18VAC48-45-20. Definitions.
A. Section 55.1-2200 of the Code of Virginia provides definitions of the following terms and phrases as used in this chapter:
| "Affiliate" | "Offering" or "offer" |
| "Alternative purchase" | "Person" |
| "Association" | "Product" |
| "Board" | "Public offering statement" |
| "Board of directors" | "Purchaser" |
| "Common elements" | "Resale purchase contract" |
| "Contact information" | "Resale service" |
| "Contract" or "purchase contract" | "Resale time-share" |
| "Conversion time-share project" | "Resale transfer contract" |
| "Default" | "Reseller" |
| "Developer" | "Reverter deed" |
| "Developer control period" | "Situs" |
| "Development right" | "Time-share" |
| "Dispose" or "disposition" | "Time-share estate" |
| "Exchange company" | "Time-share expense" |
| "Exchange program" | "Time-share instrument" |
| "Guest" | "Time-share owner" or "owner" |
| "Incidental benefit" | "Time-share program" or "program" |
| "Lead dealer" | "Time-share project" or "project" |
| "Managing agent" | "Time-share unit" or "unit" |
| "Managing entity" | "Time-share use" |
| "Material change" | "Transfer" |
B. The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:
"Alternative disclosure statement" means a disclosure statement for an out-of-state time-share program or time-share project that is properly registered in the situs.
"Annual report" means a completed, board-prescribed form and required documentation submitted in compliance with § 55.1-2242 of the Code of Virginia.
"Application" means a completed, board-prescribed form submitted with the appropriate fee and other required documentation in compliance with the Virginia Real Estate Time-Share Act and this chapter.
"Blanket bond" means a blanket surety bond issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing deposits accepted by a developer in connection with the purchase or reservation of a product.
"Blanket letter of credit" means a blanket irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing deposits accepted by a developer in connection with the purchase or reservation of a product.
"Department" means the Department of Professional and Occupational Regulation.
"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
"Firm" means a sole proprietorship, association, partnership, corporation, limited liability company, limited liability partnership, or any other form of business organization recognized under the laws of the Commonwealth of Virginia.
"Full and accurate disclosure" means the degree of disclosure necessary to ensure reasonably complete and materially accurate representation of the time-share in order to protect the interests of purchasers.
"Individual bond" means an individual surety bond issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing a deposit accepted by a developer in connection with the purchase or reservation of a product.
"Individual letter of credit" means an individual irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing a deposit accepted by a developer in connection with the purchase or reservation of a product.
"Registration file" means the application for registration, supporting materials, annual reports, and amendments that constitute all information submitted and reviewed pertaining to a particular time-share program, alternative purchase, exchange program, or time-share reseller registration. A document that has not been accepted for filing by the board is not part of the registration file.
"Virginia Real Estate Time-Share Act" means Chapter 22 (§ 55.1-2200 et seq.) of Title 55.1 of the Code of Virginia.
Statutory Authority
§§ 54.1-2349 and 55.1-2247 of the Code of Virginia.
Historical Notes
Derived from Virginia Register Volume 32, Issue 10, eff. March 1, 2016; amended, Virginia Register Volume 35, Issue 6, eff. December 14, 2018; Volume 36, Issue 6, eff. December 30, 2019; Volume 37, Issue 3, eff. December 1, 2020.