ARSD 20:69:12:20. Material change in disclosure statement

A developer shall notify the commission in writing of any material changes in the disclosure statement. A developer shall file a supplemental disclosure statement which specifies, in detail, the material changes that have occurred. The supplemental disclosure statement must be filed with the commission within 20 days after the material changes become known to the developer. Upon acceptance of the supplemental disclosure statement by the commission, a true, accurate, and complete copy of the supplemental disclosure statement must be given to each purchaser adversely affected by the material change and to each prospective purchaser. A receipt from each purchaser and prospective purchaser must be taken and filed as required in §20:69:12:17. The developer is not in violation of this chapter if the purchaser fails to return the receipt and the developer can verify that a statement was sent to the purchaser. The commission may independently determine that a material change has occurred and require the developer to prepare a supplemental disclosure statement disclosing the material change in a form approved by the commission. If the purchaser has received title by instrument of record in the sale of an interest in an ownership plan, the developer is not required to give the purchaser a supplemental disclosure statement.