AZ LAW BOOK

2. Obtain money or property by means of a material misrepresentation with respect to any information included in the notice of intention or the public report or with respect to any other information pertinent to the parcel and upon which the purchaser relies. 3. Engage in any transaction, practice or course of business which operates or would operate as a fraud or deceit upon a purchaser. D. Damages in any suit brought pursuant to this section shall be the difference between the amount paid for the land together with the reasonable cost of improvements to such land and whichever of the following amount is the smallest: 1. The value of the land and improvements as of the time such suit was brought. 2. The price at which such land was disposed of in a bona fide market transaction prior to suit. 3. The price at which such land was disposed of in a bona fide market transaction after suit was brought but prior to judgment. E. In any action in which a violation of this section is established the purchaser shall also be entitled to recover reasonable attorney fees as determined by the court. If a violation is not established, the court, in its discretion, may award reasonable attorney fees to the defendant. F. Every person who becomes liable to make any payment pursuant to this section may recover contribution as in cases of contract from any person who, if sued separately, would have been liable to make the same payment. G. In no case shall the amount recoverable pursuant to this section exceed the sum of the purchase price of the land, the reasonable cost of improvements installed by the purchaser and reasonable court costs and attorneys fees. H. Nothing contained in this section shall be construed to preclude any other remedies that may exist at law or in equity. I. No action shall be maintained to enforce any liability created pursuant to subsection A or B of this section unless brought within one year after the discovery of the untrue statement or the omission or after such discovery should have been made by the exercise of reasonable diligence. No action shall be maintained to enforce any liability created pursuant to subsection C of this section unless brought within two years after the violation upon which it is based. In no event shall any such action be brought by a purchaser more than three years after the sale or lease to such purchaser. 32-2195.07. Jurisdiction The commissioner shall not be denied jurisdiction over any person subject to the provisions of this article because of similar jurisdiction over such person by any other agency or the applicability to such person of any regulation prescribed pursuant to any other provision of law. 32-2195.09. Recordable forms of contracts In accordance with regulations adopted by the commissioner, each purchaser of unsubdivided land shall be provided with a copy, in recordable form, of each contract involved in the sale of such land to the purchaser at the closing of the contract. 32-2195.10. Change of plan after approval by commissioner; notice It is unlawful for an owner, agent or subdivider, after submitting to the commissioner a plan under which unsubdivided lands are to be offered for sale or lease and securing his approval, to change the plan materially without first notifying the commissioner in writing of the intended change. On receipt of a notice of a change of plan, the commissioner, if he determines such action to be necessary for the protection of purchasers, may suspend his approval of the sale or lease pending amendment of the public report. 32-2195.11. Civil penalties; limitation A. An owner or agent who is subject to the jurisdiction of the department and who violates any provision of this chapter relating to the sale or lease of unsubdivided lands or any rule adopted or order issued by the commissioner relating to the sale or lease of unsubdivided lands or who engages in any unlawful practices defined in section 44-1522 with respect to the sale or lease of unsubdivided lands may be assessed a civil penalty by the commissioner, after a hearing, in an amount of not more than one thousand dollars per infraction. An infraction that concerns more than one lot among unsubdivided lands is a single infraction for the purposes of this section.

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Law Book Revised 11.02.2017