PURPOSE: This rule prescribes standards for the registration of installment or deferred payment sale contracts covering land located outside Missouri.

Editor’s Note: The secretary of state has determined that the publication of this rule in its entirety would be unduly cumbersome or expensive. The entire text of the rule has been filed with the secretary of state. The entire text of the rule may be found at the headquarters of the agency and is available to any interested person at a cost established by state law.

1. (1) Each contract or bond for the sale of any interest in real estate on deferred payments or on installment plans when that real estate is not situated in Missouri is a security (section 409.401(1), RSMo, see also 15 CSR 30- 52.010(15)) and therefore each must satisfy the policy and provisions of the Act, these rules and the orders of the commissioner.

2. (2) The application must include the information and documents specified in section 409.304(b) of the Act and, in addition, pursuant to section (17), the following:

   1. (A) In the cases of land sales which are subject to the requirements of the federal Interstate Land Sales Full Disclosure Act, (15 U.S.C. 1718), a copy of the statement of record, a copy of the property report, a copy of any material filed with the appropriate state authorities charged with the responsibility of regulating the sale of lots in subdivisions and all amendments, insofar as these documents relate to the foreign real estate securities sought to be registered in Missouri, and, in addition, the information required in a property report, and an appropriate reference on the cover page of the prospectus to the availability of all records required by this subsection for examination by prospective purchasers;
   2. (B) In the cases of land sales which are not subject to the requirements of the federal Interstate Land Sales Full Disclosure Act, a copy of any material filed with the appropriate state authorities charged with the responsibility of regulating the sale of lots in subdivisions and all amendments, as these documents relate to the foreign real estate securities sought to be registered in Missouri, a prospectus prepared in substantially the form and containing the information specified in 15 CSR 30-52.020 to the extent applicable and, in addition, the information which would be required in a federal property report and any information required by the state authorities and an appropriate reference on the cover page of the prospectus to the availability of all records required by this subsection for examination by prospective purchasers;
   3. (C) The sales agreement shall specify that the property report required by the Interstate Land Sales Full Disclosure Act or the Missouri prospectus will be delivered to the purchaser in advance of his/her signing the agreement and shall become, in addition to any rider, a part of the agreement between the parties;
   4. (D) The sales activities of each brokerdealer, agent, or both, registered under the Act to offer and sell foreign real estate securities shall be at all times consistent with the provisions of Missouri law governing the licensing of real estate agents and brokers (Chapter 339, RSMo); and
   5. (E) Assurance of an authorized officer that the fees and expenses of any on-site inspection of the real estate, required by the commissioner, will be borne by the applicant and advanced upon request.

AUTHORITY: sections 409.306 and 409.413(a), RSMo (1986).* Original rule filed July 21, 1972, effective Aug. 1, 1972. Amended: Filed Nov. 15, 1974, effective Nov. 25, 1974. Amend- Investment Companies, adopted August 14, ed: Filed July 3, 1989, effective Sept. 1973 (1 CCH Blue Sky L. Rep., par. 4863). 28, 1989. *Original authority: 409.306, RSMo (1967), amended 1977 and 409.413(a), RSMo (1967).