§ 55.1-2239 — Application for registration

Virginia § 55.1-2239

• Jurisdiction: Virginia
• Title 55.1: Property and Conveyances
• Subtitle IV: Common Interest Communities
• Ch. 22: Virginia Real Estate Time-Share Act
• Art. 5: Registration

Text

A. The application for registration shall be filed in a form prescribed by the Board's regulations and shall include the following:

1. An irrevocable appointment to the Board to receive service of process in any proceeding arising under this chapter against the developer or the developer's agent if nonresidents of the Commonwealth;

2. The states or jurisdictions in which an application for registration or similar document has been filed and any adverse order or judgment entered in connection with the time-share program by the regulatory authorities in each jurisdiction or by any court;

3. The applicant's name, address, and the organizational form, including the date and jurisdiction under which the applicant was organized, and the address of its principal office and each of its sales offices in the Commonwealth;

4. The name, address, and principal occupation for the past five years of every officer of the applicant or person occupying a similar status or performing similar functions and the extent and nature of his interest in the applicant or the time-share program as of a specified date within 30 days of the filing of the application;

5. A statement, in a form acceptable to the Board, of the condition of the title to each time-share project included in the time-share program, including encumbrances as of a specified date within 30 days of the date of application, by a title opinion of a licensed attorney not a salaried employee, officer, or director of the applicant or owner, or by other evidence of a title acceptable to the Board;

6. A copy of the instruments that will be delivered to a purchaser and copies of the contracts and other agreements that a purchaser will be required to agree or to sign;

7. A copy of any management agreements, employment contracts, or other contracts or agreements affecting the use, maintenance, or access of all or any part of the time-share program;

8. A statement of the zoning and other governmental regulations affecting the use of a time-share project in a time-share program, including the site plans and building permits and their status and any existing tax and existing or proposed special taxes or assessments that affect the time-share;

9. A narrative description of the promotional plan for the disposition of the time-shares;

10. The proposed public offering statement and its exhibits;

11. Any bonds required to be posted pursuant to the provisions of this chapter;

12. The time-share estate owners' association annual report or budget required by § 55.1-2213 to the extent available;

13. A description of the time-share program being submitted for registration; and

14. Any other information that the Board believes necessary to assure full and fair disclosure.

B. The developer shall immediately report to the Board any material changes in the information contained in an application for registration.

C. Nothing shall prevent a developer from including in the registration a time-share project where construction is yet to begin or, if construction has begun, where construction is not yet complete.

Legislative History

Code 1950, § 55-391; 1981, c. 462; 1985, c. 517, § 55-391.1; 1994, c. 580; 1998, c. 460; 2011, c. 605; 2019, c. 712; 2020, c. 1011.