ADRE LAW BOOK 2025

or misrepresentation in the sale of subdivided lands and the finding or determination has become a final adjudication. 4. The subdivider has been found by an administrative agency to be guilty of fraud or mis representation in the sale of subdivided lands and from the decision there is no appeal. B. The bond required by subsection A of this section shall be in a form acceptable to the commis sioner and shall be executed by the subdivider as principal with a corporation duly authorized to transact surety business in this state. Evidence of a surety bond shall be submitted to the commis sioner in accordance with rules adopted by the commissioner. The bond shall be in favor of the state and shall be subject to claims by any person who is injured by the fraud or misrepresentation of a subdivider in the purchase or lease of a lot or parcel. One bond shall be required for each sub division or each common plan of subdivided lands subject to the requirements of article 7 of this chapter. The principal sum of the bond shall be in an amount the commissioner deems necessary to protect purchasers when the volume of business of the subdivider and other relevant factors are taken into consideration. C. The surety bond shall continue in effect until two years after all sales within the subdivision or common plan have been completed. No suit may be maintained on the bond after the expiration of two years following the subdivider’s sale or lease of a lot or parcel to the person maintaining the action. D. Upon receipt by the commissioner of notice to cancel a bond by any surety, the commissioner shall immediately notify the subdivider on the bond of the effective date of cancellation of the bond and the subdivider shall furnish a like bond within thirty days after mailing of notice by the commissioner or the subdivider’s right to sell or lease lots or parcels in any subdivision shall be suspended. Notice to the subdivider shall be by certified mail in a sealed envelope with postage ful ly prepaid, addressed to the subdivider’s latest address of record in the commissioner’s office. The subdivider’s right to sell or lease lots or parcels shall be suspended by operation of law on the date the bond is canceled, unless a replacement bond is filed with the commissioner. E. In lieu of posting a bond as set forth in this section, the subdivider may post a certificate of de posit with the commissioner in accordance with the provisions of subsections A, B and C of this section. 32-2183.05. Military training route disclosure; military electronics range disclosure; residen tial property A. Any public report that is issued after December 31, 2004 pursuant to section 32-2183 or 32 2195.03 and that is applicable to property located under a military training route, as delineated in the military training route map prepared by the state land department pursuant to section 37-102, and any public report that is issued after December 31, 2008 and that is applicable to property lo cated in a military electronics range as delineated in the military electronics range map prepared by the state land department pursuant to section 37-102, shall include the following statements: 1. The property is located under a military training route or in a military electronics range. 2. The state land department and the state real estate department maintain military training route maps and military electronics range maps available to the public. 3. The military training route map and military electronics range map are posted on the state real estate department’s website. B. The public report prescribed by subsection A of this section may contain a disclaimer that the subdivider has no control over the military training routes as delineated in the military training

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