reglab/statecodes huggingface dataset:
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part I - General › Section 18VAC48-45-10 - Reserved

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part I - General › Section 18VAC48-45-30 - Explanation of terms

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part I - General › Section 18VAC48-45-40 - Time-shares located outside of Virginia

Current through Register Vol. 40, No. 24, July 15, 2024
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.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part II - General Application Requirements › Section 18VAC48-45-50 - Application procedures

Current through Register Vol. 40, No. 24, July 15, 2024
A developer seeking registration of a time-share program or
					 an alternative purchase, an exchange company seeking registration of an
					 exchange program, or a reseller seeking registration in order to offer or
					 provide resale services, all in accordance with the Virginia Real Estate
					 Time-Share Act, shall submit an application on the appropriate form provided by
					 the board, along with the appropriate fee specified in
					 18VAC48-45-70.
By submitting the application to the board, the applicant
					 certifies that the applicant has read and understands the applicable statutes
					 and this chapter.
The receipt of an application and the deposit of fees by
					 the board do not indicate approval or acceptance of the application by the
					 board.
The board may make further inquiries and investigations to
					 confirm or amplify information supplied. All applications shall be completed in
					 accordance with the instructions contained in this chapter and on the
					 application. Applications will not be considered complete until all required
					 documents are received by the board.
Applications that are not complete within 12 months after
					 receipt of the application in the board's office will be purged, and a new
					 application and fee must be submitted in order to be reconsidered for
					 registration.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part II - General Application Requirements › Section 18VAC48-45-60 - Review of application for registration, generally

Current through Register Vol. 40, No. 24, July 15, 2024
A. Upon the review of the application for
				  registration, if the requirements of this chapter have not been met, the board
				  shall notify the applicant.
B. The
				  board may refuse initial registration due to an applicant's failure to comply
				  with entry requirements or for any of the reasons for which the board may
				  discipline a regulant.
C. At such
				  time as the board affirmatively determines that the requirements of this
				  chapter have been met, the board shall issue the applicable
				  registration.
D. Notwithstanding
				  the provisions of
				  18VAC48-45-130
				  for a time-share program registration, applications that do not meet the
				  requirements of this chapter may be accepted following consideration by the
				  board in accordance with the Administrative Process Act (§
										2.2-4000 et
				  seq. of the Code of Virginia).
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part II - General Application Requirements › Section 18VAC48-45-70 - Fees

Current through Register Vol. 40, No. 24, July 15, 2024
A. All fees are
				  nonrefundable and shall not be prorated. The date on which the fee is received
				  by the board or its agent will determine whether the fee is timely. Checks or
				  money orders shall be made payable to the Treasurer of Virginia.
B. Fees are as follows:
Time-share program registration
								  application
$1,500
Time-share program phase amendment filing
$250
Time-share program registration annual
								  report
$500
Alternative purchase registration
								  application
$100
Alternative purchase registration annual
								  report
$100
Exchange program registration application
$1,000
Exchange program registration annual
								  report
$250
Time-share reseller registration
								  application
$250
Time-share reseller registration renewal
$250
Time-share reseller registration reinstatement
								  (includes a $100 reinstatement fee in addition to the $250 renewal fee)
$350
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part III - Marketing and Advertising › Section 18VAC48-45-80 - Time-share marketing activities

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Time-share marketing activities shall include every contact by or on behalf of
				  the developer for the purpose of promoting disposition of a time-share or
				  alternative purchase. Such contacts may be personal, by telephone, by mail, by
				  electronic means including social media, or by advertisement. A promise,
				  assertion, representation, or statement of fact or opinion made in connection
				  with a time-share marketing activity may be oral, written, electronic, or
				  graphic.
B. No time-share marketing
				  activity shall be deemed an offer unless, by its express terms, it induces,
				  solicits, or encourages a prospective purchaser to (i) execute a contract of
				  sale of the time-share or alternative purchase or (ii) perform some other act
				  that would create or purport to create a legal or equitable interest in the
				  time-share until the board has issued an order of registration.
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part III - Marketing and Advertising › Section 18VAC48-45-90 - Offering of gifts or prizes

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Any offering that includes a gift or prize shall include the disclosures
				  contained in §
										55.1-2218
				  of the Code of Virginia. Such disclosures shall be made with the same
				  prominence as the offer.
B. The
				  board may at any time require a developer to alter or amend any offering that
				  includes a gift or prize in order to ensure compliance with this
				  section.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
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 18VAC48-45-100

