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Title 3 . Commerce, Community, and Economic Development
Chapter 20 . Land Sales
Section 110. Price, value, credit

3 AAC 20.110. Price, value, credit

It is an unfair act or practice for a person

(1) to represent or imply that a prospective purchaser has to act quickly to purchase land at a savings because the price is about to increase unless, in fact, a decision has been made by the developer to increase the price and that the increase does take effect and remains in effect for a minimum period of 30 days;

(2) to represent that the price of land to a prospective purchaser is a discount or reduction from a regular price unless, in fact, the represented regular price was the customary and regularly sold-at price for a reasonable period of time previously;

(3) to represent or imply that the price of land is a savings when compared to the price of other land sold by competitors of the developer, unless the other lands with the higher prices have the same characteristics, attributes, and qualities of the offered land and the compared-to prices are not fictitious;

(4) to fail to reveal the basis of the projected value where it is represented that the purchaser is making an investment which will increase in value due to the efforts of the developer;

(5) to represent that credit is easily available when, in fact, it is not;

(6) to misrepresent or to cause others to misrepresent the interest rate or finance charge as being other than it actually is.

History: Eff. 4/3/76, Register 58

Authority: AS 34.55.020


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Last modified 7/05/2006