(a) Parts 16 and 18 of the regulations promulgated under the provisions of chapter 987 of the Laws of 1960 are hereby repealed 10 days after the filing of this Part. This Part shall then become effective immediately.

(b) Chapter 987 of the Laws of 1960, chapter 762 of the Laws of 1961, chapter 57 of the Laws of 1962 and chapter 588 of the Laws of 1963, when referred to below and in all rules and regulations issued by the Attorney General relating thereto, shall be referred to as the New York State Real Estate Syndicate Act.

(c) The Condominium, Theatre and Syndication Financing Bureau of the Department of Law shall be responsible for the administration of the New York State Real Estate Syndicate Act. Wherever in this Part there is reference to filing with the Department of Law, this shall mean the Condominium, Theatre and Syndication Financing Bureau thereof, at 28 Liberty Street, New York, NY 10005.

(d) The expressly enumerated “offering statement” requirements of paragraph (b) of subdivision 1 of section 352-e of the New York State Real Estate Syndicate Act shall only be included in offering literature required to be filed under paragraph (a) of subdivision 1 of section 352-e when, and as far as, applicable to the particular type of specific or general real estate investment offering being made.

(e) The offering statement required to be used by subdivision 3 of section 352-e shall include a prospectus, which shall contain a full and fair summary of all material aspects of the offering. The prospectus shall be so denoted except where the securities are offered pursuant to a regulation A exemption under the Federal Securities Act of 1933 in which case it may be denoted as an “offering circular.” Twenty-five copies of such prospectus or offering circular shall be filed as provided herein.

(f) Unless elsewhere provided by regulation, prospectuses required to be filed with the Department of Law of the State of New York pursuant to section 352-e of the General Business Law of this State shall be accompanied on the original filing by two copies of form RS-1 to be issued by the Attorney General of this State for such purposes. All offering literature to be employed in connection with the offering shall accompany such original filing.

(g) Unless elsewhere provided by regulation, documents filed with the Department of Law to supplement or amend a prospectus already filed pursuant to the foregoing subdivision or prior regulations and new or amended literature to be employed in connection with an offering shall be accompanied by two copies of form RS-2 to be issued by the Attorney General of this State for that purpose. Such form, together with 25 copies of the supplemental or amended literature shall be filed with the Department of Law. Paragraph (a) of subdivision 2 of section 352-e of the General Business Law is applicable to the use of such additional material as new offering literature.

(h) Unless elsewhere provided by regulation, two copies of form RS-3 shall be filed by every real estate syndicate offering securities (as defined in paragraph [a] of subdivision 1 of section 352-e of the General Business Law) to the public in or from this State after January 1, 1961, where the offering or real estate transaction is abandoned or not consummated for any reason; upon which form the actual disposition of funds raised shall be given, as well as an accurate explanation for the failure to consummate the transaction.