Current through Register Vol. 40, No. 24, July 15, 2024
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
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 18VAC48-45-110 - Prerequisites for registration of a time-share program

Current through Register Vol. 40, No. 24, July 15, 2024
The following provisions are prerequisites for registration
					 and are supplementary to the provisions of §
										55.1-2239 of the Code of
					 Virginia.
1. The developer shall own
				  or have the right to acquire an estate in the land constituting or to
				  constitute any time-share project included in the time-share program that is of
				  at least as great a degree and duration as the estate to be conveyed in the
				  time-shares.
2. The time-share
				  instrument of any time-share project included in the time-share program must be
				  adequate to bring a time-share project and time-share program into existence
				  upon recordation. This subdivision does not apply to a time-share instrument
				  that may be recorded after the time-share project and time-share program have
				  been created.
3. The current and
				  planned time-share advertising activities of the developer shall comply with
				  §
										18.2-216 of the Code of Virginia
				  and this chapter.
4. If the
				  developer is a firm, it shall be organized as a business entity under the laws
				  of the Commonwealth of Virginia or otherwise authorized to transact business in
				  Virginia. Firms shall register any trade or fictitious names with the State
				  Corporation Commission in accordance with Chapter 5 of Title 59.1 (§
										59.1-69 et seq.) of the Code of
				  Virginia before submitting an application to the board.
Statutory Authority: §§
												54.1-2349 and
						55.1-2247 of the Code of
						Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-140 - Public offering statement requirements, generally

Current through Register Vol. 40, No. 24, July 15, 2024
In addition to the provisions of §
										55.1-2217
					 of the Code of Virginia, the following will be considered, as applicable,
					 during review of the public offering statement:
1. The public offering statement shall
				  provide full and accurate disclosure in accordance with
				  18VAC48-45-150.
2. The public offering statement shall
				  pertain to the time-share program in which the time-shares are
				  offered.
3. The public offering
				  statement shall be clear, organized, and legible.
4. Except for brief excerpts, the public
				  offering statement may refer to, but should not incorporate verbatim, portions
				  of the time-share instruments, the Virginia Real Estate Time-Share Act, or this
				  chapter. This does not preclude compliance with
				  18VAC48-45-170.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-150 - Full and accurate disclosure

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  The provisions of §
										55.1-2217
				  of the Code of Virginia and this chapter shall be strictly construed to promote
				  full and accurate disclosure in the public offering statement. In addition, the
				  following will be considered, as applicable, during review to assure full and
				  accurate disclosure:
1. The information shall
				  be presented in a manner that is clear and understandable to a reasonably
				  informed consumer, while maintaining consistency with the requirements of this
				  chapter and the Virginia Real Estate Time-Share Act.
2. No information shall be incorporated by
				  reference to an outside source that is not reasonably available to a
				  prospective purchaser.
3. If
				  required information is not known or not reasonably available, such fact shall
				  be stated and explained in the public offering statement.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-170 - Narrative sections; time-share concept

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "The Time-Share Concept." The section shall consist of a brief
					 discussion of the form of time-share ownership being offered.
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-180 - Narrative sections; creation of time-share program

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "Creation of the Time-Share Program." The section shall briefly
					 explain the manner in which the time-share program was or will be created, the
					 locality wherein the time-share instrument will be or has been recorded, and
					 the procedure for its amendment.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-190 - Narrative sections; description of time-share project

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public
				  offering statement shall contain a section captioned "Description of the
				  Time-Share Project." The section shall provide a general description of any
				  time-share project included in the time-share program and the units and common
				  elements promised available to purchasers. This section shall also provide the
				  developer's estimated schedule of commencement and completion of all promised
				  and incomplete units and common elements.
B. The section shall state whether the
				  developer has reserved the right to add and delete from the time-share program
				  a time-share project or any incidental benefit.
C. The section shall refer the purchaser to
				  the reverter deed for an explanation if the developer utilized the possibility
				  of a reverter.
D. The section shall
				  indicate all provisions that have been made for public utilities in the
				  time-share project, including water, electricity, telephone, and sewerage
				  facilities.
Statutory Authority: §§
												54.1-2349 and
						55.1-2247 of the Code of
						Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-200 - Narrative sections; individual time-shares

