HARRY HUGHES, Governor

3333

(2) Rejection of a public offering statement shall
not act as a bar to reapplication. A reapplication which amends
the original statement to comply with the stated reasons for
rejection and which is accomplished by an additional fee of $100
shall be approved by the Secretary of State upon determination
that the amended public offering statement satisfies the
requirements of this title.

(c)  (1) A developer shall file copies of any changes to the
information required by this section. Those changes must be
approved by the Secretary of State before the changes are
distributed to the public.

(2) The Secretary of State shall either approve or
reject the changes within 10 days of receipt. The Secretary's of
State failure to act within said 10 days shall be deemed an
approval of such changes.

(d)  (1) The Secretary of State may adopt any regulations
necessary to. implement and enforce this section.

(2)  The Secretary of State may prescribe forms and
procedures for submitting public offering statements.

(3)  The Secretary of State shall require the
applicant to identify all persons who prepared any part of the
public offering statement.

(e)  Any person who provides significant information
contained in the public offering statement is liable for any
false or misleading statement or for any omission of material
fact in the statement which he provided or should have provided.
In addition to other applicable penalties, any person who
knowingly violates this subsection, or who disseminates to the
public and had actual knowledge of such statement or omission, or
who, in the exercise of reasonable care, should have known of
such statement or omission, shall be deemed guilty of a
misdemeanor, punishable by a fine of not more than $10,000, 6
months imprisonment, or both.

(f)  A public offering statement shall contain:

(1) A cover page stating only:

(i) The name and location of the time-share
project;

(ii) A statement that the project is a
time-share project; and

(iii) The following, in conspicuous type:

"This public offering statement contains important matters
to be considered in acquiring a time-share. The statements
contained herein are only summary in nature. A prospective