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 18VAC48-45-270 - Narrative sections; time-share owners' association

Current through Register Vol. 40, No. 24, July 15, 2024
A. For time-share estate programs the public
				  offering statement shall contain a section captioned "Time-Share Owners'
				  Association." The section shall discuss the arrangements for the management and
				  operation of the time-share estate program and for the maintenance, repair, and
				  furnishing of units and shall include the information required by subdivisions
				  1 through 15 of this subsection. The section shall describe or discuss the
				  following:
1. The creation of the
				  association.
2. The payment of
				  costs and expenses of operating the time-share estate program and owning and
				  maintaining the time-share units.
3. Employment and termination of employment
				  of the managing agent for each time-share estate project included in the
				  time-share program.
4. Termination
				  of leases and contracts for goods and services for each time-share estate
				  project included in the time-share program that were entered into during the
				  developer control period.
5.
				  Preparation and dissemination of the annual report required by §
											55.1-2213
				  of the Code of Virginia to the time-share estate owners.
6. Adoption of standards and rules of conduct
				  for the use, enjoyment, and occupancy of units by the time-share estate
				  owners.
7. Collection of regular
				  assessments, fees or dues, and special assessments from time-share estate
				  owners to defray all time-share expenses.
8. Comprehensive general liability insurance
				  for death, bodily injury, and property damage arising out of or in connection
				  with the use and enjoyment of any time-share project included in the time-share
				  program by time-share estate owners, their guests, and other users. The cost
				  for such insurance shall be a time-share expense.
9. Methods for providing compensation or
				  alternate use periods or monetary compensation to a time-share estate owner if
				  his contracted-for unit cannot be made available for the period to which the
				  owner is entitled by schedule or by confirmed reservation.
10. Procedures for imposing a monetary
				  penalty or suspension of a time-share estate owner's rights and privileges in
				  the time-share estate program or any time-share project included in the
				  time-share program for failure to comply with provisions of the time-share
				  instrument or the rules and regulations of the association with respect to the
				  use and enjoyment of the units and the time-share project. Under these
				  procedures a time-share estate owner must be given reasonable notice and
				  reasonable opportunity to be heard and explain the charges against him in
				  person or in writing to the board of directors of the association before a
				  decision to impose discipline is rendered.
11. Employment of attorneys, accountants, and
				  other professional persons as necessary to assist in the management of the
				  time-share estate program and any time-share project included in the time-share
				  program.
12. Developer control
				  period, during which time period the developer, or a managing agent selected by
				  the developer, shall manage and control any time-share estate project included
				  in the time-share program and the common elements and units, including
				  decisions about the financial operation of the association.
13. The managing agent, if any, shall be
				  identified, and the section shall indicate any relationship between the
				  managing agent and the developer. The duration of any management agreement
				  shall be stated.
14. Except to the
				  extent otherwise disclosed in connection with discussion of a management
				  agreement, the significant terms of any lease of recreational areas or similar
				  contract or agreement affecting the use, maintenance, or access of all or any
				  part of any time-share project included in the time-share program shall be
				  stated. The section shall include a brief narrative statement of the effect of
				  each such agreement upon a purchaser.
15. Rules and regulations of the association
				  shall be discussed. The purchaser's attention shall be directed to the copy of
				  rules and regulations, if any, attached to the public offering
				  statement.