Administrative Code

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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
Agency 48. Common Interest Community Board
Chapter 45. Time-Share Regulations

18VAC48-45-330. Minimum post-registration reporting requirements for a time-share program.

A. Subsequent to the issuance of a registration for a time-share program by the board, the developer shall do the following:

1. File an annual report in accordance with § 55.1-2242 of the Code of Virginia and this chapter.

2. Upon the occurrence of a material change, file an amended public offering statement in accordance with the provisions of subsection E of § 55.1-2217 and subsection C of § 55.1-2242 of the Code of Virginia and this chapter. These amendments shall be filed with the board within 20 business days after the occurrence of the material change.

3. In accordance with subsection G of § 55.1-2217, amend the public offering statement to reflect any addition of a time-share project to, or removal of a time-share project from, the existing time-share program.

4. Upon the occurrence of any material change in the information contained in the registration file, the developer shall immediately report such material changes to the board in accordance with the provisions of subsection B of § 55.1-2239 of the Code of Virginia.

5. Notify the board of a change in any bond or letter of credit, as applicable, filed with the board in accordance with § 55.1-2220 of the Code of Virginia or required by subsection B of § 55.1-2234 of the Code of Virginia.

6. File a completed application for registration of an unregistered phase upon the expansion of the time-share program, along with the appropriate fee specified in 18VAC48-45-70.

7. Notify the board of transition of control from the developer to the time-share estate owners' association (time-share estate projects only).

8. Submit appropriate documentation to the board once the registration is eligible for termination.

9. Submit to the board any other document or information, which may include information or documents that have been amended or may not have existed previously, that affects the accuracy, completeness, or representation of any information or document filed with the application for registration.

10. Submit to the board any document or information to make the registration file accurate and complete.

B. Notwithstanding the requirements of subsection A of this section, the board at any time may require a developer to provide information or documents, or amendments thereof, in order to assure full and accurate disclosure to prospective purchasers and to ensure compliance with the Virginia Real Estate Time-Share Act and this chapter.

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.

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