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Sectional Analysis for HB 470
Common Interest Ownership: Offering Statements

An Act relating to public offering statements required under the Uniform Common Interest Ownership: Offering Statements Act; and providing for an effective date.

Section 1: Amends AS 34.08.520 [Liability for public offering statement requirements] to include "or a preliminary version of the public offering statement that reasonable reflects the contents of the public offering statement that is subsequently delivered to a purchaser".

Section 2: Amends AS 34.08.530 [Public offering statements generally] to include "or a preliminary version of the public offering statement that reasonable reflects the contents of the public offering statement that is subsequently delivered to a purchaser". Amended subsection (11)(B) to provide that instead of a flat ten percent penalty, the penalty may be "up to" ten percent.

Section 3: Amends AS 34.08.580 [Purchaser's right to cancel] to include "or a preliminary version of the public offering statement that reasonable reflects the contents of the public offering statement that is subsequently delivered to a purchaser".

Section 4: Immediate effective date.

ED 4:05/01/02

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