Attorney General Joseph A. Foster announce today that the Consumer Protection and Antitrust Bureau has entered into an Assurance of Discontinuance with Arcus Homes, Inc, Vilicus Homes, Inc, J & L Terra Holdings, Inc, JP Ventures Construction, LLC, and Bonza Builders, LLC.
The Assurance resolves allegations that the companies violated the State's Land Sales Full Disclosure Act and the Consumer Protection Act by entering into binding purchase and sale agreements for lots located in the Norway Plains Subdivision without informing the buyers that they had a five-day right of cancellation of those agreements and by selling subdivision lots to individual home buyers prior to being registered with the Consumer Protection Bureau of the Attorney General's
The Bureau has entered into a separate Assurance of Discontinuance with NP Rochester Associates, LLC to resolve allegations that it transferred Norway Plains subdivision lots to other companies prior to receiving required statutory exemptions. The subdivision is located on
Norway Plains Road in Rochester, NH.
Under the terms of both Assurances, the six development companies must comply with the Land Sales Full Disclosure Act and have agreed that they 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, unless they have complied with state law.
All six companies fully cooperated with the Attorney General's Office in the investigation and resolution of this case. Arcus Homes,
Inc, Vilicus Homes, Inc, J & L Terra Holdings, Inc, JP Ventures Construction, LLC, and Bonza Builders, LLC will jointly pay a sum of $29,000 in lieu of a civil penalty and reimburse the State for the costs of its investigation. NP Rochester Associates, LLC will pay a sum of $6,000 towards the cost of the investigation.
The Consumer Protection Bureau of the Attorney General's Office registers most condominium developments and real estate subdivisions in an effort to protect prospective buyers. The Bureau thoroughly reviews financing, development plan, and sales advertisements as
well as consumer disclosures to try to ensure that subdividers have the financial and logistical capability to follow through on their promises to home buyers. The Land Sales Full Disclosure Act protects consumers by requiring subdividers to disclose information to prospective home
buyers about the costs and timeline for promised capital improvements, such as streets or drainage systems. The Act also provides consumers with the guaranteed right to rescind their purchase contract within five days. The Bureau's jurisdiction does not extend to disputes involving existing homeowners or 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.