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Individual Time-Shares." The section shall
				  indicate (i) the form of time-share ownership being offered; (ii) the types,
				  duration, and number of units and time-shares in the time-share program; (iii)
				  identification of units that are subject to the time-share program; and (iv)
				  the estimated number of units that may become subject to the time-share
				  program.
B. This section shall
				  explain the extent to which financial arrangements, if any, have been provided
				  for completion of any incomplete but promised time-share unit or common element
				  being offered for sale. The section shall contain a statement of the
				  developer's obligation to complete any promised time-share unit or common
				  element being offered for sale comprising the time-share project that have not
				  begun or begun but not yet completed.
C. The section shall explain the extent to
				  which a time-share unit may become subject to a tax or other lien arising out
				  of claims against other owners of the same unit.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-210 - Narrative sections; developer

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "The Developer." The section shall disclose the following information
					 concerning the developer:
1. The name
				  and principal address of the developer.
2. The name, principal occupation, and
				  address of every director, partner, limited liability company manager, or
				  trustee of the developer.
3. The
				  name and address of each person owning or controlling an interest of at least
				  20% in each time-share project included in the registration.
4. The particulars of any indictment,
				  conviction, judgment, decree, or order of any court or administrative agency
				  against the developer or managing entity for violation of a federal, state,
				  local, or foreign country law or regulation in connection with activities
				  relating to time-share sales, land sales, land investments, security sales,
				  construction or sale of homes or improvements, or any similar or related
				  activity.
5. The nature of each
				  unsatisfied judgment, if any, against the developer or the managing entity; the
				  status of each pending suit involving the sale or management of real estate to
				  which the developer, the managing entity, or any general partner, executive
				  officer, director, limited liability company manager, or majority stockholder
				  thereof, is a defending party; and the status of each pending suit, if any, of
				  significance to any time-share project included in the registration.
6. The name and address of the developer's
				  agent for service of any notice permitted by this chapter.
7. The section shall describe the type of
				  legal entity of the developer and explain if other entities have any obligation
				  to satisfy the financial obligations of the developer.
8. For a time-share use program, a statement
				  as to whether a developer's net worth is more than or less than $250,000. If
				  the developer's net worth is less than $250,000, a current audited balance
				  sheet shall be provided with the public offering statement. If the developer's
				  net worth exceeds $250,000, a statement by the developer that its equity in the
				  time-share program exceeds $250,000.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-220 - Narrative sections; terms of offering

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Terms of the Offering." The section shall discuss
				  the expenses to be borne by a purchaser in acquiring a time-share and present
				  information regarding the settlement of purchase contracts as provided in
				  subsections B through H of this section.
B. The section shall indicate any initial or
				  special fees due from the purchaser at settlement including a description of
				  the purpose of such fees.
C. The
				  section shall set forth a general description of any financing offered by or
				  available through the developer to purchasers.
D. The section shall describe (i) services
				  that the developer provides or expenses it pays and that it expects may become
				  at any subsequent time a time-share expense of the owners and (ii) the
				  projected time-share expense liability attributable to each of those services
				  or expenses for each time-share.
E.
				  The section shall discuss all penalties or forfeitures to be incurred by a
				  purchaser upon default in performance of a purchase contract.
F. The section shall discuss the process for
				  cancellation of a purchase contract by a purchaser in accordance with §
										55.1-2221
				  of the Code of Virginia. The section shall include a statement that the
				  purchaser has a nonwaivable right of cancellation and refer such purchaser to
				  that portion of the contract in which the right of cancellation may be
				  found.
G. The section shall
				  describe the terms of the deposit escrow requirements, including a statement,
				  if applicable, that the developer has filed a surety bond or letter of credit
				  with the board in lieu of escrowing deposits, in accordance with §
										55.1-2220
				  of the Code of Virginia. The section shall also state that deposits received by
				  the developer may be removed from escrow or are no longer protected by a surety
				  bond or letter of credit after the expiration of the cancellation
				  period.
H. The section shall set
				  forth all restrictions in the purchase contract that limit the time-share
				  owner's right to bring legal action against the developer or the association.
				  The section shall set forth the paragraph or section and page number of the
				  purchase contract where such provision is located. Nothing in this statement
				  shall be deemed to authorize such limits where those limits are otherwise
				  prohibited by law.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-230 - Narrative sections; encumbrances

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "Encumbrances" that shall describe all liens, defects, or
					 encumbrances affecting the time-share project and in particular the time-share
					 offered to the purchaser.
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-240 - Narrative sections; exchange program

