N.Y. Comp. Codes R. & Regs. tit. 19 § 135.3

Current through Register Vol. 46, No. 45, November 2, 2024

Section 135.3 - Inspections

(a) Any inspection of any lots by the department shall be confined to the property embraced and described in the filing statement. An inspection, when performed, shall be for the purpose of ascertaining to a greater degree the veracity and reliability of the information provided in the filing statement, the offering statement and related material. When an inspection is performed, the offeror shall make every reasonable effort, consistent with geographic and climatic conditions and the extent of existing development, to make all lots accessible to the inspector, and to provide such other and related information as may be reasonably requested.

(b) Where an offeror has paid to the department the monies covering the costs and expenses required under article 9-A for the performance of an inspection and the offeror has:

(1) withdrawn its filing prior to such inspection; or

(2) submitted additional filings for additional lots or units consolidated with the original offering and the department has inspected such consolidated properties simultaneously; or

(3) the department determines thereafter not to conduct an inspection, then in any of such events and upon written request therefor by the offeror, the department shall render to the offeror an accounting of the actual expenses incurred, and shall refund any such monies not actually used for such purpose, subject to approval by the State Comptroller.

N.Y. Comp. Codes R. & Regs. Tit. 19 § 135.3