55-79.101 - Revocation of registration. - Virginia Statutes

§ 55-79.101. Revocation of registration.

(a) A registration may be revoked after notice and hearing upon a writtenfinding of fact that the declarant has:

(1) Failed to comply with the terms of a cease and desist order;

(2) Been convicted in any court subsequent to the filing of the applicationfor registration for a crime involving fraud, deception, false pretenses,misrepresentation, false advertising, or dishonest dealing in real estatetransactions;

(3) Disposed of, concealed, or diverted any funds or assets of any person soas to defeat the rights of unit purchasers;

(4) Failed faithfully to perform any stipulation or agreement made with theagency as an inducement to grant any registration, to reinstate anyregistration, or to approve any promotional plan or public offeringstatement; or

(5) Made intentional misrepresentations or concealed material facts in anapplication for registration.

Findings of fact, if set forth in statutory language, shall be accompanied byconcise and explicit statement of the underlying facts supporting thefindings.

(b) If the agency finds after notice and hearing that the developer has beenguilty of a violation for which revocation could be ordered, it may issue acease and desist order instead.

(1974, c. 416.)