N.Y. Comp. Codes R. & Regs. tit. 13 § 23.6

Current through Register Vol. 46, No. 43, October 23, 2024

Section 23.6 - Advertisements

(a) Except as provided in subdivision (b) of this section, all advertising in print or other media as well as circulars, flyers, cards, letters and other literature employed to solicit interest (advertisement) for offering plans filed pursuant to this Part shall contain the following statement in easily readable print separated from the body of the advertisement or spoken in a distinctly audible voice:

THE COMPLETE OFFERING TERMS ARE IN AN OFFERING PLAN AVAILABLE FROM SPONSOR. FILE NO. CD-__

(b) Notwithstanding subdivision (a) of this section, in all classified type advertisements not more than five inches long and not more than one column of print wide, the following statement may be used in lieu of the statement required in subdivision (a) of this section at the end of the advertisement and separated from the body of the advertisement:

SEE OFFERING PLAN FOR FULL TERMS. FILE NO. CD-__

(c) Any chart or diagram used in an advertisement must be consistent with the offering plan. Any room or floor plan must be to scale.

(d) No abbreviations shall be employed in advertisements unless the meaning is unmistakably clear.

(e) All advertisements in connection with an offering plan filed pursuant to this Part shall be consistent with the representations and information required to be set forth by the General Business Law and this Part. All assertions of fact in advertisements must be provably true.

(f) Anticipated common or other carrying charges shall be preceded by the word projected or estimated or abbreviations of those terms. In estimating carrying charges, including real estate taxes and, if applicable, individual unit mortgages, there shall be no subtraction or representation of specific dollar saving because of anticipated tax deductions, unless all assumptions are disclosed.

(g) Advertisements of amenities or services available at a fee charged in addition to the common charges or in addition to the purchase price must refer to the additional fee. Advertisements of amenities or services that will not be available at closing must state the approximate date of availability.

(h) An artist's rendering of a property in an advertisement must be marked as an artist's rendering and must accurately and realistically depict the dimensions, height and landscaping of the property and surrounding roads, buildings and open space.

(i) Advertisements of financing offered or procured by sponsor must include the term of the financing when the term is for less than five years.

(j) Advertisements directed to nontenant purchasers of occupied units shall state:

(1) Purchasers will assume all the obligations of a landlord. These expenses are not included in common charges.

(2) The costs of owning a unit may exceed the rent.

(3) In the case of a noneviction plan: This is a noneviction plan. Tenants may have the right to remain in occupancy indefinitely.

N.Y. Comp. Codes R. & Regs. Tit. 13 § 23.6

Amended New York State Register July 3, 2018/Volume XL, Issue 27, eff. 7/3/2018