Determinations by agency upon receipt of statement of record

Upon receipt of a statement of record in proper form, the agency shall forthwith initiate an examination to determine that: (a) The developer can convey or cause to be conveyed the interest in subdivided lands offered for disposition if the purchaser complies with the terms of the offer, and when appropriate, that release clauses, conveyances in trust or other safeguards have been provided; (b) There is reasonable assurance that all proposed improvements will be completed as represented; (c) The advertising material and the general promotional plan are not false, misleading, or discriminatory and comply with the standards prescribed by the agency in its rules and afford full and fair disclosure; (d) Such subdivider has not, or if a corporation, its officers, directors, and principals have not, been convicted of a crime involving land dispositions or any aspect of the land sales business in this State, the United States, or any other State or foreign country and has not been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions; (e) The public offering statement requirements of this act have been satisfied.