Current through Register Vol. 40, No. 24, July 15, 2024
If any prospective purchaser is offered the opportunity to
					 subscribe to or participate in any exchange program, the public offering
					 statement shall contain a section captioned "Exchange Program" that shall
					 include the following:
1. A statement
				  of whether membership or participation in the exchange program is voluntary or
				  mandatory; and
2. A statement that
				  the purchaser's contract with the exchange company is a contract separate and
				  distinct from the purchaser's contract with the developer and whether there is
				  a fee associated with membership or participation in the exchange
				  program.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-250 - Narrative sections; financial matters

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement shall
				  contain a section captioned "Financial Matters." The section shall discuss the
				  expenses incident to the ownership of a time-share.
B. The section shall distinguish, in general
				  terms, the following categories of costs of operation, maintenance, repair, and
				  replacement of various portions of the time-share as follows:
(i) time-share expenses;
(ii) time-share estate occupancy expenses as
				  defined in §
											55.1-2200 of the Code
				  of Virginia; and
(iii) all other
				  costs that may be borne directly by individual time-share
				  owners.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-255 - Narrative sections; governmental reviews

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "Governmental Reviews." The section shall discuss governmental
					 approvals required for the development of each time-share project included in
					 the time-share program. In addition, the section shall discuss approval of the
					 zoning application and site plan and issuance of building permits by
					 appropriate governmental authorities. The section shall state the current
					 zoning classification for each time-share project property included in the
					 time-share program. The section shall also include a statement regarding
					 zoning, subdivision, or land use obligations or proffers that would be imposed
					 on the time-share owner or the association, but need not disclose zoning,
					 subdivision, or land use obligations or proffers that do not impose any
					 obligation on the association.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-260 - Narrative sections; restrictions on transfer

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall include a section
					 captioned "Restrictions on Transfer." The section shall describe and explain
					 limitations on leasing or other restraints on free alienability created by the
					 time-share instrument or the rules and regulations of the association that
					 affect a time-share owner's right to resell, lease, or otherwise transfer an
					 interest in the time-share.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-280 - Narrative sections; managing entity

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall include a section
					 captioned "Managing Entity." This section shall provide the name and address of
					 the managing entity for each time-share project included in the time-share
					 program. The section shall also provide a description of the facilities, if
					 any, provided by the developer to the association in a time-share estate
					 program for the management of the program.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-290 - Narrative sections; conversion time-share projects

Current through Register Vol. 40, No. 24, July 15, 2024
A. The public offering statement of a
				  conversion time-share project shall contain a section captioned "Conversion
				  Time-Share Projects." The section shall include the following:
1. A specific statement of the amount of any
				  initial or special fee, if any, due from the purchaser of a time-share on or
				  before settlement of the purchase contract and the basis of such fee occasioned
				  by the fact that the project is a conversion time-share project.
2. Information on the actual expenditures, if
				  available, made on all repairs, maintenance, operation, or upkeep of the
				  building within the last three years. This information shall be set forth in a
				  tabular manner within the proposed budget. If such building has not been
				  occupied for a period of three years, then the information shall be set forth
				  for the period during which such building was occupied.
3. A description of any provisions made in
				  the budget for reserves for capital expenditures and an explanation of the
				  basis for such reserves occasioned by the fact that the project is a conversion
				  time-share project, or, if no provision is made for such reserves, a statement
				  to that effect.
4. A statement of
				  the present condition of all structural components and major utility
				  installations in the building, which statement shall include the approximate
				  dates of construction, installations, and major repairs as well as the expected
				  useful life of each such item, together with the estimated cost, in current
				  dollars, of replacing each such component.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-300 - Narrative sections; insurance

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 captioned "Insurance." The section shall describe generally the insurance
					 coverage provided by the developer or the association for the benefit of
					 time-share owners not otherwise described in the public offering statement. The
					 section shall state, with respect to such insurance, each of the following
					 circumstances, to the extent applicable:
(i) property damage coverage will not insure
				  personal property belonging to unit owner; and
(ii) liability coverage will not insure
				  against liability arising from an accident or injury occurring within a unit or
				  as a result of the act or negligence of a time-share owner. The section shall
				  include a statement whether the time-share owner is obligated to obtain
				  coverage for any or all of the coverages described. The section shall include a
				  statement indicating that the time-share owner should consult with an insurance
				  professional to determine appropriate coverage.
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-310 - Narrative sections; alternative purchase and incidental benefit

