2010 Code of Virginia
Title 55 - PROPERTY AND CONVEYANCES.
Chapter 21 - The Virginia Real Estate Time-Share Act (55-360 thru 55-400)
55-394.1 - Annual report; amendments; termination of registration.
§ 55-394.1. Annual report; amendments; termination of registration.
A. The developer shall file a report in the form prescribed by the Board's regulations by June 30 of each year the registration is effective. The developer of any time-share project initially registered with the Board between January and June shall not be required to file an annual report for the year in which it was initially registered. The report shall reflect any material changes in information contained in the original application for registration or in the immediately preceding annual report, whichever is later, and shall be accompanied by the appropriate fee established by the Board's regulations or pursuant to § 55-392.1.
B. During the developer control period in a time-share estate program, the developer shall file a copy of the unit owners' association annual report required by § 55-370.1 along with the annual report required by this section.
C. The developer shall amend or supplement its registration with the Board to report any material change in the information required by §§ 55-374 and 55-391.1. Such amendments or supplemental information shall be filed with the Board within twenty business days after the occurrence of the material change.
D. 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 time-share projects.
E. The Board shall issue an order terminating the registration of a time-share project upon application by the developer in which the developer states that no further development right of the project is anticipated and that the developer has ceased sales of time-shares at the project.
(Code 1950, § 55-394; 1981, c. 462; 1985, c. 517; 1998, c. 460; 2006, c. 653.)
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