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 18VAC48-45-400 - Annual report for a time-share program registration required by developer

Current through Register Vol. 40, No. 24, July 15, 2024
A. A
				  developer shall file an annual report for a time-share program registration on
				  a form provided by the board to update the material contained in the
				  registration file by June 30 of each year the registration is effective and
				  shall be accompanied by the fee specified in
				  18VAC48-45-70.
				  Prior to filing the annual report required by §
										55.1-2242
				  of the Code of Virginia, the developer shall review the public offering
				  statement then being delivered to purchasers. If such public offering statement
				  is current, the developer shall so certify in the annual report. If such public
				  offering statement is not current, the developer shall amend the public
				  offering statement and the annual report shall, in that event, include a filing
				  in accordance with
				  18VAC48-45-360.
B. The annual report shall contain the
				  following:
1. Current contact information for
				  the developer;
2. Information
				  concerning the current status of each time-share project included in the
				  time-share program;
3. Information
				  concerning the current status of the time-share program, including (i) the type
				  of time-shares being offered and sold; (ii) the total number of time-share
				  interests available in the program; (iii) the total number of time-share
				  interests sold; and (iv) information regarding any incomplete units and common
				  elements;
4. If the program is a
				  time-share estate program and the developer control period has not yet expired,
				  a copy of the annual report that was prepared and distributed by the developer
				  to the time-share owners required by §
											55.1-2213
				  of the Code of Virginia must accompany the annual report;
5. Date of the public offering statement
				  currently being delivered to purchasers; and
6. Current evidence from the surety or
				  financial institution of bonds or letters of credit filed with the board in
				  accordance with §
											55.1-2220
				  of the Code of Virginia or required pursuant to subsection B of §
											55.1-2234
				  of the Code of Virginia, or submittal of replacement bonds or letters of
				  credit. Such verification shall provide the following:
a. Principal of bond or letter of
				  credit;
b. Beneficiary of bond or
				  letter of credit;
c. Name of the
				  surety or financial institution that issued the bond or letter of
				  credit;
d. Bond or letter of credit
				  number as assigned by the issuer;
e. The dollar amount;
f. The expiration date or, if self-renewing,
				  the date by which the bond or letter of credit shall be renewed; and
g. For any blanket bond or blanket letter of
				  credit, a statement of the total amount of deposits held by the developer as of
				  May 31 of that calendar year.