The Florida Senate

498.033  Registration of subdivided lands.--

(1)  After an order of registration has been issued, the registrant shall comply with all obligations contained in the purchase contract, public offering statement, and registration statement.

(2)  After an order of registration has been issued, no material change of the offering shall be made unless the registrant first notifies the division in writing and obtains the division's written approval. The approval shall not be unreasonably withheld, and a decision shall be rendered within 20 days from the date the division receives adequate information, unless the registrant and the division have agreed in writing to a delay.

(3)  The subdivider shall furnish the purchaser an agreement for deed in recordable form which may be recorded by the subdivider or purchaser when the refund provision of the contract expires.

(4)  Each registrant shall provide the division with financial statements, audited by an independent certified public accountant registered in a state or territory of the United States or in the District of Columbia, not later than 5 months after the end of the registrant's fiscal year, unless:

(a)  All promised improvements have been completed as of the end of the registrant's fiscal year; and

(b)  All registered property is free and clear of any encumbrance or the encumbrance contains a subordination provision that states: "The lien of this document is subordinate to the purchaser's rights and the purchaser shall obtain the legal interest or other interest provided for in the purchase contract or lease, free and clear of the encumbrance, upon the purchaser's compliance with the terms, provisions, and conditions of the purchase contract or lease."

(5)  If promised improvements are not completed, upon request by the division, the registrant shall provide the division with a current estimate of the cost to complete the promised improvements, certified by a licensed professional engineer.

(6)  If the registrant fails to comply with the provisions of this section, the division may issue a notice to show cause and, upon request, provide for a hearing in accordance with the provisions of chapter 120.

(7)  Each registrant shall comply with the terms of any instrument encumbering subdivided lands, including timely payments for satisfaction of the debts.

History.--s. 12, ch. 63-129; s. 11, ch. 67-229; s. 2, ch. 69-393; s. 2, ch. 71-98; s. 1, ch. 73-51; s. 1, ch. 73-52; ss. 1, 2, 4, ch. 73-348; s. 1, ch. 74-179; s. 3, ch. 76-168; ss. 8, 9, 10, ch. 76-262; s. 177, ch. 77-104; s. 1, ch. 77-174; s. 1, ch. 77-457; s. 4, ch. 78-366; s. 87, ch. 79-65; ss. 15, 30, 32, ch. 79-347; s. 1, ch. 80-120; ss. 10, 21, ch. 81-177; ss. 2, 3, ch. 81-318; ss. 2, 3, ch. 82-400; s. 3, ch. 83-265; ss. 17, 33, 34, ch. 88-90; s. 4, ch. 91-429; s. 6, ch. 93-190; s. 12, ch. 97-192.

Note.--Former s. 478.121(2)-(8).