The Florida Senate

498.022  Jurisdiction over fraudulent acts.--

(1)  It shall be unlawful and a violation of this chapter for a person to offer or dispose of 5 or more lots, parcels, units, or interests in a subdivision, and to:

(a)  Employ any device, scheme, or artifice to defraud.

(b)  Obtain money or property by means of a false statement of a material fact, or the failure to state a material fact which makes the statement misleading in light of the circumstances and the context of the overall transaction, with respect to any information pertinent to the transaction.

(c)  Engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon a purchaser.

(d)  Make any false, fictitious, or fraudulent statement or representation, or make or use any false writing or document knowing the same to contain any false, fictitious, or fraudulent statement or entry.

(e)  Falsify, conceal, or cover up, by any trick, scheme, or device, a material fact.

(f)  Dispose of, conceal, or divert any funds or assets of any person so as to substantially and adversely affect the interest of a purchaser.

(2)  Those persons qualifying for exemptions pursuant to s. 498.025 shall not be exempt from the provisions of this section, and the division shall have the authority to use any powers granted to it by this chapter to prevent, investigate, or punish any violation of this section.

(3)  Any violation of the provisions of subsection (1) shall give to any purchaser of the lots, units, or interests the same rights the purchasers would have under s. 498.061, as if the lots, units, or interests were "subdivided lands" as defined in s. 498.005(21).

(4)  Notwithstanding any other provision of this chapter, the term "subdivision" or "subdivided lands" as used in this section means any contiguous land which is divided or is proposed to be divided for the purpose of disposition into 25 or more lots, parcels, units, or interests and also includes any land, whether contiguous or not, which is divided or proposed to be divided into 25 or more lots, parcels, units, or interests which are offered as a part of a common promotional plan.

(5)  Any willful violation of the provisions of subsection (1) shall be a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084

History.--ss. 10, 34, ch. 88-90; s. 4, ch. 91-429; s. 2, ch. 93-190; s. 5, ch. 97-192.