§514B-58 Annual report. (a) A developer, its successor, or assign shall file annually a report to update the material contained in the developer's public report, together with the payment of nonrefundable fees, at least thirty days prior to the anniversary date of the effective date for a developer's public report. If there is no change to the developer's public report, the developer shall so state. This subsection shall not relieve the developer, its successor, or assign of the obligation to file amendments to the developer's public report pursuant to section 514B-56. Failure to file the annual report required by this section may subject the developer to the penalties set forth in section 514B-69(b).
(b) The developer, its successor, or assign shall be relieved from filing annual reports pursuant to this section when the initial sales of all units have been completed. [L 2005, c 93, pt of §3; am L 2006, c 273, §12]