18 Va. Admin. Code § 48-45-320

Current through Register Vol. 41, No. 2, September 9, 2024

Section 18VAC48-45-320 - Documents from other jurisdictions

A. A substituted public offering statement shall only be permitted for a time-share program for which some portion of the time-share project associated with the program is located outside of Virginia.

B. The substituted public offering statement shall be prepared by deleting from the original disclosure document the following:

(i) references to any governmental agency of another jurisdiction to which application has been made or will be made for registration or related action;

(ii) references to the action of such governmental agency relative to the time-share project and its time-share program;

(iii) statements of the legal effect in another jurisdiction of delivery, failure to deliver, acknowledgment of receipt, or related events involving the disclosure document;

(iv) the effective date in another jurisdiction of the disclosure document; and

(v) all other information that is untrue, inaccurate, or misleading with respect to marketing, offers, or disposition of time-shares in Virginia.

C. The substituted public offering statement shall incorporate all information not otherwise included that is necessary to effect fully and accurately the disclosures required by § 55.1-2217 of the Code of Virginia. The substituted disclosure document shall clearly explain any nomenclature that is different from the definitions provided in § 55.1-2200 of the Code of Virginia.

D. The substituted public offering statement shall include as the first item of the summary of important considerations a statement that includes the following information:

(i) the designation by which the original disclosure document is identified in the original jurisdiction;

(ii) the governmental agency of such other jurisdiction where the original disclosure document is or will be filed; and

(iii) the jurisdiction of such filing.

E. The provisions of §§ 55.1-2217 and 55.1-2221 of the Code of Virginia and 18VAC48-45-140, 18VAC48-45-150, and 18VAC48-45-160 shall apply to substituted public offering statements in the same manner and to the same extent that they apply to public offering statements.

F. In the case of a time-share project located outside of the Commonwealth, pursuant to subsection H of § 55.1-2217 of the Code of Virginia, similar disclosure statements required by other situs laws governing time-sharing that are equivalent to the requirements of this chapter may be accepted by the board as alternative disclosure statements to satisfy the requirements of this chapter.

18 Va. Admin. Code § 48-45-320

Derived From Virginia Register Volume 32, Issue 10, eff. 3/1/2016; Amended, Virginia Register Volume 36, Issue 06, eff. 12/30/2019; Amended, Virginia Register Volume 37, Issue 03, eff. 12/1/2020.

Statutory Authority: §§ 54.1-2349 and 55.1-2247 of the Code of Virginia.