Current through Register Vol. 40, No. 24, July 15, 2024
The public offering statement shall contain a section
					 entitled "Alternative Purchases and Incidental Benefits." The section shall
					 state whether or not the developer has reserved the right to add to or delete
					 from the time-share program any incidental benefit. The section must state
					 whether the developer will offer any alternative purchase. The section shall
					 state that such alternative purchase has been or will be registered with the
					 board.
Statutory Authority: §§
												54.1-2349 and
						55.1-2247 of the Code of
						Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part V - Public Offering Statement › Section 18VAC48-45-320 - Documents from other jurisdictions

Current through Register Vol. 40, No. 24, July 15, 2024
A. A substituted public offering statement
				  shall only be permitted for a time-share program for which some portion of the
				  time-share project associated with the program is located outside of
				  Virginia.
B. The substituted public
				  offering statement shall be prepared by deleting from the original disclosure
				  document the following:
(i) references to any
				  governmental agency of another jurisdiction to which application has been made
				  or will be made for registration or related action;
(ii) references to the action of such
				  governmental agency relative to the time-share project and its time-share
				  program;
(iii) statements of the
				  legal effect in another jurisdiction of delivery, failure to deliver,
				  acknowledgment of receipt, or related events involving the disclosure document;
(iv) the effective date in another
				  jurisdiction of the disclosure document; and
(v) all other information that is untrue,
				  inaccurate, or misleading with respect to marketing, offers, or disposition of
				  time-shares in Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-330 - Minimum post-registration reporting requirements for a time-share program

Current through Register Vol. 40, No. 24, July 15, 2024
A.
				  Subsequent to the issuance of a registration for a time-share program by the
				  board, the developer shall do the following:
1. File an annual report in accordance with
				  §
											55.1-2242
				  of the Code of Virginia and this chapter.
2. Upon the occurrence of a material change,
				  file an amended public offering statement in accordance with the provisions of
				  subsection E of §
											55.1-2217
				  and subsection C of §
											55.1-2242
				  of the Code of Virginia and this chapter. These amendments shall be filed with
				  the board within 20 business days after the occurrence of the material
				  change.
3. In accordance with
				  subsection G of §
											55.1-2217,
				  amend the public offering statement to reflect any addition of a time-share
				  project to, or removal of a time-share project from, the existing time-share
				  program.
4. Upon the occurrence of
				  any material change in the information contained in the registration file, the
				  developer shall immediately report such material changes to the board in
				  accordance with the provisions of subsection B of §
											55.1-2239
				  of the Code of Virginia.
5. Notify
				  the board of a change in any bond or letter of credit, as applicable, filed
				  with the board in accordance with §
											55.1-2220
				  of the Code of Virginia or required by subsection B of §
											55.1-2234
				  of the Code of Virginia.
6. File a
				  completed application for registration of an unregistered phase upon the
				  expansion of the time-share program, along with the appropriate fee specified
				  in
				  18VAC48-45-70.
7. Notify the board of transition of control
				  from the developer to the time-share estate owners' association (time-share
				  estate projects only).
8. Submit
				  appropriate documentation to the board once the registration is eligible for
				  termination.
9. Submit to the board
				  any other document or information, which may include information or documents
				  that have been amended or may not have existed previously, that affects the
				  accuracy, completeness, or representation of any information or document filed
				  with the application for registration.
10. Submit to the board any document or
				  information to make the registration file accurate and complete.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-340 - Amendment of public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
Any amendment of the public offering statement or
					 substituted public offering statement shall comply with this
					 chapter.
Statutory Authority: §§ 54.1-2349 and 55-396
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-350 - Nonmaterial changes to the public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
Changes to the public offering statement that are not
					 material are not required to be filed with the board, shall not be deemed an
					 amendment of the public offering statement for the purposes of this chapter,
					 and shall not give rise to a renewed right of rescission in any purchase.
					 Nonmaterial changes to the public offering statement include the
					 following:
1. Correction of spelling,
				  grammar, omission, or other similar errors not affecting the substance of the
				  public offering statement;
2.
				  Changes in presentation or format;
3. Substitution of an executed, filed, or
				  recorded copy of a document for the otherwise substantially identical
				  unexecuted, unfiled, or unrecorded copy of the document that was previously
				  submitted;
4. Inclusion of updated
				  information such as identification or description of the current officers and
				  directors of the developer;
5.
				  Disclosure of completion of improvements for improvements that were previously
				  proposed or not complete;
6.
				  Changes in real estate tax assessment or rate or modifications related to those
				  changes;
7. Changes in utility
				  charges or rates or modifications related to those changes;
8. Addition or deletion of incidental
				  benefits provided the developer reserved in the time-share instrument the right
				  to add or delete incidental benefits;
9. Adoption of a new budget that does not
				  result in a significant change in fees or assessments or significantly impact
				  the rights or obligations of the prospective purchasers;
10. Modifications related to changes in
				  insurance company or financial institution, policy, or amount for bonds or
				  letters of credit filed with the board in accordance with §
										55.1-2220 of the Code of
				  Virginia or required pursuant to §
										55.1-2234 of the Code of
				  Virginia;
11. Changes in personnel
				  of the managing agent; and
12. Any
				  change that is the result of orderly development of the time-share in
				  accordance with the time-share instruments as described in the public offering
				  statement.
Statutory Authority: §§
												54.1-2349 and
						55.1-2247 of the Code of
						Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-370 - Current public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
A. Upon issuance of an effective date by the
				  board, all purchasers who received a public offering statement and summary of
				  proposed amendments during the board review period pursuant to subsection A of
				  18VAC48-45-360
				  shall be provided with the public offering statement as accepted by the board.
				  A public offering statement remains current until such time as the occurrence
				  of a material change requires amendment of the public offering statement
				  pursuant to this chapter and a new effective date is issued by the
				  board.
B. Upon issuance of an
				  effective date by the board, a public offering statement remains current until
				  such time as a new effective date is established pursuant to this
				  chapter.
C. Notwithstanding the
				  board's authority to issue a cease and desist order pursuant to §
										55.1-2247
				  of the Code of Virginia, the filing of an amended public offering statement
				  shall not require the developer to cease sales provided that the developer
				  provides to purchasers the summary of proposed amendments pursuant to
				  subsection A of
				  18VAC48-45-360
				  pending the issuance of a new effective date by the board.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-380 - Public offering statement not current; notification of purchasers

