356-A:3 Exemptions. –
I. Unless the method of disposition is adopted for the purpose of evasion of this chapter, the provisions of this chapter shall not apply to any offer or disposition of:
(a) Subdivided lands if not more than 15 lots, parcels, units or interests are included in such subdivided lands; provided, however, this exemption shall not apply to subdivided lands involving time share interests;
(b) Subdivided lands pursuant to court order;
(c) Subdivided lands by any government or government agency;
(d) Subdivided lands if all lots, parcels, units and interests are restricted to commercial, industrial or other non-residential use;
(e) Cemetery lots;
(f) Securities or units of interest issued by a real estate investment trust regulated under any state or federal statute;
(g) Securities registered with the insurance commissioner of this state; and
(h) Any interest in oil, gas or other minerals or any royalty interest therein, if the offer or disposition of such interests are regulated as securities by any federal agency or by the insurance commissioner of this state.
I-a. (a) A subdivider of subdivided lands of no more than 50 lots, parcels, units, or interests may apply to the attorney general for an exemption from the registration and annual reporting requirements of RSA 356-A:4, I and RSA 356-A:5 through RSA 356-A:9. Within 60 days of receipt of an application for exemption, the attorney general shall issue a written notice to the subdivider stating that the exemption has either been granted or denied, or the attorney general may identify deficiencies in the application. The subdivider shall have 15 days to correct the deficiencies, or a longer period mutually agreed to by the subdivider and the attorney general. If the attorney general fails to respond to the application within 60 days, the subdivider shall be deemed to have been granted an exemption. The governing body of the municipality in which the subdivision is located shall be provided notice and an opportunity to submit comments to the attorney general on any application for exemption under this paragraph.
(b) A subdivider shall be entitled to an exemption from the registration and annual reporting requirements of RSA 356-A:4, I and RSA 356-A:5 through RSA 356-A:9 if the following conditions are met:
(1) The subdivision shall have no more than 50 lots, parcels, units, or interests, including any that might be added at any future time.
(2) Each lot offered or disposed of under the exemption shall be limited exclusively by:
(A) Enforceable covenants or restrictions; or
(B) Enforceable zoning ordinances applicable to single-family residences or duplexes. For purposes of this subparagraph, mobile homes, townhouses, and other residences intended for use by one family shall be considered single family residences.
(3) The city or town in which the subdivision lots are located has a population of at least 5,000 at the time the application is filed, based on the most recent decennial U.S. census. If the subdivision is located in more than one town or city, only those lots located in a town or city that has a population of at least 5,000 may be exempted.
(4) Each of the cities or towns in which lots are located shall have, prior to the time the application is filed:
(A) Established a planning board pursuant to RSA 673:1, I.
(B) Enacted a process for the enforcement of the state building code pursuant to RSA 674:51.
(C) Appointed a building inspector pursuant to RSA 673:1, III.
(D) Adopted a zoning ordinance pursuant to RSA 674:16.
(E) Adopted subdivision regulations pursuant to RSA 674:36.
(5) The contract of sale shall require delivery of a warranty deed, free from monetary liens and encumbrances, to the purchaser within 360 days after the signing of the sales contract.
(6) The contract of sale shall be voidable at the election of the purchaser, in the event the warranty deed has not been delivered within the required time period, and the contract shall state that it is so voidable.
(7) The purchaser or purchaser's agent shall make a personal, on-site inspection of the lot purchased prior to signing a contact or agreement to purchase.
(8) If the subdivider or the subdivider's agent represents in any manner that improvements, roads, sewers, water, gas or electric service, or recreational amenities will be provided or completed by the subdivider, the purchase and sale agreement shall contain provisions so obligating the subdivider.
(9) The purchase and sale agreement shall contain notice of the cancellation rights under RSA 356-A:4, II and shall identify the person or institution holding deposits in escrow by name and address.
(10) The subdivider shall not:
(A) Have been convicted of any crime within the past 10 years which, if committed in this state, would constitute a felony.
(B) Have been the subject of a cease and desist order, revocation, injunction, or similar enforcement order relating to illegal condominium or land sales activity in this state or elsewhere.
(C) Have as a principal, any person or entity who has been subject to such enforcement order or criminal conviction, or who has been a principal in an entity that has been subject to such enforcement order or criminal conviction.
(11) The subdivider shall provide, by certified mail, a copy of the request for exemption under this paragraph to the governing body of each city or town in which lots are located. Postal receipts verifying that the governing body has been so notified shall be submitted to the attorney general with the application for exemption.
II. The attorney general may from time to time, in accordance with rules adopted by it pursuant to RSA 541-A, exempt from any of the provisions of this chapter any subdivision or any lots, parcels, units or interests in a subdivision if it finds that the enforcement of all of the provisions of this chapter with respect to such subdivision or lots, parcels, units or interests is not necessary in the public interest and for the protection of purchasers by reason of the small amount involved or the limited character of the offering, or because such property, in the discretion of the attorney general, is otherwise adequately regulated by federal, state, county, municipal, or town statutes or ordinances, or because such property has been registered and approved pursuant to the laws of any other state. Applications for exemption shall be filed in a form prescribed by the attorney general and shall be accompanied by an application fee of $200.