
The registration and certification of a Developer under Title
12, Article 10, Part 5, C.R.S., does not exempt the Developer from the
requirements for the licensing of real estate brokers under Title 12, Article
10, Part 1, C.R.S. Exemptions from the licensing of real estate brokers are
made pursuant to section
12-10-201(6)(b),
C.R.S.
3.3. Change in
Principal Office
Notification in writing must be made to the Commission within
ten (10) Days of any change in the principal office address of the Developer or
the natural person, or any other change in the information submitted pursuant
to section
12-10-503, C.R.S.
3.4. Records
A. Records as required by Title 12, Article
10, C.R.S., and these rules, may be maintained as an Electronic Record so long
as the Electronic Records are in a format that has the continued capability to
be retrieved and legibly printed. The Developer must produce printed records
upon request of the Commission, or by any principal party to a
transaction.
B. Developer must
maintain all Business Records related to the Subdivision development in a Safe
and Secure Manner for a period of seven (7) years from the effective date of
each such Business Record.
3.5. Revisions to Documents
A Developer is not required to file amendments to its
registration filed with the Commission when revisions are made to documents
previously submitted to the Commission, so long as the revised documents
continue to:
A. Comply with Title 12,
Article 10, Part 5, C.R.S., and these rules; and
B. Accurately reflect the Subdivision
offering.
3.6. Duty to
Disclose the Following Events:
A.
Notwithstanding Rule 3.5., a Developer must provide the Commission with notice
of the following events within ten (10) Days after such event, unless otherwise
provided below:
1. Any change in the
information provided in the registration pursuant to sections
12-10-503(2)(a)(III), (V), (VI) or
(VII), C.R.S.;
2. Any change in the terms of any
Nondisturbance Agreement(s) or partial release provisions in connection with
any documents previously submitted to the Commission pursuant to section
12-10-503(3)(e),
C.R.S., and Rule 2.1.B.4.;
3. Any
new lien encumbering the Subdivision or any part thereof other than
encumbrances created or permitted by purchasers;
4. The termination or transfer of any escrow
account, letter of credit, bond, or other financial assurance approved by the
Commission as set forth in Rule 2.10 .; notice of which must be filed with the
Commission prior to the effective date of such termination or
transfer;
5. Cancellation,
revocation, suspension, or termination of the Developer's activity or authority
to do business in the State of Colorado; and
6. Any material pending legal proceeding
filed against the Developer in connection with the Subdivision affecting the
Developer's ability:
a. To convey marketable
title of the registered Subdivision or any interest therein, or
b. To perform the Developer's obligations in
connection with the registered Subdivision.
B. Notification under this Rule must be
provided on a form approved by the Commission. The Developer will have a period
of ten (10) Days after receipt of notice to take such action as may be required
by the Commission in connection with any filings made under this
Rule.
C. Within ten (10) Days after
receipt of a written request from the Commission, a Developer will have the
duty to provide to the Commission copies of all documents then in use with
regard to the Subdivision.
