18 Va. Admin. Code § 48-45-390

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

Section 18VAC48-45-390 - Filing of phase amendment application

A. A phase amendment application for a time-share program shall be filed when adding a phase to the time-share program. Such phase amendment application shall be accompanied by the fee provided for in 18VAC48-45-70 and shall be subject to all of the provisions of 18VAC48-45-50, 18VAC48-45-110, 18VAC48-45-120, and 18VAC48-45-130. Documents on file with the board that have not changed in connection with the additional phase or phases need not be refiled, provided that the phase amendment application indicates that such documents are unchanged.

B. The application shall include a bond or letter of credit required pursuant to subsection B of § 55.1-2234 of the Code of Virginia if any of the time-share units and common elements contained in the submitted additional phase or phases have not been completed.

C. The board shall review the phase amendment application and supporting materials to determine whether the amendment complies with this chapter. If the board's review determines the phase amendment application complies with this chapter, it shall issue an amended order of registration for the time-share program and shall provide that previous orders and designations of the form, content, and effective date of the public offering statement are superseded. If the board's review determines that the phase amendment application is not complete, the board shall correspond with the developer to specify the particulars that must be completed to obtain compliance with this chapter.

18 Va. Admin. Code § 48-45-390

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.