2795. Preliminary Public Report.
(a) If a subdivider makes application and pays the appropriate fee, a preliminary subdivision public report may be issued
by the Bureau in advance of satisfaction of all requirements for issuance of a final public report when in the judgment
of the Commissioner it is reasonable to expect that all of the requirements for the issuance of a final public report will
be satisfied in due course.
(b) A subdivider and persons acting on his behalf may solicit and accept reservations to purchase or lease subdivision
interests under authority of a preliminary public report if there is compliance with each of the following:
(1) The person making the reservation (potential buyer) has been given a copy of the preliminary public report and
has executed a receipt for a copy before any money or other thing of value has been accepted by or on behalf of the
subdivider in connection with the reservation.
(2) A copy of the reservation instrument signed by the potential buyer and by or on behalf of the subdivider, along
with any deposit taken from the potential buyer, is placed into a neutral escrow depository acceptable to the
Commissioner.
(3) The reservation instrument used is a form previously approved by the Bureau with at least the following
provisions:
(A) The right of either subdivider or potential buyer to unilaterally cancel the reservation at any time.
(B) The payment to the potential buyer of his total deposit on cancellation of the reservation by either party.
(C) The placing of the deposit into an interest bearing account for the benefit of the prospective buyer at the
prospective buyer's request and upon the prospective buyer's agreement to pay any charges of the escrow
depository for this service.
(c) The initial term of a preliminary public report shall not exceed one year from the date of issuance. The authority to
use a preliminary public report shall automatically terminate with respect to those subdivision interests covered by a
final public report which is issued before the scheduled termination date of the preliminary report.