Action:
Regulations Governing Return of Bonds/Letters of Credit
Action 3318
General Information
| Action Summary |
In accordance with the requirements of § 55-79.84:1 of the Code of Virginia, the regulation will be amended to incorporate the requirements governing return of a bond or letter of credit to the declarant of a condominium project. The regulatory amendment will formalize the procedures currently used by the Common Interest Community Board staff to return the bond or letter of credit required by § 55-79.84:1. The proposed amendment also requires the declarant to maintain the bond or letter of credit and notify the Board office of any change to the bond or letter of credit. |
| Chapters Affected |
Only affects this chapter.
|
| Executive Branch Review |
This action will go through the normal Executive Branch Review process.
|
| RIS Project |
Yes [002504] |
| New Periodic Review |
This action will not be used to conduct a new periodic review.
|
Stages
Stages associated with this regulatory action.
| Stage ID |
Stage Type |
Status |
|
5594
|
Fast-Track
|
Stage complete. This regulation became effective on 04/01/2011. |
Contact Information
|
Name / Title:
|
Anika Coleman
/
Executive Director
|
|
Address:
|
9960 Mayland Drive, Suite 400
Richmond, VA 23233
|
|
Email Address:
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CIC@dpor.virginia.gov
|
|
Phone:
|
(804)367-8510
FAX: (866)490-2723
TDD: ()-
|
This person is the primary contact for this board.
