[Code of Federal Regulations]
[Title 24, Volume 5]
[Revised as of January 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 24CFR1710.45]

[Page 23-24]
 
                 TITLE 24--HOUSING AND URBAN DEVELOPMENT
 
 CHAPTER X--OFFICE OF ASSISTANT SECRETARY FOR HOUSING--FEDERAL HOUSING 
 COMMISSIONER, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (INTERSTATE 
                    LAND SALES REGISTRATION PROGRAM)
 
PART 1710_LAND REGISTRATION--Table of Contents
 
                     Subpart A_General Requirements
 
Sec.  1710.45  Suspensions.

    (a) Suspension notice--prior to effective date. (1) If it appears to 
the Secretary that a Statement of Record or an amendment is on its face 
incomplete or inaccurate in any material respect, the Secretary shall so 
advise the developer, by issuing a suspension notice, within a 
reasonable time after the filing of such materials but prior to the time 
the materials would otherwise be effective.
    (2) A suspension notice issued pursuant to this subsection shall 
suspend the effective date of the Statement of Record or the amendment. 
It shall continue in effect until 30 days, or such earlier date as the 
Secretary may determine, after the necessary amendments are submitted 
which correct all deficiencies cited in the notice.
    (3) Upon receipt of a suspension notice, the developer has 15 days 
in which to request a hearing. If a hearing is requested, it shall be 
held within 20 days of the receipt of the request by the Secretary.
    (b) Suspension orders--subsequent to effective date. (1) A notice of 
proceedings to suspend an effective Statement of Record may be issued to 
a developer if the Secretary has reasonable grounds to believe that an 
effective Statement of Record includes an untrue statement of a material 
fact, or omits a material fact required by the Act or rules and 
regulations, or omits a material fact which is necessary to make the 
statements therein not misleading. The Secretary may, after notice, and 
after opportunity for a hearing requested pursuant to Sec.  1720.220 
within 15 days of receipt of such notice, issue an order suspending the 
Statement of Record. In the event that a suspension order is issued, 
such order shall remain in effect until the developer has amended the 
Statement of Record or otherwise complied with the requirements of the 
order. When the developer has complied with the requirements of the 
order, the Secretary shall so declare and thereupon the suspension order 
shall cease to be effective.
    (2) If the Secretary undertakes an examination of a developer or its 
records to determine whether a suspension order should be issued, and 
the developer fails to cooperate with the Secretary or obstructs, or 
refuses to permit the Secretary to make such examination, the Secretary 
may issue an order suspending the Statement of Record. Such order shall 
remain in effect until the developer has complied with the requirements 
of the order. When the developer has complied with the requirements of 
the order, the Secretary shall so declare and thereupon the suspension 
order shall cease to be effective. In accordance with the procedure 
described in Sec.  1720.235, a hearing may be requested.
    (3) Upon receipt of an amendment to an effective Statement of 
Record, the Secretary may issue an order suspending the Statement of 
Record until

[[Page 24]]

the amendment becomes effective if the Secretary has reasonable grounds 
to believe that such action is necessary or appropriate in the public 
interest or for the protection of purchasers. In accordance with the 
procedure described in Sec.  1720.235, a hearing may be requested.
    (4) Suspension orders issued pursuant to this subsection shall 
operate to suspend the Statement of Record as of the date the order is 
either served on the developer or its registered agent or is delivered 
by certified or registered mail to the address of the developer or its 
authorized agent.

(Pub. L. 90-448, 82 Stat. 476, 590; 15 U.S.C. 1701 et seq.)

[44 FR 21453, Apr. 10, 1979]