§ 55.1-1977 Inquiry and examination
Upon receipt of an application for registration, the Common Interest Community Board shall conduct an examination of the material submitted to determine that:
1. The declarant can convey or cause to be conveyed the units offered for disposition if the purchaser complies with the terms of the offer;
2. There is reasonable assurance that all proposed improvements will be completed as represented;
3. The advertising material and the general promotional plan are not false or misleading and comply with the standards prescribed by the Common Interest Community Board in its regulations and afford full and fair disclosure;
4. The declarant has not, or if a corporation its officers and principals have not, been convicted of a crime involving condominium unit dispositions or any aspect of the land sales business in the Commonwealth, United States, or any other state or foreign country within the past 10 years and has not been subject to any injunction or administrative order restraining a false or misleading promotional plan involving land dispositions;
5. The public offering statement requirements of this chapter have been satisfied; and
6. All other requirements of this chapter and the Common Interest Community Board’s regulations have been satisfied.
History
This law was first created in 1974. The record of its establishment is cataloged in chapter 416 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1974 “Acts” aren’t available online. It has been modified 2 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1988, chapter 15; in 2019, chapter 712.
1974, c. 416, § 55-79.91; 1988, c. 15; 2019, c. 712.