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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69W. Securities |
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69W-500. Exempt Transactions |
1Transactions which involve the offer or sale of stock, bonds, or other instruments deemed to be securities as defined in Section 22517.021(21), F.S., 24offered or sold by or on behalf of a non-profit corporation consisting solely of property owners of a singular mobile home park, where the securities evidence shares of the corporation, are hereby exempted from the registration requirements of Section 63517.07, F.S., 65provided that such securities meet and comply with all of the following criteria:
78(1) That proceeds from the sale of securities are used exclusively for the maintenance, improvement or acquisition of common areas within the mobile home park.
103(2) That the solicitation and subsequent sale of securities is made exclusively by the non-profit corporation to persons retaining a property interest in the mobile home park and no form of general solicitation or general advertisement is instituted.
141(3) That no individual, either directly or indirectly, receives any compensation or commission for or as a result of the sale of such securities.
165(4) That prior to the sale of said securities, each property owner within the mobile home park is provided with or given reasonable access to full and fair disclosure concerning all relevant information relating to the securities themselves.
203Rulemaking Authority 205517.03 FS. 207Law Implemented 209517.061(19) FS. 211History–New 1-8-86, Amended 7-31-91, Formerly 3E-500.013, Amended 9-30-10, 10-29-12.
