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| Action Summary | Chapter 33 of the 2018 Acts of Assembly amended the Time-Share Act. The statutory change provides an alternative to the existing requirement for developers of time-share projects to escrow individual deposits, by allowing the option for developers of time-share projects with more than 25 units to file a bond or letter of credit with the Common Interest Community Board instead. The Board must conform applicable registration requirements for time-shares and time-share resellers. |
| Chapters Affected | Only affects this chapter. |
| Executive Branch Review | This Action is exempt from Article 2 of the Administrative Process Act. The normal executive branch review process is not required. As such, it can be submitted directly for publication and is effective upon publication. Exempt Citation: § 2.2-4006.A.4.a of the Code of Virginia |
| RIS Project | Yes [005691] |
| New Periodic Review | This action will not be used to conduct a new periodic review. |
| Name / Title: | Anika Coleman / Executive Director |
| Address: |
9960 Mayland Drive, Suite 400 Richmond, VA 23233 |
| Email Address: | CIC@dpor.virginia.gov |
| Phone: | (804)367-8510 FAX: (866)490-2723 TDD: ()- |