TITLE 55

PROPERTY IN GENERAL

CHAPTER 18

SALE OR DISPOSITION OF LAND LOCATED OUTSIDE THE STATE

55-1815.  Revocation. (1) A registration may be revoked by the commission after notice and hearing upon a written finding of fact that the subdivider has:

(a)  Failed to maintain the requirements for continued registration;

(b)  Failed to comply with the terms of a cease and desist order;

(c)  In any court or administrative tribunal, been convicted, found liable or had a registration revoked for a crime, tort or other misconduct involving fraud, deception, false pretenses, misrepresentation, false advertising or dishonest dealing in land dispositions, including the offering or promotion of land disposition;

(d)  Disposed of, concealed or diverted any funds or assets of any person so as to defeat the rights of subdivision purchasers;

(e)  Failed faithfully to perform any stipulation or agreement made with the commission as an inducement to grant any registration, to reinstate any registration or to approve any promotional plan or public offering statement; or

(f)  Made intentional misrepresentations or concealed material facts in an application for registration.

Findings of fact, if set forth in statutory language, shall be accompanied by a concise and explicit statement of the underlying facts supporting the findings.

(2)  If the commission finds after notice and hearing that the subdivider has committed a violation for which revocation could be ordered, it may issue a cease and desist order instead.

History:

[55-1815, added 1972, ch. 276, sec. 15, p. 667; am. 2010, ch. 214, sec. 16, p. 479.]