Virginia § 55.1-1987 Revocation of registration

Virginia Statutes

§ 55.1-1987 — Revocation of registration

Virginia § 55.1-1987

JurisdictionVirginia

Title 55.1Property and Conveyances

Subtitle IVCommon Interest Communities

Ch. 19Virginia Condominium Act

Art. 4Administration of Chapter; Sale, Etc., of Condominium Units

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Bluebook

Va. Code Ann. § 55.1-1987 (2026).

Text

A.A registration may be revoked by the Common Interest Community Board after notice and hearing upon a written finding of fact in accordance with the Administrative Process Act (§ 2.2-4000 et seq.) that the declarant has:

1.Failed to comply with the terms of a cease and desist order;

2.Been convicted in any court subsequent to the filing of the application for registration for a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing in real estate transactions;

3.Disposed of, concealed, or diverted any funds or assets of any person so as to defeat the rights of unit purchasers;

4.Failed faithfully to perform any stipulation or agreement made with the Common Interest Community Board as an inducement to grant any registration, t

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A. A registration may be revoked by the Common Interest Community Board after notice and hearing upon a written finding of fact in accordance with the Administrative Process Act (§ 2.2-4000 et seq.) that the declarant has:

1. Failed to comply with the terms of a cease and desist order;

2. Been convicted in any court subsequent to the filing of the application for registration for a crime involving fraud, deception, false pretenses, misrepresentation, false advertising, or dishonest dealing in real estate transactions;

3. Disposed of, concealed, or diverted any funds or assets of any person so as to defeat the rights of unit purchasers;

4. Failed faithfully to perform any stipulation or agreement made with the Common Interest Community Board as an inducement to grant any registration, to reinstate any registration, or to approve any promotional plan or public offering statement; or

5. Made intentional misrepresentations or concealed material facts in an application for registration.

B. If the Common Interest Community Board finds after notice and a hearing that the developer has been guilty of a violation for which revocation could be ordered, it may issue a cease and desist order instead.