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 18VAC48-45-360 - Filing of amended public offering statement

Current through Register Vol. 40, No. 24, July 15, 2024
A. The developer shall promptly file with the
				  board for review a copy of the amended 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 developer provided 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) 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. Within 30 days of
				  receipt of the amended public offering statement, 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 developer in writing and confirm the new effective date of the
				  public offering statement.
D. If
				  the board's review determines that the amended public offering statement does
				  not comply with this chapter, the board shall immediately notify the developer
				  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 developer shall then have 20 days in which to correct the particulars of
				  noncompliance identified by the board. The developer 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 subdivision D 2 of §
										55.1-2247
				  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
				  §§
										55.1-2247,
				  and
				  55.1-2252 of the Code
				  of Virginia.
E. Notwithstanding an
				  extension of the 30-day period for review agreed to in writing by the board and
				  developer, if the board does not perform the required review of the public
				  offering statement in accordance with subsection C of this section, the
				  amendment shall be deemed to comply with
				  18VAC48-45-150
				  through
				  18VAC48-45-310,
				  and the new effective date shall be the effective date of the amendment
				  provided pursuant to subsection B of this section.
F. 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 developer shall provide an indication
				  of the manner and extent of amendment.
Statutory Authority: §
												54.1-2349
						and
						55.1-2247
						of the Code of Virginia.