Virginia Administrative Code (Last Updated: January 10, 2017) |
Title 18. Professional and Occupational Licensing |
Agency 48. Common Interest Community Board |
Chapter 45. Time-Share Regulations |
Section 450. Termination of time-share project registration
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A. The time-share project registration shall be terminated upon receipt of documentation of one of the following:
1. In accordance with subsection A of § 55-394.2 of the Code of Virginia, an annual report for a time-share estate program filed pursuant to § 55-394.1 of the Code of Virginia indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist.
2. In accordance with subsection B of § 55-394.2 of the Code of Virginia, written notification is received from the developer attesting that no further development of the project is anticipated and that the developer has ceased sales of time-shares at the project.
B. Upon receipt and review of documentation pursuant to subsection A of this section, the board shall issue an order of termination for the time-share registration. The board may request additional information as necessary during the review of the submitted documentation to ensure that the time-share registration is eligible for termination.
Historical Notes
Derived from Volume 32, Issue 10, eff. March 1, 2016.