Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part IV - Application for Time-Share Program Registration › Section 18VAC48-45-120 - Review of application for registration of a time-share program

Current through Register Vol. 40, No. 24, July 15, 2024
A. Upon receipt of
				  an application for registration of a time-share program, the board shall issue
				  the notice of filing required by subsection A of §
										55.1-2241
				  of the Code of Virginia.
B. Upon
				  the review of the application for registration, if the requirements of §
										55.1-2239
				  of the Code of Virginia and this chapter have not been met, the board shall
				  notify the applicant as required by subsection C of §
										55.1-2241
				  of the Code of Virginia.
C. If the
				  requirements for registration are not met within the application review period
				  or a valid extension thereof, the board shall, upon the expiration of such
				  period, enter an order rejecting the registration as required by subsection C
				  of §
										55.1-2241
				  of the Code of Virginia. The order rejecting the registration shall become
				  effective 20 days after issuance.
D. An applicant may submit a written request
				  for an informal conference in accordance with §
										2.2-4019
				  of the Code of Virginia at any time between receipt of a notification pursuant
				  to subsection B of this section and the effective date of the order of
				  rejection entered pursuant to subsection C of this section. A request for such
				  proceeding shall be deemed a consent to delay within the meaning of subsection
				  A of §
										55.1-2241
				  of the Code of Virginia.
E. The
				  board shall receive and act upon corrections to the application for
				  registration at any time prior to the effective date of an order rejecting the
				  registration. If the board determines after review of the corrections that the
				  requirements for registration have not been met, the board may proceed with an
				  informal conference in accordance with §
										2.2-4019
				  of the Code of Virginia in order to allow reconsideration of whether the
				  requirements for registration are met. If the board does not opt to proceed
				  with an informal conference, the applicant may submit a written request for an
				  informal conference in accordance with §
										2.2-4019
				  of the Code of Virginia in order to reconsider whether the requirements for
				  registration are met. If the board does not proceed with an informal conference
				  and no request for an informal conference is received from the applicant, an
				  amended order of rejection stating the factual basis for the rejection shall be
				  issued. A new 20-day period for the order of rejection to become effective
				  shall commence.
F. At such time as
				  the board affirmatively determines that the requirements of §
										55.1-2239
				  of the Code of Virginia have been met, the board shall enter an order
				  registering the time-share program and shall designate the form, content, and
				  effective date of the public offering statement.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.