Developer Fined for Violating Disclosure Act

Attorney General Joseph A. Foster announces that his Consumer Protection and Antitrust Bureau has entered into an Assurance of Discontinuance with Peaslee Hill, LLC, a local real estate developer, according to a press statement.

The Assurance resolves allegations that the company violated the State’s Land Sales Full Disclosure Act and the Consumer Protection Act when it entered into binding purchase and sale agreements for lots located in the Estates at Peaslee Hill Subdivision, without informing the buyers that they had a five-day right of cancellation of those agreements, pursuant to RSA 356- A:4, II. T

The subdivision is located on Peaslee Road in Bow.

“Under the terms of the Assurance, Peaslee Hill, LLC must comply with the Land Sales Full Disclosure Act and agreed that it will not offer or dispose of any lot in the subdivision, or any other subdivision required to be registered or exempted by the Attorney General under RSA 356-A, unless it has complied with all applicable requirements of that statute,” according to James T. Boffetti, senior assistant Attorney General, Consumer Protection and Antitrust Bureau. “Peaslee Hill, LLC has already provided each purchaser and prospective purchaser of lots in the Peaslee Hill Subdivision with the cancellation right under that statute and has produced evidence satisfactory to the state that those consumers have been properly notified of their right.”

Peaslee Hill, LLC will pay a sum of $9,000 in lieu of a civil penalty and reimburse the Consumer Protection Bureau $3,000 for the costs of its investigation.

The Consumer Protection Bureau reviews applications for many condominium developments, as well as real estate subdivisions, in an effort to protect prospective home and condominium buyers. The Bureau’s jurisdiction does not extend to disputes involving existing condominium associations.

Consumers with consumer-related complaints or concerns can call the Attorney General’s Consumer Information Line at 1-888-468-4454 or file a complaint on-line at http://doj.nh.gov/consumer/complaints/index.htm.