Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 48 - COMMON INTEREST COMMUNITY BOARD › Chapter 30 - CONDOMINIUM REGULATIONS › Part VI - Post-Registration Provisions › Section 18VAC48-30-490 - Filing of amended public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
A. The declarant shall promptly file with the
				  board for review a copy of the amended public offering statement or substituted
				  public offering statement together with a copy of a summary of proposed
				  amendments that shall be distributed to purchasers during the board review
				  period. The summary of proposed amendments shall enumerate the amendments to
				  the public offering statement submitted for board review and include a
				  statement that the amendments to the public offering statement have been filed
				  with the board but have not yet been accepted. The form of the submission is at
				  the discretion of the declarant provided, however, that (i) all amendments are
				  clearly represented in the documentation presented, (ii) the additions and
				  deletions of text in the public offering statement and exhibits shall be
				  identified by underlining and striking through text to be added and deleted,
				  and (iii) any documents being added to or deleted from the contents of the
				  public offering statement shall be clearly and accurately reflected in the
				  table of contents utilizing underlines and strike-throughs for additions and
				  deletions. In addition to the copies showing edits to the text, a clean copy of
				  all new and amended documents shall be provided.
B. The amended public offering statement
				  submitted to the board for review shall include the effective date of the
				  amendments.
C. The board shall
				  issue a notice of filing within five business days following receipt of the
				  amended public offering statement.
D. Within 30 days of the issuance of the
				  notice of filing required by subsection C of this section, the board shall
				  review the amended public offering statement and supporting materials to
				  determine whether the amendment complies with this chapter. If the board's
				  review determines that the amended public offering statement complies with this
				  chapter, it shall notify the declarant in writing and confirm the new effective
				  date of the public offering statement.
E. If the board's review determines that the
				  amended public offering statement does not comply with this chapter, it shall
				  immediately notify the declarant in writing that the review has determined the
				  amended public offering statement is not in compliance and shall specify the
				  particulars of such noncompliance. The declarant shall then have 20 days in
				  which to correct the particulars of noncompliance identified by the board. The
				  declarant may, prior to the completion of the 20-day correction period, request
				  an extension in writing of the 20-day correction period. Upon expiration of the
				  20-day correction period, if requested corrections have not been made or a
				  request for extension properly received, the board may issue a temporary cease
				  and desist order in accordance with §
										55.1-1986B
				  of the Code of Virginia to require the cessation of sales until such time as
				  affirmative action as directed by the board is taken. Use of the noncompliant
				  public offering statement may result in further action by the board pursuant to
				  §§
										55.1-1986,
				  55.1-1987,
				  and
				  55.1-1989 of the Code
				  of Virginia.
F. Notwithstanding an
				  extension of the 30-day period for review agreed to in writing by the board and
				  declarant, if the board does not perform the required review of the public
				  offering statement in accordance with subsection D of this section, the
				  amendment shall be deemed to comply with
				  18VAC48-30-160
				  through
				  18VAC48-30-380,
				  and the new effective date shall be the effective date of the amendment
				  provided pursuant to subsection B of this section.
G. In each case in which an amended document
				  is filed pursuant to this section and the manner of its amendment is not
				  apparent on the face of the document, the declarant shall provide an indication
				  of the manner and extent of amendment.
Statutory Authority: §
												54.1-2349
						of the Code of Virginia.