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Mandate 906

Mandate Information
Mandate Title:
Time-share developer bond or letter of credit in lieu of escrowing deposits
Purpose of legislation
Eliminates requirement for time-share developers to escrow the individual deposits for every purchase and protect all deposits by filing with the Board a bond, letter of credit, or cash. Allows developers of certain time-share projects to post and maintain a corporate surety bond or irrevocable letter of credit with the Board in lieu of escrowing deposits.
Legislation mandating a change Chap 033 (2018)
Chap 133 (2018)
VAC chapters to be amended
18 vac 48 - 40 : Virginia Time-Share Regulations
Associated Regulatory Actions No regulatory action has been filed.
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