54.1-2111.1 - Voluntary compliance program; real estate brokers. - Virginia Statutes

§ 54.1-2111.1. Voluntary compliance program; real estate brokers.

A. The Board shall promulgate regulations to allow the audit of thepractices, policies, and procedures of a real estate broker licensed by theBoard, either through a third party retained by the real estate broker orthrough a self-audit, and if the broker is determined by such audit to not bein compliance with the provisions of this chapter or applicable regulationsof the Board, to allow for the broker to enter into a voluntary complianceprogram to bring the broker's practices, policies, and procedures intocompliance with applicable laws and regulations. The broker shall notify theBoard of the discovery of any noncompliance within 30 days after discoveryand shall submit a written statement with a plan to bring the practices,policies, and procedures into voluntary compliance, which completion of suchvoluntary compliance shall not exceed a period of 90 days from the date thatthe plan is submitted to the Board.

B. Certification by the broker or auditor of such broker shall constituteimmunity from an enforcement action under this chapter or under theapplicable regulations of the Board.

C. The provisions of this section do not apply if the noncompliance by thebroker was intentional or a result of gross negligence of the broker.

(2010, cc. 373, 637.)