Sec. 01.02.07.03. Required Permits and Filings

A. Before a charitable organization may advertise or conduct a raffle or real property in this State, the charitable organization shall:

(1) Obtain any applicable license or permit to conduct a raffle from the political subdivision of this State in which the real property to be raffled is located;

(2) At least 10 business days before the charitable organization advertises the raffle or sells any chance, file a disclosure statement with the Secretary of State on the form provided by the Secretary of State for that purpose; and

(3) Before the submission of a disclosure statement for any raffle in a calendar year, satisfy the requirements of this chapter for all prior raffles in the calendar year.

B. The disclosure statement shall include, but not be limited to, the following information:

(1) The name and address of the charitable organization that is conducting the raffle;

(2) The address of the real property to be raffled and a brief description of that property;

(3) The date and time the charitable organization will select the winner of the raffle, and the location of the drawing;

(4) The amount of consideration to be paid for each chance;

(5) A good faith estimate of the current fair market value of the property to be raffled and, if applicable, a photocopy of the appraisal required by Regulation .04B of this chapter;

(6) The amount and nature of all liens or encumbrances on the property, if any, that will remain the responsibility of the winner on transfer of the property to the winner;

(7) A good faith estimate of the amount of the closing costs, if any, that the winner will have to pay to acquire title to the property;

(8) The name, business and home addresses, and business and home telephone numbers of an authorized representative of the charitable organization conducting the raffle;

(9) A photocopy of all agreements between the charitable organization and the party that sold or is selling the real property to the charitable organization, which shall evidence the charitable organization's title to the real property and reflect the purchase price paid or to be paid by the charitable organization for that property;

(10) A photocopy or sample of the chance tickets to be sold; and

(11) The conditions, if any, under which the charitable organization reserves the right to cancel the raffle, together with a description of the method by which the charitable organization will refund the purchase price paid for any chances bought before cancellation.