Statutes, codes, and regulations
New York Codes, Rules and Regulations
Title 13 - DEPARTMENT OF LAWChapter II - SECURITIES TRANSACTIONS AND PERSONNELSubchapter B - REAL ESTATE SYNDICATES
Part 21 - NEWLY CONSTRUCTED AND VACANT COOPERATIVES
Section 21.6 - Advertisements

N.Y. Comp. Codes R. & Regs. tit. 13 § 21.6

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Current through Register Vol. 46, No. 45, November 2, 2024
Section 21.6 - Advertisements
(a) Except as provided in subdivision (b) of this section, all advertising in print or other media as well as circulars, flyers, cards, letters and other literature employed to solicit interest (advertisement) for offering plans filed pursuant to this Part shall contain the following statement in easily readable print separated from the body of the advertisement or spoken in easily understandable terms:

THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR.

(b) Notwithstanding subdivision (a) of this section, in all classified type advertisements not more than five inches long and not more than one column of print wide, the following statement may be used, in lieu of the statement required in subdivision (a) of this section:

SALE ONLY ON TERMS IN OFFERING PLAN.

(c) Any chart or diagram used in an advertisement must be consistent with the offering plan. Any room or floor plan must be to scale.
(d) No abbreviations shall be employed in advertisements, unless the meaning is unmistakably clear.
(e) All advertisements in connection with an offering plan filed pursuant to this Part shall be consistent with the representations and information required to be set forth by the General Business Law and this Part. All assertions of fact in advertisements must be provably true.
(f) Anticipated maintenance charges shall be preceded by the word "projected". There shall be no subtraction or representation of specific dollar or percentage saving because of anticipated tax deductions.
(g) Advertisements of amenities or services available at a fee charged in addition to the maintenance charge or in addition to the purchase price must refer to the additional fee. Advertisements of amenities or services that will not be available at closing must state the approximate date of availability.
(h) Artist rendering of a property in an advertisement must accurately and realistically depict the dimensions, height and landscaping of the project and surrounding roads, buildings and open space.
(i) Advertisement of financing offered or procured by sponsor must include the term of the financing when the term is less than three years.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 21.6

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018