                                 CODE OF VIRGINIA

REVOCATION OF REGISTRATION (§ 55.1-1987)

A. A registration may be revoked by the Common Interest Community Board after
notice and hearing upon a written finding of fact in accordance with the
Administrative Process Act (§ 2.2-4000 et seq.) that the declarant has:

   1. Failed to comply with the terms of a cease and desist order;

   2. Been convicted in any court subsequent to the filing of the application for
   registration for a crime involving fraud, deception, false pretenses,
   misrepresentation, false advertising, or dishonest dealing in real estate
   transactions;

   3. Disposed of, concealed, or diverted any funds or assets of any person so as
   to defeat the rights of unit purchasers;

   4. Failed faithfully to perform any stipulation or agreement made with the
   Common Interest Community Board as an inducement to grant any registration, to
   reinstate any registration, or to approve any promotional plan or public
   offering statement; or

   5. Made intentional misrepresentations or concealed material facts in an
   application for registration.

B. If the Common Interest Community Board finds after notice and a hearing that
the developer has been guilty of a violation for which revocation could be
ordered, it may issue a cease and desist order instead.

HISTORY: 1974, c. 416, § 55-79.101; 2019, c. 712.