Part I. General
18VAC48-45-10. (Reserved). (Reserved)
Statutory Authority
§§ 54.1-2349 and 55.1-2247 of the Code of Virginia.
Historical Notes
Reserved, Virginia Register Volume 32, Issue 10, eff. March 1, 2016.
18VAC48-45-20. Definitions.
A. Section 55.1-2200 of the Code of Virginia provides definitions of the following terms and phrases as used in this chapter:
| "Affiliate" | "Offering" or "offer" |
| "Alternative purchase" | "Person" |
| "Association" | "Product" |
| "Board" | "Public offering statement" |
| "Board of directors" | "Purchaser" |
| "Common elements" | "Resale purchase contract" |
| "Contact information" | "Resale service" |
| "Contract" or "purchase contract" | "Resale time-share" |
| "Conversion time-share project" | "Resale transfer contract" |
| "Default" | "Reseller" |
| "Developer" | "Reverter deed" |
| "Developer control period" | "Situs" |
| "Development right" | "Time-share" |
| "Dispose" or "disposition" | "Time-share estate" |
| "Exchange company" | "Time-share expense" |
| "Exchange program" | "Time-share instrument" |
| "Guest" | "Time-share owner" or "owner" |
| "Incidental benefit" | "Time-share program" or "program" |
| "Lead dealer" | "Time-share project" or "project" |
| "Managing agent" | "Time-share unit" or "unit" |
| "Managing entity" | "Time-share use" |
| "Material change" | "Transfer" |
B. The following words and terms when used in this chapter shall have the following meanings unless the context clearly indicates otherwise:
"Alternative disclosure statement" means a disclosure statement for an out-of-state time-share program or time-share project that is properly registered in the situs.
"Annual report" means a completed, board-prescribed form and required documentation submitted in compliance with § 55.1-2242 of the Code of Virginia.
"Application" means a completed, board-prescribed form submitted with the appropriate fee and other required documentation in compliance with the Virginia Real Estate Time-Share Act and this chapter.
"Blanket bond" means a blanket surety bond issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing deposits accepted by a developer in connection with the purchase or reservation of a product.
"Blanket letter of credit" means a blanket irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing deposits accepted by a developer in connection with the purchase or reservation of a product.
"Department" means the Department of Professional and Occupational Regulation.
"Electronic" means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
"Firm" means a sole proprietorship, association, partnership, corporation, limited liability company, limited liability partnership, or any other form of business organization recognized under the laws of the Commonwealth of Virginia.
"Full and accurate disclosure" means the degree of disclosure necessary to ensure reasonably complete and materially accurate representation of the time-share in order to protect the interests of purchasers.
"Individual bond" means an individual surety bond issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing a deposit accepted by a developer in connection with the purchase or reservation of a product.
"Individual letter of credit" means an individual irrevocable letter of credit issued in accordance with the requirements of § 55.1-2220 of the Code of Virginia obtained and maintained by a developer in lieu of escrowing a deposit accepted by a developer in connection with the purchase or reservation of a product.
"Registration file" means the application for registration, supporting materials, annual reports, and amendments that constitute all information submitted and reviewed pertaining to a particular time-share program, alternative purchase, exchange program, or time-share reseller registration. A document that has not been accepted for filing by the board is not part of the registration file.
"Virginia Real Estate Time-Share Act" means Chapter 22 (§ 55.1-2200 et seq.) of Title 55.1 of the Code of Virginia.
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 35, Issue 6, eff. December 14, 2018; Volume 36, Issue 6, eff. December 30, 2019; Volume 37, Issue 3, eff. December 1, 2020.
18VAC48-45-30. Explanation of terms.
Each reference in this chapter to a "developer," "purchaser," and "time-share owner" or to the plural of those terms shall be deemed to refer, as appropriate, to the masculine and the feminine, to the singular and the plural, and to natural persons and organizations. The term "developer" shall refer to any successors to the persons referred to in § 55.1-2200 of the Code of Virginia who come to stand in the same relation to the time-share as their predecessors in that they assumed rights reserved for the benefit of a developer that (i) offers to dispose of its interest in a time-share not previously disposed of or (ii) applies for registration of the time-share 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; amended, Virginia Register Volume 36, Issue 6, eff. December 30, 2019.
18VAC48-45-40. Time-shares located outside of Virginia.
A. In any case involving a time-share located outside of Virginia in which the laws or practices of the jurisdiction in which such time-share is located prevent compliance with a provision of this chapter, the board shall prescribe by order a substitute provision to be applicable in such case that is as nearly equivalent to the original provision as is reasonable under the circumstances.
B. The words "time-share instrument" and "public offering statement," when used in this chapter with reference to a time-share located outside of Virginia, mean documents, portions of documents, or combinations thereof, by whatever name denominated, that have a content and function identical or substantially equivalent to the content and function of their Virginia counterparts.
C. The word "recording" or "recordation" when used with reference to time-share instruments of a time-share located outside of Virginia means a procedure that, in the jurisdiction in which such time-share is located, causes the time-share instruments to become legally effective.
D. This chapter shall apply to a contract for the disposition of a time-share located outside of Virginia only to the extent permissible under the provisions of subsections C and D of § 55.1-2201 of the Code of Virginia.
E. In accordance with subsection D of § 55.1-2201 of the Code of Virginia, this chapter applies to any time-share program wherein the time-share interests are either direct or indirect beneficial interests in a trust created pursuant to a situs time-sharing law, or other applicable law of the situs.
F. The time-share shall be properly registered in the state or other jurisdiction where the project is located.
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.