Section 410. Board review of annual report for a time-share project registration

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A. During review of the annual report, the board may make inquiries or request additional documentation to amplify or clarify the information provided.

B. If the board does not accept the annual report and the annual report filing is not completed within 60 days of a request by the board for additional information, the board may take further action pursuant to §§ 55-396, 55-399.1, and 55-400 of the Code of Virginia for failing to file an annual report as required by § 55-394.1 of the Code of Virginia.

C. If the board does not perform the required review of the annual report within 30 days of receipt by the board, the annual report shall be deemed to comply with § 55-394.1 of the Code of Virginia.

Historical Notes

Derived from Volume 32, Issue 10, eff. March 1, 2016.

Statutory Authority

§§ 54.1-2349 and 55-396 of the Code of Virginia.

                    
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