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

18VAC48-45-430. Return of Bond or Letter of Credit Filed in Lieu of Escrowing Deposits.

A. An individual bond or individual letter of credit on file with the board in accordance with § 55.1-2220 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 (i) the purchaser's cancellation period has expired, (ii) the purchaser's default under a purchase contract for the time-share estate entitling the developer to retain the deposit, or (iii) the purchaser's deposit was refunded.

B. Upon issuance of an order of termination of the time-share project registration pursuant to 18VAC48-45-450, a blanket bond or blanket letter of credit on file with the board in accordance with § 55.1-2220 of the Code of Virginia will be returned to the developer.

Statutory Authority

§§ 54.1-2349 and 55.1-2247 of the Code of Virginia.

Historical Notes

Derived from Volume 32, Issue 10, eff. March 1, 2016; amended, Virginia Register Volume 35, Issue 06, eff. December 14, 2018; Volume 36, Issue 06, eff. December 30, 2019.

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