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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
Agency 48. Common Interest Community Board
Chapter 45. Time-Share Regulations
11/21/2024

18VAC48-45-420. Return of bond or letter of credit to ensure completion of promised units and common elements to developer.

A bond or letter of credit on file with the board pursuant to subsection B of § 55.1-2234 of the Code of Virginia may be returned to the developer upon written request. Such request shall include a statement from the developer that indicates the units and common elements for which the bond or letter of credit was submitted have been completed. If the submitted statement is not sufficient to confirm completion, the board may request additional documentation.

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 36, Issue 6, eff. December 30, 2019.

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