Section 420. Return of bond or letter of credit to ensure completion of promised units and common elements to developer

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A bond or letter of credit on file with the board pursuant to subsection B of § 55-386 of the Code of Virginia may be returned to the developer upon written request. Such request shall include a statement from the developer that indicates the units and common elements for which the bond or letter of credit was submitted have been completed. If the submitted statement is not sufficient to confirm completion, the board may request additional documentation.

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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