Section 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."