55-390 - Registration of time-share program required. - Virginia Statutes

§ 55-390. Registration of time-share program required.

A. A developer may not offer or dispose of any interest in a time-shareprogram unless the time-share project and its program have been properlyregistered with the Board. A developer may accept a nonbinding reservationtogether with a deposit if the deposit is placed in an escrow account with aninstitution having trust powers within this Commonwealth and is refundable atany time at the purchaser's option. In all cases, the reservation mustrequire a subsequent affirmative act by the purchaser via a separateinstrument to create a binding obligation. A developer may not dispose of ortransfer a time-share while an order revoking or suspending the registrationof the time-share program is in effect. In the case of a time-share projectlocated outside this Commonwealth and properly registered in the situs, theBoard may accept a substitute application for registration.

B. [Repealed.]

C. The developer shall maintain records of names and addresses of currentindependent contractors employed by it for time-share sales purposes.

(1981, c. 462; 1983, c. 59; 1985, c. 517; 1994, c. 580.)