Section 440. Maintenance of bond or letter of credit

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A. The developer shall report the extension, cancellation, amendment, expiration, termination, or any other change of any bond or letter of credit submitted in accordance with subsection C of § 55-375 and subsection B of § 55-386 of the Code of Virginia within five days of the change.

B. The board at any time may request verification from the developer of the status of a bond or letter of credit on file with the board. Such verification shall comply with the provisions of subdivision B 6 of 18VAC48-45-400.

C. Failure to report a change in the bond or letter of credit in accordance with this section shall result in further action by the board pursuant to the Virginia Real Estate Time-Share Act.

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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