Utah State Legislature

            (1) (a) A licensee or certificate holder under this chapter who sells or offers to sell an undivided fractionalized long-term estate shall comply with the disclosure requirements imposed by rules made by the commission under this section.

            (b) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission shall make rules as to the timing, form, and substance of disclosures required to be made by a licensee or certificate holder under this section.

            (2) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission shall make rules imposing requirements for a management agreement related to an undivided fractionalized long-term estate that makes the offer or sale of the undivided fractionalized long-term estate treated as a real estate transaction and not treated as an offer or sale of a security under Chapter 1, Utah Uniform Securities Act.

            (3) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the commission shall make rules establishing:

            (a) the disclosures required in the sale or offer of an undivided fractionalized long-term estate that is subject to a master lease;

            (b) requirements for the management of a master lease on an undivided fractionalized long-term estate; and

            (c) the requirements on the structure of a master lease on an undivided fractionalized long-term estate.

Renumbered and Amended by Chapter 379, 2010 General Session