§ 3405. Public offering statement; condominium securities.
If an interest in a condominium is currently registered with the Securities and Exchange Commission of the United States, a declarant satisfies all requirements relating to the preparation of a public offering statement in this subpart if he delivers to the purchaser a copy of the public offering statement filed with the Securities and Exchange Commission. An interest in a condominium is not, in and of itself, a security under the provisions of the act of December 5, 1972 (P.L.1280, No.284), known as the Pennsylvania Securities Act of 1972, and the offer and sale of condominium units in accordance with the requirements of this chapter shall not also be subject to the registration requirements of sections 201 or 301 of the Pennsylvania Securities Act of 1972 or the promotional real estate sales requirements of the act of February 19, 1980 (P.L.15, No.9), known as the Real Estate Licensing and Registration Act.
(Dec. 18, 1992, P.L.1279, No.168, eff. 45 days)
Cross References. Section 3405 is referred to in section 3102 of this title.
Section: Previous 3401 3402 3403 3404 3405 3406 3407 3408 3409 3410 3411 3412 3413 3414 NextLast modified: October 8, 2016