§514B-67 Termination of registration.
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§514B-67 Termination of registration.
(a)The commission, after notice and hearing, may issue an order terminating the registration of a condominium project upon determination that a developer, or any officer, principal, or affiliate of a developer has:
(1)Failed to comply with a cease and desist order issued by the commission affecting that condominium project;
(2)Concealed, diverted, or disposed of any funds or assets of any person in a manner impairing rights of purchasers of units in that condominium project;
(3)Failed to perform any stipulation or agreement made to induce the commission to issue an order relating to that condominium project;
(4)Misrepresented or failed to disclose a material fact in the application for registration;
(5)Failed to meet any of the conditions described in this part necessary to qualify for registration; or
(6)Failed to conform or comply with county zoning and development ordinances as required by chapter 205, including section 205-4.6 where applicable, and section 514B-5.
(b)A developer may not convey, cause to be conveyed, or contract for the conveyance of any interest in a unit while an order revoking the registration of the condominium project is in effect, without the consent of the commission.
(c)The commission may issue a cease and desist order in lieu of an order of revocation where appropriate. [L 2005, c 93, pt of §3; am L 2014, c 49, §7]