If the declarant prepared or caused to be prepared all or a part of the information required by this part, the declarant may be held liable for any materially false or misleading statement, or for any material omission of any required information, with respect to that portion of the information that the declarant prepared. The declarant shall not be liable for:

(1) Any false or misleading information or for any omission of material fact unless the declarant had actual knowledge of the statement or omission, or, in the exercise of reasonable care, should have known of the statement or omission; or
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(2) Following the end of the period of declarant control, failure of the association to provide information under § 66-27-503 that was prepared by the declarant.
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