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

18VAC48-45-750. Board overisight of public offering statement and exchange program disclosure document.

A. The board at any time may require a developer to alter or amend the public offering statement for a time-share or an exchange program disclosure document to assure full and accurate disclosure to prospective purchasers and to ensure compliance with the Virginia Real Estate Time-Share Act and this chapter.

B. The board does not approve or recommend the time-share or exchange program, or disposition thereof. The board's issuance of an effective date for a public offering statement or acceptance of an exchange program disclosure document shall not be construed to (i) constitute approval of the time-share or exchange program; (ii) represent that the board asserts that either all facts or material changes or both concerning the time-share or exchange program have been fully and accurately disclosed; or (iii) indicate that the board has made judgment on the value or merits of the time-share or exchange program.

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.

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