18VAC48-20-733. Return of bond or letter of credit to declarant.

A. The declarant of a condominium required to post a bond or letter of credit pursuant to § 55-79.84:1 of the Code of Virginia shall maintain such bond or letter of credit for all units registered with the board until the declarant owns less than 10% of the units in the condominium and is current in the payment of assessments. For condominiums containing less than 10 units, the bond or letter of credit shall be maintained until the declarant owns only one unit.

B. The declarant shall submit a written request to the board for the return of the bond or letter of credit. The written request shall attest that the declarant (i) owns less than 10% of the units or for condominiums containing less than 10 units, that the declarant owns only one unit and (ii) is current in the payment of assessments. The written request shall provide contact information for the unit owners' association.

C. Upon receipt of the written request from the declarant, the board shall send a request to the unit owners' association to confirm the information supplied by the declarant.

D. The board shall return the bond or letter of credit to the declarant if (i) the unit owners' association confirms that the declarant is current in the payment of assessments and owns less than 10% of the units in the condominium or (ii) no response is received from the unit owners' association within 90 days. The 90-day timeframe in clause (ii) of this subsection may be extended at the discretion of the board.

E. If the unit owners' association attests the declarant is not current in the payment of assessments, the board shall retain the bond or letter of credit until confirmation is received that the declarant is current in the payment of assessments.

The board may ask for additional information from the unit owners' association or the declarant as needed to confirm compliance with § 55-79.84:1 of the Code of Virginia.

18VAC48-20-735. Return of bond or letter of credit upon termination of registration.

A. Pursuant to § 55-79.93 of the Code of Virginia, the board shall terminate the registration of the condominium upon receipt of written notification from the declarant attesting that all units have been disposed of and that all periods for conversion or expansion have expired. If the bond or letter of credit on file with the board has not been returned previously, it will be considered for return in accordance with 18VAC48-20-733.

B. If no units have been sold and the declarant decides to use the property for other purposes other than residential condominiums, the board shall issue an order terminating the registration of the condominium upon receipt of written request from the declarant and shall return the bond or letter of credit required.

18VAC48-20-737. Maintenance of bond or letter of credit.

A. The declarant shall report the cancellation, amendment, expiration, termination, or any other change of any bond or letter of credit submitted in accordance with § 55-79.84:1 of the Code of Virginia within five days of the change.

B. Failure to report a change in the bond or letter of credit shall result in further action by the board in accordance with Chapter 4.2 (§ 55-79.39 et seq.) of Title 55 of the Code of Virginia.

18VAC48-20-739. Response to inquiry and provision of records.

A. The declarant must respond within 10 days to a request by the board or any of its agents regarding any complaint filed with the department. The board may extend such time frame upon a showing of extenuating circumstances prohibiting delivery within such 10-day period.

B. Unless otherwise specified by the board, the declarant shall produce to the board or any of its agents within 10 days of the request any document, book, or record concerning any transaction in which the declarant was involved, or for which the declarant is required to maintain records for inspection and copying by the board or its agents. The board may extend such time frame upon a showing of extenuating circumstances prohibiting delivery within such 10-day period.

C. A declarant shall not provide a false, misleading, or incomplete response to the board or any of its agents seeking information in the investigation of a complaint filed with the board.

D. With the exception of the requirements of subsections A and B of this section, a declarant must respond to an inquiry by the board or its agent within 21 days.