§ 337-b. Offering statement; contents; prohibitions. 1. Contents. The
offering statement shall contain (a) the names, addresses, business
background of the subdivider, and if such subdivider is a partnership or
corporation, the names, addresses and business background of each of the
partners, officers and principal stockholders, the nature of their
fiduciary relationship and their financial relationship, past, present
and future, to the subdivider; (b) a duly certified financial statement
of the assets and liabilities of the subdivider, as of a date not more
than three months prior to the date of the filing, in such detail as the
department may require; (c) a description of the subdivision and each
unit or lot into which it has or will be divided, in such detail as the
department may require; (d) the material terms of any encumbrances,
liens and restrictions upon the subdivision and each such unit or lot;
(e) data and information concerning improvements, including streets,
water supply and sewerage disposal facilities, in existence on the
subdivision, and the estimated cost, date of completion and
responsibility for construction of improvements to be made which are
referred to in connection with the sale or lease or offering for sale or
lease of the subdivision or any unit or lot thereon; (f) each of the
terms and conditions under which each such unit or lot is offered for
sale; and (g) such additional data and information as the department may
require as being necessary or appropriate in the public interest or for
the protection of purchasers or lessees.

2. There may be omitted from any offering statement any of the
information required under subdivision one of this section which the
department may by rules and regulations designate as not being necessary
or appropriate in the public interest or for the protection of
purchasers.

3. Limitations. No offer to sell or lease subdivided lands by means of
advertisements in periodicals or newspapers, or on television or radio,
or by motion picture or otherwise shall be made unless each such
advertisement contains reference to the fact that an offering statement
has been filed with the department and that a copy of such statement is
available, upon request, from the subdivider.

4. Except as provided in subdivision three of this section, no offer
of sale or lease of subdivided lands shall be made unless such offer is
accompanied by a copy of the current offering statement filed pursuant
to this article.

5. The first page of the offering statement and the face of all
advertising and literature employed in the sale or lease or offer for
sale or lease of subdivided lands shall contain a statement in easily
readable print, that the filing of the verified statement and offering
statement with the department of state does not constitute approval of
the sale or lease or offer for sale or lease by the department of state
or any officer thereof, or that the department of state has in any way
passed upon the merits of such offering.

6. No sale or lease of subdivided lands shall be made unless
accompanied or preceded by the delivery to the prospective purchaser of
an offering statement complying with the provisions of this section.

7. No change or amendment of an offering statement shall be made
unless a copy of such change or amendment has first been filed with the
department.

8. The subdivider, within thirty days after the anniversary date of
the filing of an offering statement, shall file with the department of
state a new current and up-to-date offering statement setting forth
therein all changes which have taken place during the preceding year
with respect to any and all data and information required to be set
forth in such offering statement. Only a current offering statement
shall be used to sell or lease or offer to sell or lease any of the
subdivided lands.

9. The offering statement shall include the following statement in
easily readable capital letters of not less than nine-point type: "THE
OFFEROR HAS FILED ADDITIONAL INFORMATION ON THIS LAND OFFERING WITH THE
DEPARTMENT OF STATE PURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW.
THIS INFORMATION INCLUDES A DESCRIPTION AND MAPS OF THE PROPERTIES BEING
OFFERED; A CERTIFICATE STATING IN DETAIL ALL LIENS, ENCUMBRANCES OR
CLOUDS UPON THE TITLE TO THE LAND; AND STATEMENTS OF ANY PRIOR CRIMINAL
CONVICTIONS OF THE PRINCIPALS MAKING THIS OFFERING WHICH INVOLVED THE
SALE OR OFFERING FOR SALE OF SUBDIVIDED LANDS. INFORMATION FILED
PURSUANT TO SECTION 337-A OF THE REAL PROPERTY LAW IS AVAILABLE PURSUANT
TO THE FREEDOM OF INFORMATION LAW FROM THE DEPARTMENT OF STATE AT THE
FOLLOWING ADDRESS: THE DEPARTMENT OF STATE, SUBDIVIDED LANDS SECTION,
ALBANY, NEW YORK 12231-0001."