18VAC48-40-20. Application for registration of time-share projects and programs.

Application for registration of time-share projects and programs shall be filed with the board on an application form furnished by the board and shall contain all of the documents and information required by § 55-391.1 of the Code of Virginia.

18VAC48-40-25. Application for registration of alternative purchase.

Application for registration of alternative purchase shall be filed with the board on an application form furnished by the board and shall contain all of the documents and information required by § 55-394.5 of the Code of Virginia.

18VAC48-40-40. Filing fees.

1. The filing fee for an original application for registration of a time-share project shall be $1,500.

2. The filing fee for an amendment to the application for registration adding a phase or phases to the time-share project shall be $250.

3. The filing fee for the a time-share registration annual report filed by the developer shall be $500.

4. The filing fee for an original application for registration of an exchange company shall be $1,000. The filing fee for the annual report of an exchange company shall be $250.

5. There shall be no fee for filing an amended public offering statement with the board.

6. The filing fee for an application for registration of an alternative purchase shall be $100.

7. The filing fee for an alternative purchase registration annual report shall be $100.

18VAC48-40-120. Registration of alternative purchase required.

As required by § 55-394.5 of the Code of Virginia, a time-share developer shall register as an alternative purchase as defined in § 55-362 of the Code of Virginia.

18VAC48-40-130. Review of application for registration of an alternative purchase.

At such time as the board affirmatively determines that the requirements of this chapter have been met, the board shall register the alternative purchase. The registration period of the alternative purchase shall expire the last day of the month one year from the date of issuance.

18VAC48-40-140. Annual report required for alternative purchase registration.

A. Prior to the expiration of the registration, the developer shall file an annual report in a form approved by the board for the registered alternative purchase affiliated with such time-share project registration. Such alternative purchase annual report shall be accompanied by the fee specified in 18VAC48-40-40.

B. The annual report shall contain, but may not be limited to, the following:

1. Current contact information for the developer.

2. Information concerning the current status of the alternative purchase.

C. Once the annual report has been accepted by the board, the registration shall be extended for an additional one-year period from the date of expiration of the registration. If the developer fails to complete the annual report filing within one year after the date of expiration, the registration shall not be extended and the developer must apply as a new applicant.

18VAC48-40-150. Termination of registration for an alternative purchase.

A. The alternative purchase registration shall be terminated upon receipt of written notification from the developer attesting that the developer has ceased sales and requests termination of the alternative purchase. Should the developer later choose to offer alternative purchases for which the registration has been terminated in accordance with this subsection, prior to offering an alternative purchase, the developer must submit a new application for registration of the alternative purchase, meet all requirements in effect at the time of application, and obtain an alternative purchase registration from the board.

B. Upon receipt and review of the notification pursuant to subsection A of this section, the board shall terminate the alternative purchase registration. The board may request additional information as necessary during the review of the submitted notification to ensure that the alternative purchase registration is eligible for termination.

C. An alternative purchase registration shall be automatically terminated for failure to file an acceptable annual report within one year after the expiration of the registration.

18VAC48-40-160. Reporting of changes to the alternative purchase.

In accordance with § 55-394.5 B of the Code of Virginia, any material change made or known by the developer that may affect the accuracy or completeness of the alternative purchase registration file shall be filed with the board within 30 days of the effective date of the change. The board may request additional information as necessary to ensure compliance with the Virginia Real Estate Time-Share Act (§ 55-360 et seq. of the Code of Virginia) and this chapter.

FORMS (18VAC48-40)

Time-Share Registration Application, TSREG (eff. 9/08).

Exchange Company Registration Application, EXCOREG (eff. 9/08).

Time-Share Annual Report, A492-0515ANRPT-v3 (eff. 6/15)

Time-Share Bond/Letter of Credit Verification Form, A492-0515BOND-v1 (eff. 9/13)

Time-Share Registration Application, A492-0515REG-v1 (eff. 9/13)

Time-Share Building Status Form, A492-0515BLDST-v1 (eff. 9/13)

Time-Share Amendment Application, A492-0515AMEND-v1 (eff. 9/13)

Time-Share Exchange Company Registration Application, A492-0516REG-v1 (eff. 9/13)

Time-Share Exchange Company Annual Report, A492-0516ANRPT-v1 (eff. 9/13)

Alternative Purchase Registration Application, A492-05ALTPURREG-v1 (eff. 10/15)

Alternative Purchase Annual Report, A492-05ALTPURANRPT-v1 (eff. 10/15)