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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 18. Professional and Occupational Licensing |
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Agency 48. Common Interest Community Board |
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Chapter 45. Time-Share Regulations |
Section 560. Termination of registration for an alternative purchase
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A. The alternative purchase registration shall be terminated upon receipt of written notification from the developer attesting that the developer has ceased sales and requests termination of the alternative purchase. Should the developer later choose to offer alternative purchases for which the registration has been terminated in accordance with this subsection, prior to offering an alternative purchase, the developer must submit a new application for registration of the alternative purchase, meet all requirements in effect at the time of application, and obtain an alternative purchase registration from the board.
B. Upon receipt and review of the notification pursuant to subsection A of this section, the board shall terminate the alternative purchase registration. The board may request additional information as necessary during the review of the submitted notification to ensure that the alternative purchase registration is eligible for termination.
C. An alternative purchase registration shall be automatically terminated for failure to file an acceptable annual report within one year after the expiration of the registration.
Historical Notes
Derived from Volume 32, Issue 10, eff. March 1, 2016.