Mandate 906
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Mandate Title:
Time-share developer bond or letter of credit in lieu of escrowing deposits
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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.
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Legislation mandating a change | Chap 033 (2018) Chap 133 (2018) | ||
VAC chapters to be amended |
18 vac 48 - 45 : Time-Share Regulations
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Associated Regulatory Actions |
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