55-504.1 - Annual report by associations. - Virginia Statutes

§ 55-504.1. Annual report by associations.

A. The association shall file an annual report in a form and at such time asprescribed by regulations of the agency. The filing of the annual reportrequired by this section shall commence upon the termination of any declarantcontrol period reserved pursuant to § 55-460. The annual report shall beaccompanied by a fixed fee in an amount established by the agency.

B. The agency may accept copies of forms submitted to other state agencies tosatisfy the requirements of this section if such forms contain substantiallythe same information required by the agency.

C. The association shall also remit to the agency an annual payment asfollows:

1. The lesser of:

a. $1,000 or such other amount as established by agency regulation; or

b. Five hundredths of one percent (0.05%) of the unit owners' associations'gross assessment income during the preceding calendar year.

2. For the purposes of clause b of subsection C, no minimum payment shall beless than $10.00.

D. The annual payment shall be remitted to the State Treasurer and shall beplaced to the credit of the Common Interest Community Management Fundestablished pursuant to § 55-529.

(1993, c. 958; 2008, cc. 851, 871; 2009, c. 557.)