§ 55.1-2243 — Termination of registration

Virginia § 55.1-2243

• 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. In a time-share estate program, if the annual report indicates that the developer has transferred title to the time-share owners' association and that no further development rights exist, the Board shall issue an order terminating the registration of the time-share program.

B. The Board shall issue an order terminating the registration of a time-share program upon application by the developer in which the developer states that no further development right is anticipated and that the developer has ceased sales of time-shares in the time-share program.

C. Notwithstanding any other provisions of this chapter, the Board may administratively terminate the registration of a time-share program if:

1. The developer has not filed an annual report in accordance with § 55.1-2242 for three or more consecutive years; or

2. The developer's registration with the State Corporation Commission, if applicable, has not been active for five or more consecutive years.

Legislative History

2012, cc. 481, 797, § 55-394.2; 2019, c. 712; 2020, c. 1011.