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Virginia Administrative Code
Title 18. Professional And Occupational Licensing
Agency 48. Common Interest Community Board
Chapter 45. Time-Share Regulations
12/3/2024

18VAC48-45-450. Termination of time-share program registration.

A. The time-share program registration shall be terminated upon receipt of documentation of one of the following:

1. In accordance with subsection A of § 55.1-2243 of the Code of Virginia, an annual report for a time-share estate program filed pursuant to § 55.1-2242 of the Code of Virginia indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist.

2. In accordance with subsection B of § 55.1-2243 of the Code of Virginia, written notification is received from the developer attesting that no further development of the program is anticipated and that the developer has ceased sales of time-shares in the program.

B. Upon receipt and review of documentation pursuant to subsection A of this section, the board shall issue an order of termination for the time-share program registration. The board may request additional information as necessary during the review of the submitted documentation to ensure that the time-share program registration is eligible for termination.

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; Volume 37, Issue 3, eff. December 1, 2020.

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