356-B:51 Application for Registration; Fee. –
I. The application for registration of the condominium shall be filed in a form prescribed by the attorney general and shall contain the following documents and information:
(a) An irrevocable appointment of the attorney general to receive service of any lawful process in any noncriminal proceeding arising under this chapter against the declarant or his personal representative;
(b) Site and floor plans which comply with RSA 356-B:20, except that the certificates required with respect thereto need not be signed prior to approval of said application;
(c) The states or jurisdictions in which an application for registration or similar document has been filed, and any adverse order, judgment, or decree entered in connection with the condominium by the regulatory authorities in each jurisdiction or by any court;
(d) The declarant's name, address, and the form, date, and jurisdiction of organization, and the address of each of its offices in this state;
(e) The name, address, and principal occupation for the past 5 years of every officer of the declarant or person occupying a similar status or performing similar functions; the extent and nature of his interest in the declarant or the condominium as of a specified date within 30 days of the filing of the application;
(f) If the declarant is a closely held corporation, partnership, joint stock company, trust or sole proprietorship, the name, address, and principal occupation of each trustee, stockholder, partner, or person having any beneficial interest therein;
(g) If the declarant is a publicly held corporation, the name, address and principal occupation of each stockholder owning more than 10 percent of the shares outstanding;
(h) If the declarant is a subsidiary corporation, the name, address and principal occupation of each stockholder or person having a beneficial interest therein, and the name, address and principal occupation of each stockholder owning more than 10 percent of the shares outstanding in the corporation or corporations to which it is subsidiary;
(i) A statement of the condition of the title to the condominium, including all easements, conditions, covenants, restrictions, liens and other encumbrances, if any, affecting the condominium property owned by the declarant, with appropriate recording data, as of a specified date within 30 days of the date of application, which statement shall be in the form of a title opinion of a licensed attorney, not under salary to the declarant, or other evidence of title acceptable to the attorney general;
(j) Copies of the instruments which will be delivered to a purchaser to evidence his interest in the unit and of the contracts and other agreements which a purchaser will be required to agree to or sign;
(k) Copies of the declaration and bylaws and of any management contracts or other contracts, including leases, affecting the use, maintenance or administration of, or access to, all or a part of the condominium;
(l) if there is a blanket encumbrance or lien affecting more than one unit, a statement of the consequences for a purchaser of failure to discharge the blanket encumbrance or lien and the steps, if any, taken to protect the purchaser in case of this eventuality;
(m) A statement of the zoning, subdivision, and other governmental approvals, if any, affecting the condominium, including building permits and their status, and also, if known, any existing tax and existing or proposed special taxes or assessments which affect the condominium;
(n) A statement of the existing provisions for access, sewage disposal, water, and other public utilities in the condominium; a statement of any improvements or amenities which may be constructed, an estimate of their cost and the schedule for their completion, provided, however, that if the declarant will give no assurances as to the construction or completion of said improvements or amenities, a statement that no assurance will be given must be included; and a statement of the plan for financing the construction of said improvements or amenities and the maintenance of the condominium;
(o) A description of the promotion plan for the disposition of the units in the condominium;
(p) The proposed public offering statement;
(q) If the declarant is a corporation, a copy of its articles of incorporation with all amendments thereto;
(r) If the declarant is a trust, a copy of all instruments by which the trust is created together with all amendments thereto;
(s) If the declarant is a partnership, unincorporated association, joint stock company, or any other form or organization, a copy of its articles of partnership or association and all other papers pertaining to its organization, including all amendments thereto;
(t) If the declarant is not the holder of legal title, copies of the appropriate documents required by subparagraphs I(q), (r) or (s) shall be submitted for the holder of legal title;
(u) Any other information including any current financial statement, which the attorney general by rules reasonably requires for the protection of purchasers. If the declarant is a corporation, limited liability company, or other entity, personal financial statements from all principals holding more than a 25 percent ownership interest in the declarant, certified as true and complete by the individual principals, accompanied by federal income tax returns for the 2 most recent full calendar years, may be submitted in lieu of financial statements for the declarant. Financial information filed with the attorney general shall not be disclosed publicly except in connection with a hearing, civil action, or criminal action involving the party who submitted the information.
II. A declarant of a condominium of no more than 25 units may make an abbreviated registration, in lieu of these requirements, which shall contain only the documents and information required by RSA 356-B:51, I(a), (c)-(h), (k), (m), (n), (o) and (u); provided, however, that this section shall not apply to a condominium in which time sharing interests are offered.
III. A declarant of a condominium which has been registered under the federal Interstate Land Sales Full Disclosure Act may file, in lieu of the documents and information required by RSA 356-B:51, I(b)-(e) and (i)-(t) and RSA 356-B:52, I, a copy of an effective statement of record, a property report, and any exhibits requested by the agency, filed with the secretary of housing and urban development.
IV. The submission of documents and information required by RSA 356-B:51, I, may be satisfied by the documents and information contained in or attached to the public offering statement.
V. If the declarant registers additional units to be offered for disposition in the same condominium, he may consolidate the subsequent registration with any earlier registration offering units in the condominium for disposition under the same promotional plan.
VI. At any time the attorney general has reasonable cause to believe that the declarant may be unable to complete the development of a condominium, or provide for its maintenance, if responsibility therefor is assumed by the declarant, as represented in its application for registration due to:
(a) Its failure to commence or complete the development of the condominium according to schedules set forth in the application;
(b) Its failure to commence or complete the development of any other condominium or subdivided lands, as defined in RSA 356-A:1, VI, according to representations authorized and made by the declarant or subdivider in connection with the offering or disposing of any interest therein;
(c) Its failure to set forth a reasonable plan to obtain adequate financing to commence or complete the development of the condominium or provide for its maintenance; or
(d) Its commission of any false, deceptive or misleading acts in connection with the offering or disposing of any interest in any condominium or subdivided lands, as defined above;
he may require the declarant to post a bond in favor of the state or to provide evidence of financial security in such amount as the attorney general determines to be necessary to provide reasonable assurance of the commencement and completion of the development of the condominium. Such bond shall not be accepted unless it is with a surety company authorized to do business in this state. Any person aggrieved by the failure of the declarant to complete the condominium as represented in the application may proceed on such bond against the declarant or surety or both to recover damages.
VII. Each application shall be accompanied by a fee in an amount equal to $30 per unit, except that the initial application fee shall be not less than $300 nor more than $2,000, and the fee for any application for registration of additional units shall be not less than $200 nor more than $2,000.
Source. 1977, 468:1. 1981, 568:25, II. 1983, 469:82. 1985, 300:7, I(b). 1989, 408:101, eff. July 1, 1989. 2009, 144:239, eff. July 1, 2009. 2011, 224:318, eff. July 1, 2011. 2015, 256:1, eff. Jan. 1, 2016.