Action:
General Review of Time-Share Regulations
Action 6356
General Information
| Action Summary |
The Common Interest Community Board (“the Board”) intends to undertake a general regulatory review of the Time-Share Regulations. The regulation implements the requirements of the Virginia Real Estate Time-Share Act (§ 55.1-2200 et seq. of the Code of Virginia) regulating the offering and disposition of time-shares in Virginia. The regulation contains the requirements for registration of (i) time-share programs, including requirements for public offering statements and posting of required bonds; (ii) alternative purchases; (iii) time-share exchange programs; and (iv) time-share resellers. The regulation also provides for requirements for maintenance of these registrations, including filing and reporting requirements. The regulation also provides for standards of conduct.
The goals of the action include:
1. Review of discretionary requirements imposed on regulated parties to determine whether such requirements impose burdens that are not necessary to protect the public health, safety, and welfare; or are not necessary to effectively administer the registration program, in accordance with the regulatory reduction goal of Executive Directive Number One (2022);
2. Review to ensure the regulation complements current Virginia law and meets applicable federal requirements, if any;
3. Review to ensure the regulation is organized, clear, and understandable; and
4. Review to ensure the regulation provides minimal burdens on regulants while still protecting the public.
In addition, the review will ensure the regulation reflects current DPOR procedures and policies, along with any other changes determined to be necessary and appropriate. |
| Chapters Affected |
Only affects this chapter.
|
| Executive Branch Review |
This action will go through the normal Executive Branch Review process.
|
| RIS Project |
Yes [7728] |
| 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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10259
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NOIRA
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Stage complete. Comment period ended 04/24/2024. |
Contact Information
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Name / Title:
|
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.
