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 18VAC48-45-130 - Minimum application requirements for registration of a time-share program

Current through Register Vol. 40, No. 24, July 15, 2024
A. The documents
				  and information contained in §§
										55.1-2208,
				  55.1-2209,
				  55.1-2210,
				  55.1-2214,
				  55.1-2217, and
				  55.1-2239 of the Code of
				  Virginia, as applicable, shall be included in the application for registration
				  of a time-share program.
B. The
				  application for registration of a time-share program shall include the fee
				  specified in
				  18VAC48-45-70.
C. The following documents shall be included
				  in the application for registration of a time-share program as exhibits. All
				  exhibits shall be labeled as indicated and submitted in a format acceptable to
				  the board.
1. Exhibit A: A copy of the
				  certificate of incorporation or certificate of authority to transact business
				  in Virginia issued by the Virginia State Corporation Commission, or any other
				  entity formation documents, together with any trade or fictitious name
				  certificate.
2. Exhibit B: A
				  certificate of recordation or other acceptable documents from the city or
				  county where the time-share is located.
3. Exhibit C: A copy of the title opinion,
				  the title policy, or a statement of the condition of the title to each
				  time-share project included in the time-share program, including encumbrances
				  as of a specified date within 30 days of the date of application by a title
				  company or licensed attorney who is not a salaried employee, officer, or
				  director of the developer or owner, in accordance with subdivision A 5 of
				  §
											55.1-2239 of the Code of
				  Virginia. If the developer is not the record owner of the land, a copy of any
				  contract the developer has executed to purchase the land, any option the
				  developer holds for the purchase of the land, or any lease under which the
				  developer holds the land.
4.
				  Exhibit D: Proof that the applicant or developer owns or has the right to
				  acquire an estate in the land constituting or to constitute each time-share
				  project included in the time-share program, which is of at least as great a
				  degree and duration as the estate to be conveyed in the time-share.
5. Exhibit E: A statement of the zoning,
				  subdivision, or land use obligations or proffers and other governmental
				  regulations affecting the use of each time-share project included in the
				  time-share program, including the site plans and building permits and their
				  status, any existing tax, and existing or proposed special taxes or assessments
				  that affect the time-share.
6.
				  Exhibit F: A copy of the time-share instrument, including all applicable
				  amendments and exhibits, that will be delivered to a purchaser and copies of
				  the contracts and other agreements that a purchaser will be required to agree
				  to or sign.
7. Exhibit G: A
				  narrative description of the promotional plan for the disposition of the
				  time-shares.
8. Exhibit H: A copy
				  of the proposed public offering statement that complies with §
											55.1-2217 of the Code of
				  Virginia and this chapter. Pursuant to subsection H of §
											55.1-2217, a similar disclosure
				  statement required by other situs laws governing time-sharing may be submitted
				  for a time-share located outside of the Commonwealth.
9. Exhibit I: A copy of the buyer's
				  acknowledgment. Pursuant to §
											55.1-2226 of the Code of
				  Virginia, the purchaser shall be given this document prior to signing a
				  purchase contract, and the document shall contain the information required by
				  subsection B of §
											55.1-2226.
10. Exhibit J: The signed original of (i) any
				  bond or letter of credit obtained pursuant to §
											55.1-2220 of the Code of
				  Virginia in lieu of escrowing deposits and (ii) any bond or letter of credit
				  required by subsection B of §
											55.1-2234 of the Code of
				  Virginia, as applicable.
11.
				  Exhibit K: A copy of any management agreements and other contracts or
				  agreements affecting the overall use, maintenance, management, or access of all
				  or any part of the time-share program.
12. Exhibit L: A list with the names of every
				  officer, manager, owner, or principal, as applicable to the type of firm under
				  which the developer is organized to do business, of the developer or persons
				  occupying a similar status within or performing similar functions for the
				  developer. The list must include each individual's residential address or other
				  address valid for receipt of service, principal occupation for the past five
				  years, and title.
13. Exhibit M: A
				  statement whether any of the individuals or entities named in Exhibit L are or
				  have been involved as defendants in 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.
14. Exhibit N: A statement whether, during
				  the preceding five years, any of the individuals or entities named in Exhibit L
				  have been adjudicated bankrupt or have undergone any proceeding for the relief
				  of debtors.
15. Exhibit O: If the
				  developer has reserved the right to add to or delete from the time-share
				  program any incidental benefit, a description of the incidental benefit shall
				  be provided pursuant to subdivision A 13 of §
											55.1-2239 of the Code of
				  Virginia.
16. Exhibit P: For any
				  time-share program containing a conversion time-share project, a copy of the
				  notice required by subsection D of §
											55.1-2217 of the Code of
				  Virginia and a certified statement that such notice shall be mailed or
				  delivered to each of the tenants in the building of each conversion time-share
				  project included in the time-share program.