LIS

Administrative Code

Virginia Administrative Code
12/7/2024

Part VII. Board Authority and Standards of Conduct

18VAC48-30-650. Grounds for disciplinary action.

The board may revoke a registration upon a finding that the registration is not in compliance with, or the declarant has violated, any provision of the regulations of the board or Chapter 19 (§ 55.1-1900 et seq.) of Title 55.1 of the Code of Virginia. Additional action may include issuance of a temporary cease and desist order, issuance of a cease and desist order, revocation of registration, and bringing action in the appropriate circuit court to enjoin the acts or practices and to enforce compliance.

Statutory Authority

§ 54.1-2349 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 20, eff. August 1, 2015; amended, Virginia Register Volume 36, Issue 6, eff. December 31, 2019.

18VAC48-30-660. Registration of condominium required.

No declarant or individual or entity acting on behalf of the declarant shall offer a condominium unit prior to the registration of the condominium including such unit.

Statutory Authority

§ 54.1-2349 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 20, eff. August 1, 2015.

18VAC48-30-670. Condominium advertising standards.

A. No promise, assertion, representation, or statement of fact or opinion in connection with a condominium marketing activity shall be made that is false, inaccurate, or misleading by reason of inclusion of an untrue statement of a material fact or omission of a statement of a material fact relative to the actual or intended characteristics, circumstances, or features of the condominium or a condominium unit.

B. No promise, assertion, representation, or statement of fact or opinion made in connection with a condominium marketing activity shall indicate that an improvement will be built or placed on the condominium unless the improvement is a proposed improvement within the meaning of subdivision 3 of 18VAC48-30-120.

C. No promise, assertion, representation, or statement of fact or opinion made in connection with a condominium marketing activity and relating to a condominium unit not registered shall, by its express terms, induce, solicit, or encourage a prospective purchaser to leave Virginia for the purpose of executing a contract for sale or lease of the condominium unit or performing some other act that would create or purport to create a legal or equitable interest in the condominium unit other than a security interest in or a nonbinding reservation of the condominium unit.

Statutory Authority

§ 54.1-2349 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 20, eff. August 1, 2015; amended, Virginia Register Volume 36, Issue 17, eff. June 1, 2020.

18VAC48-30-680. Response to inquiry and provision of records.

A. The declarant must respond within 15 days to a request by the board or any of its agents regarding any complaint filed with the department. The board may extend such time frame upon a showing of extenuating circumstances prohibiting delivery within such 15-day period.

B. Unless otherwise specified by the board, the declarant shall produce to the board or any of its agents within 15 days of the request any document, book, or record concerning any transaction in which the declarant was involved, or for which the declarant is required to maintain records for inspection and copying by the board or its agents. The board may extend such time frame upon a showing of extenuating circumstances prohibiting delivery within such 15-day period.

C. A declarant shall not provide a false, misleading, or incomplete response to the board or any of its agents seeking information in the investigation of a complaint filed with the board.

D. With the exception of the requirements of subsections A and B of this section, a declarant must respond to an inquiry by the board or its agent within 21 days.

Statutory Authority

§ 54.1-2349 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 20, eff. August 1, 2015.

18VAC48-30-690. Prohibited acts.

The following acts are prohibited and any violation may result in action by the board, including issuance of a temporary cease and desist order in accordance with § 55.1-1986 B of the Code of Virginia:

1. Violating, inducing another to violate, or cooperating with others in violating any of the provisions of any of the regulations of the board, Chapter 23.3 (§ 54.1-2345 et seq.) of Title 54.1 of the Code of Virginia, or Chapter 19 (§ 55.1-1900 et seq.) or Chapter 20 (§ 55.1-2000 et seq.) of Title 55.1 of the Code of Virginia.

2. Obtaining or attempting to obtain a registration by false or fraudulent representation, or maintaining a registration by false or fraudulent representation.

3. Failing to comply with 18VAC48-30-80 in offering literature.

4. Failing to alter or amend the public offering statement as directed in accordance with 18VAC48-30-390 or 18VAC48-30-490.

5. Providing information to purchasers in a manner that willfully and intentionally fails to promote full and fair disclosure.

6. Failing to provide information or documents, or amendments thereof, in accordance with subsection B of 18VAC48-30-460.

7. Failing to comply with the post-registration requirements of 18VAC48-30-460, 18VAC48-30-470, 18VAC48-30-480, 18VAC48-30-490, 18VAC48-30-500, 18VAC48-30-510, 18VAC48-30-520, 18VAC48-30-530, and 18VAC48-30-540.

8. Failing to give notice to a purchaser in accordance with 18VAC48-30-510.

9. Failing to give notice to the board of transition of control of unit owners' association in accordance with 18VAC48-30-560.

10. Failing to transition control of the unit owners' association in accordance with § 55.1-1943 of the Code of Virginia.

11. Failing to turn over books and records in accordance with subsection H of § 55.1-1943 of the Code of Virginia.

12. Providing false information or misrepresenting an affiliation with an association in seeking return of a bond or letter of credit in accordance with 18VAC48-30-570 or 18VAC48-30-580.

13. Filing false or misleading information in the course of terminating a registration in accordance with 18VAC48-30-610 or 18VAC48-30-620.

14. Failing to comply with 18VAC48-30-630 and 18VAC48-30-640.

15. Failing to comply with the advertising standards contained in 18VAC48-30-670.

Statutory Authority

§ 54.1-2349 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 31, Issue 20, eff. August 1, 2015; amended, Virginia Register Volume 36, Issue 6, eff. December 31, 2019.

Website addresses provided in the Virginia Administrative Code to documents incorporated by reference are for the reader's convenience only, may not necessarily be active or current, and should not be relied upon. To ensure the information incorporated by reference is accurate, the reader is encouraged to use the source document described in the regulation.

As a service to the public, the Virginia Administrative Code is provided online by the Virginia General Assembly. We are unable to answer legal questions or respond to requests for legal advice, including application of law to specific fact. To understand and protect your legal rights, you should consult an attorney.