Current through Register Vol. 40, No. 24, July 15, 2024
A. A purchaser who
				  has been delivered a public offering statement that is not current due to a
				  material change and was not provided with the summary of proposed amendments
				  containing the proposed changes to the amended public offering statement
				  pursuant to subsection A of
				  18VAC48-45-360
				  pending the issuance of a new effective date by the board shall be notified of
				  such fact by the developer.
B. A
				  purchaser who has been delivered a public offering statement and summary of
				  proposed amendments pursuant to subsection A of
				  18VAC48-45-360,
				  but the amended public offering statement is determined to be noncompliant in
				  accordance with subsection D of
				  18VAC48-45-360,
				  shall be notified of such fact by the developer.
1. The notification shall indicate that any
				  contract for disposition of a time-share may be canceled by the purchaser
				  pursuant to subsection C of §
											55.1-2221
				  of the Code of Virginia.
2. The
				  developer shall file a copy of the notification with the board and provide
				  proof that such notification has been delivered to all purchasers under
				  contract.
Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 45 - TIME-SHARE REGULATIONS › Part VI - Time-Share Program Post-Registration Provisions › Section 18VAC48-45-390 - Filing of phase amendment application

Current through Register Vol. 40, No. 24, July 15, 2024
A. A phase amendment application for a
				  time-share program shall be filed when adding a phase to the time-share
				  program. Such phase amendment application shall be accompanied by the fee
				  provided for in
				  18VAC48-45-70 and
				  shall be subject to all of the provisions of
				  18VAC48-45-50,
				  18VAC48-45-110,
				  18VAC48-45-120,
				  and
				  18VAC48-45-130.
				  Documents on file with the board that have not changed in connection with the
				  additional phase or phases need not be refiled, provided that the phase
				  amendment application indicates that such documents are unchanged.
B. The application shall include a bond or
				  letter of credit required pursuant to subsection B of §
										55.1-2234
				  of the Code of Virginia if any of the time-share units and common elements
				  contained in the submitted additional phase or phases have not been
				  completed.
C. The board shall
				  review the phase amendment application and supporting materials to determine
				  whether the amendment complies with this chapter. If the board's review
				  determines the phase amendment application complies with this chapter, it shall
				  issue an amended order of registration for the time-share program and shall
				  provide that previous orders and designations of the form, content, and
				  effective date of the public offering statement are superseded. If the board's
				  review determines that the phase amendment application is not complete, the
				  board shall correspond with the developer to specify the particulars that must
				  be completed to obtain compliance with this chapter.
Statutory Authority: §§
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.