(a)  A developer within thirty (30) days after the anniversary date of the order of registration, annually shall file a report to bring up to date the material contained in the application for registration and the public offering statement. This provision does not relieve the developer of the obligation to file amendments pursuant to subsection (b).

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Terms Used In Rhode Island General Laws 34-41-5.05

  • agency: means the Rhode Island department of business regulation. See Rhode Island General Laws 34-41-5.01
  • Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.

(b)  A developer promptly shall file amendments to the public offering statement with the agency.

(c)  If an annual report reveals that a developer owns or controls time shares representing less than twenty-five percent (25%) of the time shares in the time-share units and that a developer has no power to increase the number of time shares in the units, the agency shall issue an order relieving the developer of any further obligation to file annual reports.

History of Section.
P.L. 1984, ch. 141, § 2.