The Florida Senate

498.023  Prohibitions on dispositions of interests in subdivided lands.--Unless the subdivided lands or the transaction is exempt pursuant to s. 498.025:

(1)  No person shall, unless the person has a valid order of registration for the subdivided lands:

(a)  Offer or dispose of, or participate in an offer or disposition of, any interest in subdivided lands located in this state;

(b)  Offer or dispose of, or participate in an offer or disposition of, any interest in subdivided lands located outside this state to persons in this state;

(c)  Participate within this state in an offer or disposition of any interest in subdivided lands located outside this state to persons located outside this state.

(2)  No person may dispose of, or participate in the disposition of, any interest in subdivided lands unless:

(a)  A current public offering statement is delivered to the purchaser prior to the disposition;

(b)  The purchaser is afforded a reasonable opportunity to examine the public offering statement prior to the disposition; and

(c)  The contract and public offering statement authorize the purchaser to cancel the agreement without cause until midnight of the seventh business day after he or she executes the contract.

(d)  The public offering statement, contract, note, mortgage, deed, or other sales documents, delivered to the purchaser, are in the language in which the sales campaign is conducted, unless an accurate translation is attached to the document.

(3)  When the principal solicitation of the disposition is by long-distance telephone, no person may dispose of, or participate in the disposition of, any interest in subdivided lands unless:

(a)  The prospective purchaser is given an unconditional 30-day refund privilege extending from the time the fully executed agreement to purchase is received by the purchaser;

(b)  The subdivider includes this unconditional refund privilege in the agreement to purchase and in the public offering statement;

(c)  Prior to the execution of the agreement by the purchaser, the subdivider furnishes the prospective purchaser by mail or personal delivery an approved synopsis of the sales script and a current public offering statement, and the purchaser certifies in writing to the receipt thereof; and

(d)  One of the following takes place subsequent to the solicitation of the disposition by long-distance telephone:

1.  The prospective purchaser personally inspects the property before executing the agreement to purchase and so certifies in writing; or

2.  The prospective purchaser executes an agreement to purchase which expressly provides that the purchaser or purchaser's agent has 6 months from the date the purchaser received the fully executed agreement to purchase in which to take a subdivider-guided personal inspection of the subdivided lands, and, at that time, if the purchaser is not satisfied with his or her purchase and the agreement to purchase is not in default, the purchaser may request in writing a refund of all moneys paid in under the agreement to purchase, and shall be entitled to the refund, even though the aforesaid 30-day period has expired. The agreement to purchase shall also provide that the subdivider must make available a guided personal inspection of the subdivision upon request by the purchaser and that the purchaser may request, and shall be entitled to, the refund if the subdivider fails to make the inspection available.

(4)  No person may offer or dispose of, or participate in an offering or disposition of, any evidence of indebtedness secured by a mortgage or deed of trust of any interest in subdivided lands through any means of advertising unless the offering is registered with and approved by the division. This subsection does not apply to the offer or disposition of evidences of indebtednesses which are offered to not more than 20 purchasers; however, a person shall only avail himself or herself of this exemption one time within any 12-month period. This subsection does not apply to the bona fide sale, transfer, or delivery of evidences of indebtednesses by or to a bank, savings and loan association, trust company, insurance company, or real estate investment trust.

History.--s. 20, ch. 67-229; s. 6, ch. 69-393; s. 131, ch. 71-355; s. 1, ch. 73-175; s. 1, ch. 73-178; s. 3, ch. 76-168; ss. 2, 18, ch. 76-262; s. 1, ch. 77-457; ss. 12, 30, 32, ch. 79-347; ss. 4, 21, ch. 81-177; ss. 2, 3, ch. 81-318; s. 3, ch. 83-265; ss. 11, 33, 34, ch. 88-90; s. 35, ch. 91-220; s. 4, ch. 91-429; s. 572, ch. 97-103; s. 6, ch. 97-192.

Note.--Former s. 478.23.