Action:
Time-Share Regulations - HB 1955/SB 969 Amendments
Action 6328
General Information
| Action Summary |
This action amends provisions of the Time-Share Regulations to conform to changes resulting from the enactment of Chapters 52 and 53 of the 2023 Acts of Assembly.
The legislation removes the requirement under the Virginia Real Estate Time-Share Act that a time-share instrument state whether the developer reserves the right to add or delete any alternative purchase. Instead, a developer must disclose in its public offering statement for a time-share program whether the developer will offer any alternative purchase.
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| Chapters Affected |
Only affects this chapter.
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| Executive Branch Review |
This Action is exempt from Article 2 of the Administrative Process Act, but falls within the Executive Branch and
will be reviewed by the Governor's Office.
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| RIS Project |
Yes [7523] |
| Associated Mandates |
Virginia Real Estate Time-Share Act; alternative purchases.
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| New Periodic Review |
This action will not be used to conduct a new periodic review.
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Stages
Stages associated with this regulatory action.
| Stage ID |
Stage Type |
Status |
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10139
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Final
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Stage complete. This regulation became effective on 01/01/2024. |
Contact Information
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Name / Title:
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Anika Coleman
/
Executive Director
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Address:
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9960 Mayland Drive, Suite 400
Richmond, VA 23233
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Email Address:
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CIC@dpor.virginia.gov
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Phone:
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(804)367-8510
FAX: (866)490-2723
TDD: ()-
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This person is the primary contact for this board.
