Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part I - General › Section 18VAC48-45-20 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
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.