A. Within the meaning and intent of § 54.1-2349 A 8 of the Code of Virginia, an association is registered upon acceptance by the board of a current annual report and issuance of a certificate of filing by the board in accordance with 18VAC48-60-15 and 18VAC48-60-17.

B. In accordance with § 55.1-2316 E § 55.1-2316 F of the Code of Virginia, an association that is not (i) registered with the board, (ii) current in filing the most recent annual report with the board pursuant to § 55.1-1835 §§ 55.1-1835, 55.1-1980, or 55.1-2182 of the Code of Virginia, and (iii) current in paying any assessment made by the board pursuant to § 54.1-2354.5 of the Code of Virginia is prohibited from collecting fees for resale certificates authorized by § 55.1-2316 of the Code of Virginia.

C. In accordance with §§ 54.1-2351 and 54.1-2352 of the Code of Virginia, the board may take action against the governing board of an association that fails to register in accordance with this chapter, which action may include issuance of a cease and desist order and an affirmative order to file an annual report or assessment of a monetary penalty of not more than $1,000.